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
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.
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.
Celebrity Estates: Kirk, Michael and Cameron Douglas and the Challenge of Measuring up to Previous Generations (Ep.72)
The Douglas family started their legendary Hollywood career with Kirk Douglas in 1946, who had been a major box office star. Michael Douglas later surpassed his father’s great fame, receiving numerous accolades. However, Cameron Douglas, Michael’s son, struggled to continue the family’s Hollywood legacy.
In this episode, David Lenok speaks with Dr. Jamie Weiner, Co-Founder of Inheriting Wisdom, on the struggles children face when born into prominent families. Dr. Weiner shares examples of wealthy children, how they viewed the world compared to other children and the impact this has on their development within society.
Dr. Weiner discusses:
The challenge of measuring up to previous generations;
Four steps to developing self worth;
How a liquidity event impacts the way families think about money;
The role of mentors in the lives of children born into prominent families;
With a multi-faceted background in speaking, coaching and counseling in environments ranging from Cook County Jail to exclusive global VIP forums, Dr. Jamie Weiner’s expertise and strategic approach to guiding people helped to develop Inheriting Wisdom’s ability to transcend any complication within a family’s dynamic.
As a co-creator of Inheriting Wisdom, Dr. Weiner is focused on helping families garner meaningful communication between generations and provide solutions to sustaining wealth and strengthening family legacies.
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
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;
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.
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
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!
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
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.
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.
