Tag Archives: WealthManagement

Celebrity Estates: Whitney Houston and Adding Age Provisions For Young Beneficiaries (Ep. 71)



Whitney Houston, beloved singer and actress, left her entire estate to her 18-year-old only child Bobby Christina Brown. The wealth transfer was divided into three age-based distributions, with the final transfer scheduled at age 30. However, things got complicated when Brown, too, died at 22 before inheriting her mother’s estate.

In this episode, David Lenok is joined by Jennifer Proper, Managing Director of Wealth Strategies at Pitcairn, to discuss the benefits and pitfalls of age provisions within trusts and the importance of balancing protection with the beneficiaries will.

David and Jen discuss:

  • Key advantages and disadvantages to having age provisions in trusts
  • Some of the most common clauses in trusts
  • Why communication is essential to drafting an effective will
  • How far is too far when creating trust restrictions
  • And more

Connect With Jennifer Proper:

Connect With David Lenok:

About Our Guest:

Before joining Pitcairn, Jennifer served as Director, Legacy and Wealth Planning at Abbot Downing, a Wells Fargo division serving ultra-high-net-worth individuals and family offices. While at Abbot Downing, she provided sophisticated estate, business, and financial planning for the firm’s clients and led the Northeast region planning team. Previously, Jennifer held the positions of Senior Wealth Planner with Wells Fargo Private Bank in Philadelphia PA, and Legal and Tax Strategist with Legacy Advisors, LLC in Plymouth Meeting, PA.


Celebrity Estates: Freddie Mercury and Financial Planning With An LGBTQ+ Mindset (Ep.70)



Lead vocalist for Queen, Freddie Mercury kept quiet about his love life up until his death in 1991 due to complications from HIV. Since then, LGTBQ+ rights and recognition have led to a more tolerant society, with financial planning following suit.

In this episode, David Lenok is joined by Tim Volk, Founder and Managing Director of T. Volk and Company, for a conversation on LGBTQ+ financial planning and creating a healthy environment for clients as a financial advisor.

Tim discusses:

  • Some of the best practices when advising LGBTQ+ clients;
  • How can advisors provide support to client potentially still in the closet;
  • Why communication is essential between family members;
  • The diversity of culture between clients and LGBTQ+ groups and why advisors should understand the different dynamics;
  • And more

Connect With Tim Volk:

Connect With David Lenok:

About Our Guest:

Tim Volk hails from an entrepreneurial family, is a unique professional with an exceptional network, great inter-personal skills, and a deep appreciation of the issues surrounding wealth. He is an experienced business executive and seasoned board member with a strong financial background with deep expertise in wealth management, real estate, mortgage banking and insurance.

He is the Founder and Principal of T.Volk & Company, a boutique advisory firm that specializes in assisting closely-held businesses, family offices (single and multi-family) and family-controlled enterprises. 




69. Vince McMahon Sr. and the Evolution Of Generational Values



Vince McMahon Sr. is best known for founding the company that eventually became World Wrestling Entertainment. In a family business, which the WWE very much is, passing down core values can be a struggle as future generations look to create their own paths.

In this episode, David Lenok is joined by Kelley Wolfington, Senior Wealth Strategist at SEI Private Wealth Management, in dissecting the idea of inheriting values. She reveals the importance of creating conversations between generations to develop an effective plan for the future.

Kelley discusses:

  • How the generational divide impacts personal values;
  • The importance of introducing commonalities between generations; 
  • Where the financial advisor fits within the conversation;
  • How to have open conversations with advisors with your family members around;
  • And more!

Editor’s Note: This episode was recorded before the recent allegations against Vince McMahon Jr. came to light.

Connect With Kelley Wolfington:

Connect With David Lenok:

About Our Guest:

Kelley Wolfington provides holistic advice in the areas of trust and estate planning, wealth transfer, philanthropy, succession planning, tax planning and family communications strategies for ultra-high net worth and high net worth individuals and families. Her responsibilities include collaborating with internal and external colleagues and partners to craft and deliver such advice as well as develop strategies, techniques, tools and materials related to these advisory areas. She helps facilitate a perpetual process to improve her clients’ condition by working with them to navigate goals, values and visions for themselves, their families and their communities.




Ep 60 – Audrey Hepburn: When Secrets Destroy A Family



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 57 – Prince: Planning for Intellectual Property With Matthew Erskine



From his home and liquid possessions to his image and royalty rights, settling Prince’s estate would have been a complex process, even with a will. But Prince did not have a will, and this led to one of the largest and most complex estate battles in Minnesota and even American history. 

However, the most mysterious part of Prince’s estate is the bank vault with a code that even Prince himself forgot.

In this episode, David Lenok is joined by Matthew Erskine of Erskine and Erskine revisiting the topic of Prince. Focusing on the sealed vault filled with unpublished songs and recordings, David and Matthew discuss the relevance of protecting your intellectual property (IP) regardless of your celebrity status. They reveal the potential ramifications of posting content online and why the importance of understanding your collection for future heirs.

Matthew and David discuss:

  • How the internet has immortalized intellectual property
  • The ramifications of self-selling when it comes to IP ownership
  • The impact of fan-made creations on the original creators
  • Why you should categorize your collection for you heirs
  • And more

Connect With Matthew Erskine:

Connect With David Lenok:

About Our Guest:

Matthew Erskine is the managing partner of this fourth generation law firm. He focuses his estate planning and trust services practice on serving business owners, professionals, individuals, families, collectors, and inheritors of significant assets. Helping his clients and their families achieve their goals by providing customized solutions. Matt carries on his family’s tradition of integrity, continuity, and service.

Matt has a particular expertise in the stewardship of special assets that few other estate planning and trust attorneys can match. Working with collectors of art, jewelry, heirlooms, and other valuable assets, as well as owners of real estate and family businesses, Matt brings his and his family’s generations of experience and intimate knowledge of unique areas of the law to help clients achieve their desired investment and personal goals.

The Erskine family has been counsel to client families since 1876, overseeing litigation, estate and income taxation planning, residential and commercial real estate conveyances, close corporations, nonprofit corporations, personal trusts, dynasty trusts, private foundations, and family offices. Matt is also active in numerous community organizations in the Worcester, Massachusetts area, including the American Antiquarian Society, the Council on Foreign Relations Worcester Committee, Inc., the Worcester Economics Club, and the John J. Kittredge Numismatic Foundation.

Matt is an active member of Wealthcounsel, Wealthcounsel Advisors, Vistage, the American Bar Association and several other professional organizations.

After graduating from Lawrence Academy, Matt received his B.A. in Medieval History from Carleton College and his J.D. from Suffolk University Law School.


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



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



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



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



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



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