Tag: Wealth Management
Celebrity Estates: Shannen Doherty and The Importance of Timely Planning

Celebrity Estates: Shannen Doherty and The Importance of Timely Planning

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Shannen Doherty, a beloved actress, was diagnosed with stage three breast cancer, tragically caught too late for treatment. The day before her passing on July 13, 2024, she finalized her divorce from Kurt Iswarienko, ensuring her assets would be passed to her chosen beneficiaries.

In this episode, David Lenok and guest Shawn Goheen stress the importance of proactive estate planning. They discuss:

  • The critical timing of Shannen Doherty’s divorce, enabling her to secure her assets for her intended heirs;
  • Essential strategies for advisors to promote early, comprehensive estate planning;
  • The vital role of life insurance in safeguarding a well-rounded estate plan; 
  • Navigating complex family dynamics and business ownership in estate planning;
    And more.

Resources:

Connect With David Lenok:

Connect With Shawn Goheen:

About Our Guest:

Shawn Goheen is the heart and soul behind Goheen Insurance. Since the early ’90s, he has been more than just a financial advisor; he has been a trusted confidant to high-net-worth individuals. His journey has led him to build strong connections with over 15 specialty lenders and insurance carriers and relationships with 20+ banks, giving him a rare edge in navigating the often complex financial world with ease and transparency.

But Shawn’s work goes beyond just crunching numbers. He gets to the heart of what each client needs, understanding that everyone’s financial journey is unique. He’s also known as the “Advisor to Advisors,” a role where he shares his insights with other professionals, helping them uncover new opportunities and grow their practices.
Celebrity Estates: Simon Cowell and Disinheritance in Estate Planning

Celebrity Estates: Simon Cowell and Disinheritance in Estate Planning

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Simon Cowell, reality star and record producer, has an estimated net value worth of $600 million. How much of that will be left for his son? According to him, nothing.

Listen in as host David Lenok is joined by Thomas Kopelman, head of community at Estate Planning platform wealth.com and co-founder of All Street Wealth. Together, they discuss how Simon plans to handle his $600 million estate and the broader implications of disinheriting heirs. 

Cast your vote toward Simon’s decision as David and Thomas highlight:

  • The rationale behind Simon’s motives for his estate plans
  • “Affluenza”- a supposed psychological condition affecting wealthy individuals
  • Opinions on ‘disinheritance,’ the act of not passing wealth down to future generations
  • Estate planning decisions are personal, reflecting what is important to the individual
  • The importance of supporting children while alive rather than solely through posthumous financial gifts
  • And more

Resources:

Connect With Thomas Kopelman:

Connect With David Lenok:

About Our Guest:

Thomas is a financial planner, the co-founder of AllStreet Wealth, as well as a blogger, podcaster, content creator, Top 23 Millennial Advisor (Business Insider), and a Top Young Advisor to Watch in 2023 (FA Mag)

After graduating from Butler University, Thomas spent his entire career in the financial services industry as a financial planner. Thomas is passionate about helping millennials cut through the noise and figure out how to use their resources to accomplish what they truly want in life. 
Celebrity Estates: The National Football League and Lessons on Family Dynamics and Governance

Celebrity Estates: The National Football League and Lessons on Family Dynamics and Governance

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A close-knit network of family businesses, the NFL earns around $200 billion annually. On top of traditional family business within their individual branches, the NFL navigates those same financial planning connections between extended family members as well.

Join David Lenok and his guest Alvina Lo, chief wealth strategist at Wilmington Trust, as they delve into the complexities of the NFL as a family business, discussing succession planning, liquidity concerns, trust ownership, and potential private equity involvement. 

David and Alvina discuss:

  • What are the common challenges encountered with liquidity and succession planning in family-owned businesses
  • How do NFL families navigate governance and control issues within their organizations
  • What effects does trust ownership have on estate planning challenges within the NFL
  • What are the potential consequences of permitting private equity involvement in the NFL
  • And more

Resources:

Connect With Alvina Lo:

Connect With David Lenok:

About Our Guest:

Alvina Lo leads a national team of multidisciplinary experts who collectively offer objective and holistic advice to clients, with a specific focus on their wealth, family, and business concerns. The scope of advice encompasses family office services, financial planning, trusts and estates planning, tax planning, business succession planning, philanthropy, and wealth education for the next generation. Alvina and her team prioritize planning, and through their actionable advice, they guide clients from strategy through implementation.
68. Conrad Hilton and Advising First Generation Wealth Creators

68. Conrad Hilton and Advising First Generation Wealth Creators

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Conrad Hilton got his start in hospitality at his family’s general store in the New Mexico Territory. Years later, he established the largest hotel chain in the world, Hilton Hotels. After his death, Conrad left much of his estate to the Conrad Hilton Foundation — until his son decided to contest the will.

