Tag: Wealth Management
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:
61. DMX: Planning For Blended Families

61. DMX: Planning For Blended Families

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David Lenok is joined by John Pantekidis, chief investment officer and general counsel at Twin Focus, to discuss the struggles of determining inheritance with children from multiple partners and the legal and tax issues when children are taken into account.

With over 74 million records sold worldwide and a lucrative career that took him in many directions, Earl Simmons, better known as rapper DMX, died in April 2021. He left behind a complex inheritance scenario with fifteen children, and his fiancée Desiree Lindstrom’s attempts to be recognized as his common law partner through the courts.

In this episode, David and John address the laws and rights of partners, ex-wives and children in complex situations such as this.

They discuss:

  • How divorce can complicate relations and inheritance after death;
  • The importance of estate planning in all scenarios;
  • Why disinheritance can be a benefit;
  • and more.

Connect With John Pantekidis:

Connect With David Lenok:

About Our Guest:

John is a managing partner at TwinFocus and serves as the Chief Investment Officer (CIO) and General Counsel. John has been with the firm since January 2007, six months after the firm’s launch. In this role, he heads the firm’s investment research and complex tax planning efforts, working closely with clients to help them design and implement innovative family office structures.

As the firm’s CIO, he also leads research efforts to develop new and creative investment policies, oversees due diligence for manager search and selection, and plays a multi-faceted role in guiding the firm’s private investment activities by identifying, negotiating, modeling, and structuring deals from a fundamental investment and multi-generational perspective. John has also designed and implemented the firm’s sophisticated options overlay program.
Ep 60 – Audrey Hepburn: When Secrets Destroy A Family

Ep 60 – Audrey Hepburn: When Secrets Destroy A Family

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Encore Presentation

David Lenok, senior editor at WealthManagement.com, is joined by Dr. Denise Federer, speaker, consultant, coach, psychologist, author, and founder of the Federer Performance Management Group (FPMG) as they discuss the impact of families not having those difficult conversations about their money and wealth.

This episode focuses on an icon from Hollywood’s Golden Age, the legendary Audrey Hepburn.  When Audrey passed in 1993, she left behind 2 sons – step brothers. As part of the estate, the two step brothers were to equally split the contents of a storage locker filled with old Hollywood memorabilia.  The feud over the items lasted 24 years, until they finally decided to allow a judge to decide how the locker would be divided.

David and Dr. Federer delve into how advisors can help their clients by being that trustworthy, outside party that is brave enough to force their clients to talk about generational money.

In this episode, you will learn:

  • Some of the most common causes of sibling rivalry and how advisors can help families avoid conflict;
  • When parents should start talking to their children about their money; 
  • Why fair doesn’t always mean equal;
  • And more!

Listen now because it is not an accident to have adult children who work hard and have good values!

Resources: WealthManagement.com | FPMG  | Dr. Denise Federer LI
Ep 59 – Philip Seymour Hoffman – Don’t Delay When It Comes To Your Estate Plan – With Megan Gorman

Ep 59 – Philip Seymour Hoffman – Don’t Delay When It Comes To Your Estate Plan – With Megan Gorman

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In this episode’s encore presentation, David Lenok, senior editor at WealthManagement.com, is joined once again by Megan Gorman, founding partner of Chequers Financial Management.

Today’s celebrity example is Philip Seymour Hoffman, American actor, director and producer, and father of three children with longtime girlfriend, Mimi.

At the time of his death, Philip Seymour Hoffman’s only estate documentation was a will drafted by his real estate lawyer/CPA (not someone specializing in estate planning) and it mentions a trust set up for his eldest son.  Insistent that his children were not to become “trust fund kids” Seymour left the remaining part of the estate to his girlfriend.  

A Girlfriend not a wife. A Trust for one child not all three. A will that was over a decade old.  What could go wrong?  As David and Megan unpack this celebrity estate, you will hear how this was a case of missed opportunities for Philip Seymour Hoffman and his advisors. 

In this episode, you will learn:

  • The importance of updating financial documents with all life events; new child, marriage, divorce etc.
  • How to ensure family affairs stay private after your gone
  • Reasons to be aware of certain tax implications when dealing with non-spouses
  • Remember to include any tangible assets in your plan; who gets Oscar?
  • And more!

Tune in to understand why you need to force the issue when it comes to ensuring your clients not only finalize their estate plans but keep them current!

Resources:  WealthManagement.com | Chequers Financial | Megan Gorman LinkedIn
Ep 58 – MacKenzie Scott: The Future of Giving?

