Tag: Wealth Management
Ep 52 – Peter Bing: How Incorrect Terminology in an Estate Plan Can Cause Total Chaos With Megan Gorman

Ep 52 – Peter Bing: How Incorrect Terminology in an Estate Plan Can Cause Total Chaos With Megan Gorman

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A trust might make complete sense. But when you add family dynamics to the equation, chaos can ensue. 

This is exactly what happened when a millionaire decided to remove two of his biological grandchildren from his multi-million dollar trust plan. 

In this episode, David Lenok is joined by returning guest Megan Gorman, a founding partner of Chequers Financial Management, to talk about the recent estate case concerning multi-millionaire Peter Bing disinheriting two grandchildren, Damien Hurley and Kira Bonder, and leaving them with nothing.  

David and Megan discusses:

  • How this level of miscommunication can happen in any estate plan, regardless of one’s wealth
  • How to protect your inheritance from creditors, ex-spouses, and anyone else who might come knocking
  • How the language and definitions you use can determine what happens in your estate plan
  • Why a trust proctor could have helped Peter Bing’s case
  • 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 51 – Preserving Your Inherited Collectibles with Barbara Archer

Ep 51 – Preserving Your Inherited Collectibles with Barbara Archer

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In this episode, David Lenok, senior editor at WealthManagement.com, speaks with Barbara Archer, managing director and partner at Hightower. David and Barbara speak about Barbra’s story of researching, purchasing and preserving art that can be shared with the world.

Today’s celebrity example begins with Lilly Pulitzer. Lilly quickly grew to fame through her fashion and bright coloured designs. But, an individual so often forgotten in Lilly’s story is Suzie Zuzek. Suzie, the artist behind the designs was once never recognized, but that has recently changed. Our guest shares the story of finding Suzie’s designs and the work it took to have them displayed in the Cooper Hewitt Smithsonian Design Museum. We use this example to understand the steps it takes to preserve collectibles. 

Barbara discusses:

  • Her role in getting Suzie Zuzek’s designs into the Cooper Hewitt Smithsonian Design Museum
  • How advisors should handle the situation of clients wishing to invest in collectibles
  • The hidden costs associated with investing in collectibles
  • And more

Connect With Barbara Archer:

Connect With David Lenok:

About Our Guest:

Barbara C. Archer is a consummate entrepreneur who sees her clients’ world through a creative financial lens. As a Managing Director and Partner of Hightower Wealth Advisors | St. Louis, she and the team are resourceful problem solvers who deliver valuable advice and investment guidance.
Ep 50 – Warren Buffett – What Is Your Subconscious Relationship With Money? With Rick Kahler

Ep 50 – Warren Buffett – What Is Your Subconscious Relationship With Money? With Rick Kahler

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In this episode, David Lenok, senior editor at WealthManagement.com, sits down with Rick Kahler, president of Kahler Financial Group, as they dive into the subconscious mind around money.

Today’s celebrity example is Warren Buffett and his interesting relationship with money. Buffett, once the most wealthy man in the world, now sits in 7th place. It was Buffett’s relationship with money that got him here – the idea that the wealthy have the duty to help fix the ills of society. We use Buffett to understand the common money scripts and how advisors should be identifying them within their clients. 

Rick discusses:

  • What exactly a money script is and how they are formed
  • The four main categories money scripts fall into
  • How advisors could identify their client’s beliefs and behaviours around money
  • How to address and change negative money scripts
  • And more

Resources:

Connect With Rick Kahler:

Connect With David Lenok:

About Our Guest:

His firm, specializing in the integration of financial coaching, financial therapy, and traditional financial planning, attracts a nationwide clientele. Rick specializes in investment advising and financial planning services for business owners, professionals, and retirees.
Ep 49 – Clare Bronfman: Building Generational Wealth that Matters With Dan Griffith

Ep 49 – Clare Bronfman: Building Generational Wealth that Matters With Dan Griffith

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In this episode, David Lenok, senior editor at WealthManagement.com, is joined by Dan Griffith, senior vice president and director of wealth strategy at Huntington Private Bank.

Today’s celebrity example is brought to you by Clare Bronfman. We discuss Clare’s journey into using generational wealth to fund a company with negative ties. We use this infamous case to dissect how financial advisors can assist clients in building generational wealth that matters.

Dan discusses:

  • Why educating the next generation about money is imperative
  • Strategies that can be used to put money into the hands of the next generation
  • How advisors can educate clients about the risks involved with generational wealth
  • The importance of having financial conversations with your family 
  • And more

Connect With Dan Griffith:

Connect With David Lenok:

About Our Guest:

Dan is an experienced attorney with a passion for helping families and business owners find solutions to their planning challenges. Dan develops insights for clients and writes and speaks about asset protection, estate tax issues and business succession planning. 
Ep 47 – Aretha Franklin: Loose Ends Can Unravel Your Estate –– With Alex Weingarten

Ep 47 – Aretha Franklin: Loose Ends Can Unravel Your Estate –– With Alex Weingarten

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In this episode, David Lenok, senior editor at WealthManagement.com, is joined by Alex Weingarten, partner at Venable LLP, where he is a commercial trial lawyer who represents clients in all facets of entertainment, probate and business litigation.

Today’s celebrity example is Aretha Franklin; we discussed her estate in episode 8 and at that time it was believed that she had left no will, therefore leaving her estate to be divided equally amongst her children. Since then, new developments have surfaced. While cleaning out Franklin’s home, they have found four separate wills, three handwritten and one typed but not signed.   

