Celebrity Estates: Wills of the Rich and Famous

Victoria Gray, Deputy Chairman at Bonhams and an expert in celebrity estate auctions, shares her fascinating insights into the auction world. She reveals why everyday celebrity artifacts garner significant value and the emotional connection buyers have with these items. Victoria discusses the importance of storytelling and authentic photography in attracting bidders, and how generational shifts are changing auction dynamics. Additionally, she explores appraisal strategies for estate items and the impact of celebrity optics on auction outcomes. A captivating blend of fame, legacy, and financial acumen!

George Stefanou, a wealth advisor and author of 'Two-Comma Wealth,' delves into the unique challenges faced by first-generation millionaires. He discusses the emotional aspects of estate planning and the importance of family discussions to foster cohesion. George highlights how heirs can avoid the pitfalls of a 'windfall mentality' and emphasizes the role of advisors in bridging gaps between financial literacy and family governance. They also explore the significance of storytelling in passing down family values, ensuring a harmonious legacy.

When Bob Marley passed away in 1981, he left behind a musical legacy, but no estate plan. Due to his religious beliefs, Marley didn’t create a will, and what followed was a legal firestorm: forged documents, disputed signatures and a tangled web of allegations involving his wife, attorney and accountant. In this episode, David Lenok is joined by Noah Rosenfarb, CPA, founder of Wealthrive, to explore what happens when traditional estate planning tools, like wills, are off the table. Noah discusses: The vital differences between wills and trusts  Strategies like the Spousal Lifetime Access Trust  Navigating estate versus revocable trusts  The misunderstood role of communication in wealth preservation Overcoming familial challenges in estate planning  And more Resources: Listen to the latest episodes of Celebrity Estates Trust and Estates Magazine Connect With David Lenok: david.lenok@informa.com  WealthManagement.com LinkedIn: David Lenok LinkedIn: Informa LinkedIn: WealthManagement Connect With Noah Rosenfarb: connect@wealthrive.com Talkabouttax.com  LinkedIn: Noah Rosenfarb, CPA LinkedIn: Wealthrive Inc. (855) 540-0400 About Our Guest: Noah Rosenfarb is a third-generation CPA who learned early in life that becoming tax-efficient could accelerate the journey toward achieving financial goals. After attaining financial independence and stepping away from operating businesses, Noah began sharing his expertise with members of EO and YPO. The response was immediate—people started asking him for help. Determined not to return to a traditional job, Noah assembled a team of accountants, lawyers, and financial planners. He personally trained them in the strategies he used to become Rich Beyond Money. One of his proudest accomplishments is knowing that entrepreneurs working with his team achieve better results than he could have delivered alone. Noah openly shares the tools, resources, and strategies that created his own version of true freedom. With a track record that includes selling eight companies, taking one public, and completing more than 50 real estate investments valued near $1 billion, he brings more than technical expertise—he brings lived experience. He serves high-performing families who seek to balance qualitative life goals with quantitative financial strategies. Based in Parkland, Florida, Noah lives with his wife, Amanda, and their two children. A passionate traveler, he’s visited over 70 countries across five continents.

After four decades of acting and winning multiple awards, Gene Hackman was found dead in his home at the age of 95, along with his wife and primary caretaker, Betsy Arakawa. Forensics uncovered that his wife predeceased him, leaving him to struggle with Alzheimer’s alone before passing away one week later. Join WealthManagement.com Senior Editor David Lenok, and Jackie Bevilaqua a partner at Warshaw Burstein, as they delve into the tragic and unexpected circumstances of Hackman’s final days, exploring pressing questions about elder care, cognitive decline and how to safeguard clients against unforeseen complications. They discuss: Challenges in estate planning for cognitively impaired clients  The importance of ongoing revision and understanding of estate plans  How societal shifts impact elder care and estate planning The significance of community support systems in elder law Legal nuances of simultaneous deaths and the implications for estates Resources: Listen to the latest episodes of Celebrity Estates Trust and Estates Magazine Connect With David Lenok: david.lenok@informa.com  WealthManagement.com LinkedIn: David Lenok LinkedIn: Informa LinkedIn: WealthManagement Connect With Jacqueline Bevilaqua: LinkedIn: Jacqueline Bevilaqua Warshaw Burstein About Our Guest: Mrs. Bevilaqua has focused her practice on trusts and estates law since 2013. She has a strong background in estate planning and estate and trust administration for a diverse clientele, particularly complex issues of gift, estate and trust taxation. She also has significant experience in international estate planning, foreign account tax act compliance, and pre-immigration tax planning. In addition, Ms. Bevilaqua is well-versed in counseling nonprofit corporations on regulatory, governance and federal and state tax compliance matters.