Ep 58 – MacKenzie Scott: The Future of Giving?

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With a 4% stake in Amazon, MacKenzie Scott, formerly MacKenzie Bezos, is the third wealthiest woman in the United States.

In this episode, David Lenok is joined by Richard Peck, vice president of New Hampshire Charitable Foundation, and Jonathan Gassman, CEO of Gassman Financial Group. Richard and Jonathan discuss how she goes about charitable giving through a personal, philosophical and operational standpoint. They reveal tools and vehicles anyone can use when donating and how you can continue your charitable legacy after you are gone.

Richard and Jonathan discusses:

  • How individuals can make charitable gifts;
  • The importance of having a conversation with clients about their goals;
  • Tools and vehicles for charitable giving; and
  • How you can pass on your charitable values.

Connect With Jonathan Gassman:

Connect With Richard Peck:

Connect With David Lenok:

About Our Guests:

Jonathan Gassman

A professional who acts as a chief financial advisor to many highly respected professionals, Jonathan has taken his knowledge and experience as a certified financial planner and a certified public accountant to consistently provide the highest level of service to his clients. Jonathan’s long-term involvement with charitable planned giving is what led him to pursue the rigorous CAP® credential (Chartered Advisor in Philanthropy®). The CAP® program provides financial professionals with the knowledge and tools needed to help clients reach their charitable giving objectives, while also helping them meet their estate planning and wealth management goals. Only 350 individuals have been awarded the prestigious CAP® designation since its inception in 2003.

 

Richard Peck

Rick Peck leads the Foundation’s philanthropy and donor services team, overseeing all aspects of development, donor engagement and donor services.

Before joining the Foundation, Rick served Dartmouth-Hitchcock Health and the Geisel School of Medicine as director of individual giving and gift planning, where he worked with grateful patients and families as well as medical school alumni to achieve their philanthropic goals. He also served Dartmouth College as an associate director of gift planning, working with alumni of the undergraduate college.

Rick is a Certified Financial Planner®, a Chartered Advisor in Philanthropy® and a Chartered Financial Consultant®. He holds an MBA from Baker College in Michigan and a BA from the University of Massachusetts.

Rick is a volunteer member of the marketing and development committee of the Grafton County Senior Citizens Council in Lebanon, NH. He also serves on the NH Race and Equity All Workgroup and the Civic Engagement subgroup in Concord, NH. And, he is a new member of the board of directors of the International Association of Advisors in Philanthropy.

 
Ep 56 – Elon Musk’s Charitable Limits With John Pantekidis

Ep 56 – Elon Musk’s Charitable Limits With John Pantekidis

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Between his six children and his illiquid assets in Tesla and SpaceX, Elon Musk’s claim to give half of his fortune to charity falls short. Yet only a few small steps would be required to increase his charitable giving and arrange support for his family.  

In this episode, David Lenok is joined by John Pantekidis of Twin Focus Capital. John shares his insight into the financial situation of Elon Musk, who was recently named the richest man in the world. 

John discusses Elon’s struggle to uphold his claims of philanthropic giving between his illiquid assets and support for a large family. John also discusses how others can avoid the pitfalls of keeping your wealth in illiquid assets and familial drama through premarital agreements and including the children in charity foundations. 

John discusses:

  • Why a premarital agreement should have been included when Elon Musk first married 
  • How his assets restrict his donation amount
  • What he should be doing to increase his charitable giving and passing money on to the next generation
  • The role of philanthropy in charitable giving

Connect With John Pantekidis:

Connect With David Lenok:

About Our Guest:

John is a partner at TwinFocus Capital and serves as the Chief Investment Officer (CIO) and General Counsel. In this role, John maintains a close working relationship with TwinFocus clients to help them design and expedite their investment strategies. He also leads the firm’s research efforts to develop new and creative asset allocation policies, oversee due diligence for manager search and selection, as well as write thought leadership commentary on global macroeconomic topics. Additionally, he has a keen interest in alternative investment fund formation and structuring, as well as analyzing complex tax aspects of alternative investments, pioneering studies on how to make hedge fund investing more tax efficient from an income and wealth transfer tax perspective. He is especially active on behalf of offshore clients, developing strategies to overcome cross-border impediments, tax, legal, and regulatory challenges, as well as cultural sensitivities to maximize inter-generational wealth transfer and succession planning.
Ep 55 – Britney Spears: How The Jump Conservatorship Skips Estate Planning With Megan Gorman

Ep 55 – Britney Spears: How The Jump Conservatorship Skips Estate Planning With Megan Gorman

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In 2008, following a very public breakdown, Britney Spears and her estate were placed under a conservatorship  managed by her father, Jamie Spears. 

