Celebrity Estates: Wills of the Rich and Famous

Between his six children and his illiquid assets in Tesla and SpaceX, Elon Musk’s claim to give half of his fortune to charity falls short. Yet only a few small steps would be required to increase his charitable giving and arrange support for his family.   In this episode, David Lenok is joined by John Pantekidis of Twin Focus Capital. John shares his insight into the financial situation of Elon Musk, who was recently named the richest man in the world.  John discusses Elon’s struggle to uphold his claims of philanthropic giving between his illiquid assets and support for a large family. John also discusses how others can avoid the pitfalls of keeping your wealth in illiquid assets and familial drama through premarital agreements and including the children in charity foundations.  John discusses: Why a premarital agreement should have been included when Elon Musk first married  How his assets restrict his donation amount What he should be doing to increase his charitable giving and passing money on to the next generation The role of philanthropy in charitable giving Connect With John Pantekidis: Twin Focus John Pantekidis Connect With David Lenok: david.lenok@informa.com WealthManagement.com About Our Guest: John is a partner at TwinFocus Capital and serves as the Chief Investment Officer (CIO) and General Counsel. In this role, John maintains a close working relationship with TwinFocus clients to help them design and expedite their investment strategies. He also leads the firm’s research efforts to develop new and creative asset allocation policies, oversee due diligence for manager search and selection, as well as write thought leadership commentary on global macroeconomic topics. Additionally, he has a keen interest in alternative investment fund formation and structuring, as well as analyzing complex tax aspects of alternative investments, pioneering studies on how to make hedge fund investing more tax efficient from an income and wealth transfer tax perspective. He is especially active on behalf of offshore clients, developing strategies to overcome cross-border impediments, tax, legal, and regulatory challenges, as well as cultural sensitivities to maximize inter-generational wealth transfer and succession planning.

In 2008, following a very public breakdown, Britney Spears and her estate were placed under a conservatorship  managed by her father, Jamie Spears.  Now 13 years later, Britney is contesting the conservatorship. In this episode, David Lenok is joined once again by Megan Gorman from Chequers Financial Management. They dive into the legal wrangling of Birtney Spears’ estate and the conservatorship she is under.  Megan discusses: The difference between a guardianship and a conservatorship Available options before taking the conservatorship route  How the conservatorship impacted Britney’s net worth The power that powers of attorney hold And more Connect With Megan Gorman: LinkedIn: Megan Gorman  LinkedIn: Chequers Financial Management Chequers Financial Management Connect With David Lenok: david.lenok@informa.com WealthManagement.com 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.  

In this episode, David Lenok, senior editor at WealthManagement.com, is joined by Robert Strauss,  shareholder and director of Weinstock Manion, specializing in guiding high net worth families, business owners, and real estate developers through the complex process of estate and wealth transfer planning. Today’s celebrity example is the estate of legendary musician and American icon James Brown, including the fifteen years it took to settle his relatively simple estate. David and Robert discuss how charitable giving can help you avoid drawn out settlements after your death. David and Robert discuss: The importance of defining the clients’ wishes for their estate after they pass Charitable giving before vs. after death How family and legal dynamics can change after you are gone How charitable gains are taxed And more Connect With Robert Strauss: Robert Strauss Weinstock Manion Connect With David Lenok: david.lenok@informa.com WealthManagement.com About Our Guest: As a Partner at Weinstock Manion, I specialize in guiding high-networth families, business owners and real estate developers through the complex process of estate and wealth transfer planning. With an extensive background as a transactional attorney, I am able to effectively advise owners of businesses and real estate regarding business succession plans and pre-liquidity event wealth transfer plans. Further, I bring a creative and customized approach to all estate matters in order to reduce estate taxes, achieve liability and creditor protection and, if desired, incorporate charitable giving and life insurance planning.  

Gina Nelson, Senior Vice President at Chilton Trust Company and an estate planning attorney, dives into the intricacies of special needs trusts. She emphasizes how these trusts can preserve government benefits while providing additional support for individuals with disabilities. Discussion points include the importance of tailored trust planning, the risks of boilerplate solutions, and the need for flexibility in trust documents. Gina also highlights when to initiate special needs planning and the critical role of knowledgeable trustees in managing these trusts.

This week features Megan Gorman, a financial planning expert and Forbes contributor. She dives into the chaotic aftermath of a millionaire's decision to exclude two grandchildren from a trust. Megan highlights how family dynamics can complicate estate planning, emphasizing the importance of precise legal language. She also discusses the role of trust protectors in minimizing disputes and balancing control with flexibility in trust management. The conversation sheds light on how ambiguous terms can lead to prolonged legal battles and public scrutiny.

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: (314) 598-4060 Hightower Wealth Advisors LinkedIn: Barbara Archer Connect With David Lenok: david.lenok@informa.com WealthManagement.com 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.

Rick Kahler, president of Kahler Financial Group and expert in financial therapy, joins the discussion on the complex relationship with money, spotlighting Warren Buffett. They explore how childhood beliefs shape our financial decisions through 'money scripts.' Kahler explains how these scripts can become rigid and the challenges clients face in adapting during retirement. He also highlights the role of frugality in wealth accumulation and offers insights on transforming deep-seated money beliefs through awareness and financial therapy.

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: Huntington Private Bank LinkedIn: Dan Griffith Connect With David Lenok: david.lenok@informa.com WealthManagement.com 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. 

In this episode, David Lenok, senior editor at WealthManagement.com, speaks with Rob Wermuth, senior partner and Kevin Donohue, partner at the Pennsylvania-based firm Legacy Planning about the intricacies of estate planning.  Today’s celebrity estate example is brought to us by Playboy Magazine founder and figurehead Hugh Hefner. Through the use of trusts, prenups and taking care of business deals during his life, Hefner left his family and his legacy in a very good place to move on from following his death. You will learn: How advisors can help clients take advantage of estate planning-focused transactions during their lifetime How planning around a family business in your estate helps avoid the most common conflicts that often arise The benefits of allowing your assets to grow outside of your estate And more! Hugh Hefner knew what he wanted, and made sure everyone on his team knew it too! Tune in for more details! Resources: WealthManagement.com | Legacy Planning

In this engaging discussion, Alex Weingarten, a commercial trial lawyer at Venable LLP, dives into the complexities of Aretha Franklin's estate saga. He highlights how the discovery of her handwritten wills led to significant disputes. Alex shares critical lessons on the necessity of a clear estate plan and the importance of communication among family members to prevent postmortem surprises. He also emphasizes addressing sentimental items proactively and the emotional toll of estate litigation, urging families to approach these discussions as opportunities for bonding.