With Donald Trump appearing at his recent inauguration flanked by tech billionaires, the connection between presidents and the almighty dollar is more apparent than ever. However, Trump is not the only president with an interesting relationship with money. In this episode of the Celebrity Estates podcast, host David Lenok welcomes back Megan Gorman, a wealth and tax planning expert and founding partner at Chequers Financial Management, to discuss her new book, All the President’s Money: How the Men Who Governed America Governed Their Money. Listen as they delve into U.S. presidents’ financial decisions and estate planning strategies, uncovering common challenges such as procrastination and poor communication with heirs. Through historical examples, Megan and David emphasize the importance of clear estate planning, communication with heirs and considering the legacy one’s financial decisions leave behind. The discussion underscores how estate planning lessons from historical figures can be applied to modern financial planning, making it a compelling episode for advisors and individuals alike. Key insights include: Insights into Harry Truman’s “letter of wishes”  The surprising financial savvy of Warren G. Harding How George Washington’s estate plan unintentionally endangered Martha Abraham Lincoln’s lack of an estate plan despite his legal background And more Resources: Listen to the latest episodes of Celebrity Estates Trust and Estates Magazine Celebrity Estates Podcast: Britney Spears’ Conservatorship Philip Seymour Hoffman – Don’t Delay When It Comes To Your Estate Plan – With Megan Gorman Tom Petty’s Children and a Second Marriage — With Returning Guest Megan Gorman Connect With David Lenok: david.lenok@informa.com  WealthManagement.com LinkedIn: David Lenok LinkedIn: Informa LinkedIn: WealthManagement Connect With Megan Gorman: LinkedIn: Megan Gorman  LinkedIn: Chequers Financial Management Chequers Financial Management 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.

Alma Soongi-Beck, a Counsel at Lothrop GPM specializing in the Land Back movement, and Professor Jo Carrillo, a law professor with expertise in Indigenous property law, delve into the complexities of Jim Thorpe's burial controversy. They discuss the intersection of legal rights and personal wishes, especially regarding land repatriation. The duo also explores land transfers' nuances, conservation impacts, and the rising trend of testamentary gifts, highlighting the importance of respectful communication in fostering Indigenous sovereignty and identity.

Neil Solares, a seasoned estate planning attorney, joins to discuss the troubling case of John Amos, famed for his roles in 'Good Times' and 'The West Wing'. The conversation highlights alarming signs of elder abuse, such as isolation and sudden estate changes. Solares stresses the importance of advisors recognizing these red flags and knowing when to pursue conservatorship. They also delve into how caregiver laws in California can impact estate decisions, and why family dynamics often lead to conflicts over caregiving.

In this engaging discussion, expert Shawn Goheen, a partner at Goheen Companies with over 30 years in the life insurance industry, addresses the poignant story of actress Shannen Doherty, who finalized her divorce just before her passing. The conversation underscores the vital need for timely estate planning and how it influences asset distribution. Goheen emphasizes the importance of integrating foundational documents and life insurance into estate strategies while fostering open dialogues among advisors to ensure cohesive planning for future generations.

Simon Cowell, reality star and record producer, has an estimated net value worth of $600 million. How much of that will be left for his son? According to him, nothing. Listen in as host David Lenok is joined by Thomas Kopelman, head of community at Estate Planning platform wealth.com and co-founder of All Street Wealth. Together, they discuss how Simon plans to handle his $600 million estate and the broader implications of disinheriting heirs.  Cast your vote toward Simon’s decision as David and Thomas highlight: The rationale behind Simon’s motives for his estate plans “Affluenza”- a supposed psychological condition affecting wealthy individuals Opinions on ‘disinheritance,’ the act of not passing wealth down to future generations Estate planning decisions are personal, reflecting what is important to the individual The importance of supporting children while alive rather than solely through posthumous financial gifts And more Resources: Listen to the latest episodes of Celebrity Estates Trust and Estates Magazine Connect With Thomas Kopelman: Thomas Kopelman Website LinkedIn: Thomas Kopelman All Street Wealth Wealth.com Connect With David Lenok: david.lenok@informa.com  WealthManagement.com LinkedIn: David Lenok LinkedIn: Informa LinkedIn: WealthManagement About Our Guest: Thomas is a financial planner, the co-founder of AllStreet Wealth, as well as a blogger, podcaster, content creator, Top 23 Millennial Advisor (Business Insider), and a Top Young Advisor to Watch in 2023 (FA Mag) After graduating from Butler University, Thomas spent his entire career in the financial services industry as a financial planner. Thomas is passionate about helping millennials cut through the noise and figure out how to use their resources to accomplish what they truly want in life. 

Even celebrities aren’t free of the pitfalls of poor estate and legacy planning. With their lives and finances often in the spotlight, it can be easy to see where they fall short and how to avoid those same problems if you know where to look. Join David Lenok and his guest, psychologist and economist Eric Schoenberg, as they discuss the psychological implications of inherited wealth and how economic principles might not always align with personal happiness. This enlightening discussion sheds light on common pitfalls in estate planning and offers valuable lessons that can be applied beyond the celebrity realm. David and Eric touch on: The psychological impact of inherited wealth and its influence on personal fulfillment. The complexity of estate planning and common challenges faced by individuals, regardless of their status. Expert insights on navigating the legal and emotional aspects of estate distribution. Analyzing famous estate planning cases to extract valuable lessons for advisors and their clients. And more Resources: Listen to the latest episodes of Celebrity Estates Trust and Estates Magazine “You Can’t Take It With You: The Life and Afterlife of America’s Greatest Fortunes” by Eric Schoenberg Connect With Eric Schoenberg: LinkedIn: Eric Schoenberg Columbia University, Department of Psychology Connect With David Lenok: david.lenok@informa.com  WealthManagement.com LinkedIn: David Lenok LinkedIn: Informa LinkedIn: WealthManagement About Our Guest: Eric Schoenberg’s academic research centers on the psychology of money, with a specific focus on intergenerational wealth transfers and behavior in financial markets. He has taught a range of classes in Behavioral Economics and Decision Making.