Now 13 years later, Britney is contesting the conservatorship.

In this episode, David Lenok is joined once again by Megan Gorman from Chequers Financial Management. They dive into the legal wrangling of Birtney Spears’ estate and the conservatorship she is under. 

Megan discusses:

  • The difference between a guardianship and a conservatorship
  • Available options before taking the conservatorship route 
  • How the conservatorship impacted Britney’s net worth
  • The power that powers of attorney hold
  • And more

Connect With Megan Gorman:

Connect With David Lenok:

About Our Guest:

Megan is the founding partner of Chequers Financial Management, a fee-only planning firm that specializes in high net worth and ultra-high net worth families in San Francisco, California. Megan heads the firm’s family office services practice.

As well, Megan is a Senior Contributor for Forbes in personal finance and tax. She is also quoted regularly in the press as a tax and financial planning expert including such publications as The Wall Street Journal and The Washington Post. She blogs at TheWealthIntersection.com, has appeared on numerous podcasts, and is a regular weekly commentator on The Money Tree Podcast.

 
Ep 54 – James Brown: Philanthropy After Death With Robert Strauss

Ep 54 – James Brown: Philanthropy After Death With Robert Strauss

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In this episode, David Lenok, senior editor at WealthManagement.com, is joined by Robert Strauss,  shareholder and director of Weinstock Manion, specializing in guiding high net worth families, business owners, and real estate developers through the complex process of estate and wealth transfer planning.

Today’s celebrity example is the estate of legendary musician and American icon James Brown, including the fifteen years it took to settle his relatively simple estate. David and Robert discuss how charitable giving can help you avoid drawn out settlements after your death.

David and Robert discuss:

  • The importance of defining the clients’ wishes for their estate after they pass
  • Charitable giving before vs. after death
  • How family and legal dynamics can change after you are gone
  • How charitable gains are taxed
  • And more

Connect With Robert Strauss:

Connect With David Lenok:

About Our Guest:

As a Partner at Weinstock Manion, I specialize in guiding high-networth families, business owners and real estate developers through the complex process of estate and wealth transfer planning. With an extensive background as a transactional attorney, I am able to effectively advise owners of businesses and real estate regarding business succession plans and pre-liquidity event wealth transfer plans. Further, I bring a creative and customized approach to all estate matters in order to reduce estate taxes, achieve liability and creditor protection and, if desired, incorporate charitable giving and life insurance planning.

 
Ep 53 – The Information About Special Needs Trusts Everyone Needs To Hear With Gina Nelson

Ep 53 – The Information About Special Needs Trusts Everyone Needs To Hear With Gina Nelson

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Many of us remember Chrisptopher Reeves for his unforgettable performance as the first Superman to appear on the big screen in 1978. But a lot of us forget his later years were spent as a parapelegic after a tragic horse accident. 

In this episode, David Lenok speaks with Gina Nelson about some of the different planning you can do to prepare if you or a loved one should become disabled, and what you can do today to set them up for after you’re gone. 

Gina discusses:

  • The Christopher and Dana Reeves Foundation and how it’s set up to help those living with any type of disability 
  • How a special needs trust can help you and your loved ones
  • The difference between special needs and supplemental needs
  • The importance of flexibility in your trust documents 
  • The different scenarios between who sets up the trust
  • And more

Connect With Gina Nelson:

Connect With David Lenok:

About Our Guest:

Gina M. Nelson is a Senior Vice President – Head of Fiduciary Services with over 15 years of experience in various trust and estate roles.  Prior to joining Chilton Trust, Ms. Nelson served as Executive Director/Global Head of Trusts and Estates Risk at J.P. Morgan where she was responsible for Risk Management of all of J.P. Morgan’s trust companies, which include the U.S., Delaware, Bahamas, and other international entities.  Prior to J.P. Morgan, Ms. Nelson accumulated over 10 years of trust company experience, serving as a resource on complex fiduciary matters, reviewing and approving new business, and developing and enhancing fiduciary processes and procedures.  

She has spoken on panels at several key industry events, including the Delaware Trust Conference and the Mourant Ozannes International Trust and Private Client Conference.  Ms. Nelson began her career practicing law and opened her own practice where her focus was estate planning and trust and estate administration.  Ms. Nelson received her B.A. in French and European Studies from Vanderbilt University and her J.D. from the University of Minnesota School of Law.