Celebrity Estates: Wills of the Rich and Famous Ep 44 – Chuck Berry: Be Intentional When It Comes To Taxes – with guest Damien Martin
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Feb 22, 2021 In this engaging discussion, Damien Martin, a tax partner at BKD CPAs and Advisors, shares insights on managing wealth and estate planning. He breaks down the life of rock legend Chuck Berry, who left a $50 million estate at his passing. Damien highlights the importance of being intentional about retirement planning and the importance of collaborative communication among financial advisors. He also addresses common pitfalls in estate planning, like client avoidance, and stresses the significance of proactive collaboration to ensure a successful legacy.
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Late-Life Earnings Built Berry's Estate
- Chuck Berry worked and toured into his 80s and left about a $50 million estate at his death in 2017.
- Damien Martin and David Lenok use Berry as an example of someone who kept creating wealth late in life.
Be Intentional About Retirement Planning
- Do be intentional about retirement planning and schedule time to plan rather than postpone it.
- Damien Martin recommends assembling a team of advisors to ensure cash flow and legacy goals are met.
Prioritize Which Risks Matter Most
- Identify which risks matter most: running out of money, intergenerational shrinkage, or family disputes.
- David Lenok stresses you cannot and should not try to plan for every possible future contingency.