In this episode, David Lenok is joined by David Bokman, Managing Director and Head of Family Office Resource at Morgan Stanley Wealth Management, and Andrea Levine-Sanft, Managing Director and Co-Head of the Wealth and Estate Planning Strategy, in discussing first generation wealth management in comparison to inherited wealth.

David and Andrea discusses:

  • What makes financial planning for first generation wealth creators unique;
  • How generational wealth is passed down;
  • The major problems in creating a financial plan for first generational wealth;
  • The importance of communication between financial professionals;
  • And more.

Connect with Andrea Levine-Sanft:

Connect With David Bokman:

Connect With David Lenok:

About Our Guests:

David Bokman is a Managing Director and the Head of Family Office Resources for Morgan Stanley Wealth Management. Family Office Resources provides ultra high net worth clients a virtual family office experience, with world-class, comprehensive services including family governance and wealth education, philanthropy, estate planning, trust services, single family office advisory and lifestyle advisory.

Andrea Levine-Sanft is Managing Director and Co-Head of the Wealth and Estate Planning Strategy.  Andrea was formerly an Estate Planning Strategist in Morgan Stanley’s Private Wealth Management Division. Andrea advised Morgan Stanley’s ultra high net worth clients and their advisors on complex gift, estate and income tax planning matters.
67. Russia And Ukraine: The Benefits Of Alternative Citizenship

67. Russia And Ukraine: The Benefits Of Alternative Citizenship

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The war between Russia and Ukraine is upsetting what many thought to be a well-established world order. The ripples of the conflict are being felt thousands of miles away, as the global economy struggles to recalibrate on the fly. The return of war to Europe reinforces the need for clients to have a backup plan in place to protect their families and their assets. Exploring alternative citizenship is a powerful, and often underexplored tool in this regard.

In this episode, David Lenok is joined by David Lesperance, of Lesperance and Associates, in discussing the international impact of the land war between Russia and Ukraine, along with the legality of citizenships for individuals looking to gain additional or renounce existing ones in order to insulate themselves, their families and their assets from potential danger.

David discusses:

  • How conflict between Russia and Ukraine impacts the entire world;
  • What having a ‘back-up’ plan in place looks like;
  • The differences between types of citizenship;
  • The law surrounding citizenships;
  • Strategies surrounding citizenships and tax planning;
  • And more

Connect With David Lesperance:

Connect With David Lenok:

About Our Guest:

David Lesperance is one of the world’s leading international tax and immigration advisors.

A published author in the field, David’s personal interest in these areas of law grew from his experience working as Canadian immigration and customs officer while studying law. Since being called to the bar in 1990, he has established his expertise with major law firms, his own law firm and as a private consultant. David has successfully advised scores of high and ultra high net-worth individuals and their families, many of whom continue to seek his counsel today. In addition he has provided pro bono advice to many governments on how to improve their Citizenship by Investment, Residence by Investment or “Golden Visa” type programs to better meet the needs of his global clients. David is supported by a team of professionals, some of whom have worked with him since the early 1990s.
66. Michael Nesmith, The Monkees and The Legality Of Holographic Wills

66. Michael Nesmith, The Monkees and The Legality Of Holographic Wills

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Michael Nesmith, songwriter, actor, producer, novelist and member of the popular group The Monkees passed away in December 2021. His will stated he wished to donate his entire estate to his mother’s foundation—however, there was one complication to the legality of the document. Nesmith’s will was hand written.

In this episode, David Lenok is joined by Megan Gorman, founding partner of Chequers Financial Management, to discuss holographic wills and the legalities surrounding handwritten documents.

David and Megan discuss:

  • Why handwritten wills can become problematic or complicated in the legal process;
  • What is often left out of holographic wills; 
  • The role of estate planning for your beneficiaries;
  • And more

Connect With Megan Gorman:

Connect With David Lenok:

 
65. David Bowie: The Financial Side Of A Music Catalog

65. David Bowie: The Financial Side Of A Music Catalog

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Named the Greatest Rock Star Ever after his death, David Bowie is a singer, songwriter and actor who left his mark on the world along with a $100 million dollar estate at the time of his death. 

Recently, his music catalog sold for a reported $250 million, higher than his initial estate value.

In this episode, David Lenok is joined by Stacie Jacobson, director of the wealth strategies group at AllianceBernstein, diving into the complexity of a music catalog as an asset for both the seller and buyer, along with details of the planning required before and after the transaction. 