Now the battle ensues. Brother fighting brother trying to determine how the estate will be divided. Litigators have been contacted to solve this puzzle. The trial begins in August.

Today, Alex and David discuss why communication is key to your happily ever after.

You will learn:

  • Alex’s thoughts on how this situation will play out in court
  • How good communication helps keep the peace
  • What estate litigation really looks like
  • And more!

Tune in to help your clients understand the importance of communicating your intentions verbally as well as in written form to keep your estate and your family intact long after you are gone.

Resources: WealthManagement.com | Venable, LLP | Episode 8
Ep 46 – Advising Entertainment Industry Clients

Ep 46 – Advising Entertainment Industry Clients

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David Lenok, senior editor at WealthManagement.com, is joined by Jeff Fishman, founder and managing member of JSF Financial, a financial firm that specializes in working with high profile clients and those in the entertainment industry.

Unlike our other episodes focusing on the estates of celebrities who have passed, this episode is all about advising those who are still living, and working to manage their estates. David and Jeff talk about how having a career with unstable income flows can be tricky to navigate and plan for.

You will learn:

  • How and why someone would want to work with this niche market of clientele
  • What is meant by consistency of income
  • The tax implications of having inconsistent income
  • Why you need to be responsible to yourself first when it comes to your finances
  • And more!

Listen now to prepare for the ups and downs that come with having an unstable income source.

Resources: WealthManagement.com | JSF Financial
Ep 45 – Larry King: Get Your Financial House In Order –– With Megan Gorman

Ep 45 – Larry King: Get Your Financial House In Order –– With Megan Gorman

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In this episode, David Lenok, senior editor at WealthManagement.com, speaks with returning guest Megan Gorman of Chequers Financial Management about the issues surrounding the celebrity estate of none other than legendary talk show host Larry King. 

There was an estate plan, multiple children from multiple marriages, a holographic will written after filing for divorce, and then Larry’s untimely death due to COVID-19 in 2021. David and Megan could talk for days about this celebrity estate.  Listen in while they try to sort through this currently active family-court fight.

In this episode, you will learn:

  • What is a holographic will
  • How the state in which you live and die plays a vital role in how your estate is handled
  • What’s involved in differentiating between community properties and separate properties
  • The importance of documenting your intentions when divorcing
  • And more!

Get inspiration from Larry King’s story to get your house in order! 

Resources: WealthManagement.com | The Wealth Intersection | Chequers Financial Management

“Getting your house in order and reducing the confusion gives you more control over your life. Personal organization somehow releases or frees you to operate more effectively.” — Larry King
Ep 44 – Chuck Berry: Be Intentional When It Comes To Taxes – with guest Damien Martin

Ep 44 – Chuck Berry: Be Intentional When It Comes To Taxes – with guest Damien Martin

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Today, David Lenok, senior editor at WealthManagement.com, is joined by Damien Martin, tax partner at BKD CPAs and Advisors.

This episode focuses on the father of rock ‘n roll, Chuck Berry, the legendary musician who worked up into his 80’s, amassing a sizable estate upon his death in 2017 at the age of 90, despite his conviction of tax evasion in 1979. Berry was convicted of $110,000 in back taxes, and was sentenced to serve 4 months in jail and 1000 hours of community service.  

David and Damien delve deep into the reality of taxes and why communication and planning are the key to a successful financial future.

You will learn:

  • The tax planning issues advisors face with clients
  • How tax planning affects your retirement and how it can help to maximize your estate
  • How estate tax planning can assist your income tax planning
  • The importance of creating open communication with your whole team of advisors
  • And more!

Listen now and intentionally plan for the future!

Resources: WealthManagement.com | BKD CPAs and Advisors | Damien Martin
Ep 43 – Audrey Hepburn: When Secrets Destroy A Family–– With Dr. Denise Federer

Ep 43 – Audrey Hepburn: When Secrets Destroy A Family–– With Dr. Denise Federer

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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 42 – Jack Cassidy: Loose Ends Can Unravel Your Estate –– With Christopher Melcher

Ep 42 – Jack Cassidy: Loose Ends Can Unravel Your Estate –– With Christopher Melcher

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In this episode, David Lenok, senior editor at WealthManagement.com, is joined by Christopher Melcher, partner at Walzer Melcher LLP where they focus on complex family law litigation and premarital agreements of high net worth individuals.

Today’s celebrity example is Jack Cassidy; an American actor and singer known for his works in theatre, tv and film.   

Having married and divorced twice and fathering children in both marriages, most notable being David and Shaun Cassidy, Jack’s estate plan was for the most part very well executed.  Except for the small “loose end” by way of a life insurance policy that Jack nor his team followed up on when completing his divorce paperwork.  An 8 year legal battle between ex-spouse #2 and the estate then ensued over a $50,000 life insurance policy.

Now, Christopher and David discuss why you must ensure that you dot your I’s, cross your T’s, just finish the work.

In this episode, you will learn:

  • What are some lessons learned for advisors, from Jack Cassidy’s unfortunate circumstances
  • Are premarital agreements good or bad for a relationship
  • What are some other typical “loose ends” that often get forgotten when finalizing an estate plan
  • And more!

Tune in to help your clients understand, you cannot win the race if you do not cross the finish line!

Resources: WealthManagement.com | Walzer Melcher LLP