Stacie discusses:

  • The difference between a musician’s catalog and their other traditional assets;
  • The impact of interest rate environments on unique investments;
  • Why music catalogs are traditionally sold as one unit over individual songs; and
  • How artists plan for selling their music catalog after they are gone.

Connect With Stacie Jacobson:

Connect With David Lenok:

About Our Guest:

Stacie works with athletes and entertainers on a variety of investment planning issues including multi generational wealth transfer, pre-transaction planning, charitable giving, retirement planning and asset allocation.

 
64. Pat Bowlen: Creating An Estate Plan Before Being Forced Out

64. Pat Bowlen: Creating An Estate Plan Before Being Forced Out

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Pat Bowlen was an American lawyer and partial owner of the Denver Broncos, along with his two brothers and sister. He served as the Broncos CEO until July 2014, when he stepped down due to progressive effects of Alzheimer’s disease, and passed away in 2019. His estate plan was unique due to the family trust in place, with the three trustees taking over in 2014 with the sole purpose of determining the next owner of the team.

In this episode, David Lenok is joined by Dan Griffith, senior vice president and director of wealth strategy at Huntington Private Bank, to review the estate planning of Pat Bowlen and how the trust came into effect. He reveals why business owners are forced out more often than retire and how to choose the best advisors to address your estate planning needs.

Dan discusses:

  • Why choosing a new owner for the Broncos caused issues among Pat’s descendants
  • How choosing trustees before you are incapable benefits your estate plan
  • The importance of choosing trustworthy and good advisors for an estate plan
  • Why it is difficult to simply retire as a business owner

Connect With Dan Griffith:

Connect With David Lenok:

About Our Guest:

Dan Griffith is an experienced attorney with a passion for helping families and business owners find solutions to their planning challenges.
63. Jay Leno: Planning for Classic Car Collections

63. Jay Leno: Planning for Classic Car Collections

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Jay Leno spent 22 years hosting the “The Tonight Show” before being inducted into the Television Hall of Fame. His prized collection consists of approximately 286 vehicles: 169 cars and 117 motorcycles, all of which create a bit of a challenge when it comes to asset planning.

In this episode, David Lenok is joined by Peter Neumann, CEO and Steve Linden, CIO of Chrome Strategies, to discuss the planning that accompanies such a large collection of increasingly valuable assets. They reveal what to consider when planning with a large collection of assets, and detail the difference for planning and storing pieces, depending on the type of collection.

Peter and Steve discusses:

  • What is considered a collectable;
  • The benefit of determining the value of a collection before asset planning;
  • The difficulties faced when storing collections; and
  • The importance of maintaining the integrity of a collection.

Connect With Peter Neumann and Steve Linden:

Connect With David Lenok:

About Our Guest:

Peter Neumann has spent 30+ years in the commodity and financial markets. He has held leading roles in sales and trading with two powerhouse firms in the field of commodities and commodity linked structures. He specializes in risk management advisory, and product integration across multiple asset classes. Peter is an integral part of the firm’s industry leading revenue, business development, and league tables.

Steve Linden is the founder and CIO at Chrome Strategies Management, LLC. CSM is an alternative asset manager founded in 2015, advising and managing The Chrome Fund I LLC. TCF is a closed-end private equity fund investing exclusively in both a short and long term global portfolio of vintage & collector and concours-level motorcars.

 
62. Aristotle Onassis: The Impact of International Asset Planning

62. Aristotle Onassis: The Impact of International Asset Planning

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From the mid 1920’s to his death in 1975, Aristotle Onassis embodied the phrase “many fingers in many pies” with businesses ranging from international shipping to less savory military hunters.

Greek law limited how much could be granted to his American wife, Jackie O., after his death, regardless of his enormous legacy. With those limitations in mind, his distribution of his assets after death dealt with a multitude of clauses and arrangements for his daughter and charity foundations. 

In this episode, David Lenok is joined by Megan Gorman, founding partner of Chequers Financial Management, in discussing how holding assets internationally impacts the way financial advisors plan and advise their clients. They reveal the beneficial steps Aristotle took to create his financial plan and why it is a good example of what to do.

David and Megan discusses:

  • The importance of compliance when dealing with international assets;
  • The role of CPA’s and tax advisors in financial planning;
  • How donor advised funds simplify charitable donations after death;
  • Why Aristotle’s financial plan consisted of numerous ‘what if’ clauses;
  • And more

Connect With Megan Gorman:

Connect With David Lenok: