Celebrity Estates: Wills of the Rich and Famous

Sponsored By: FS Investments There is a special kind of fear that estate planning brings out in many people. As an advisor, how will you help your clients move past this fear enough to do thorough estate planning? In this episode, WealthManagement.com’s senior editor, David Lenok, is joined again by Jacqueline Bevilaqua of Katsky Korins to discuss how advisors can help clients push through their estate-planning fears. Together, they draw from the story of Robert Mugabe, former president of  Zimbabwe, who spent his life inspiring fear in others but was unable to overcome his own fear of estate planning. This conversation recommends approaches for advisors to take with fearful clients and advice for overcoming your own estate-planning anxiety.  In this episode, you will learn: How fear can impact an estate Which aspects of estate planning tend to feel the most intimidating What actions you can take to support and guide anxious clients How to preserve relationships in a blended family after death And more! Tune in now and learn ways to support clients who are fearful of estate planning.  Resources:  WealthManagement.com | Katsky Korins | jbevilaqua@katskykorins.com | Episode 7: Adam “MCA” Yauch: How to work with strong-willed clients — With Jacqueline Bevilaqua

If you had a client with multiple spouses, would you know how to handle their estate planning?  In this episode, WealthManagement.com’s senior editor, David Lenok, speaks with Kim Kamin, principal at Gresham Partners, about the success of Jerry Weintraub’s estate plan. Its success is notable given that this Emmy-Award winning producer, talent manager, and actor had lived with a long-term girlfriend while still staying married to his wife. Together, David and Kim discuss Jerry Weintraub’s story, the overlooked prevalence of polyamorous couples in today’s society, and considerations for advisors who are working with polyamorous clients.   In this episode, you will learn: About the many variations of modern polyamory How to tactfully ask your coupled clients about their relationships  Considerations that have to be made depending on whether the polyamorous relationship is a public or private arrangement Ways to help your polyamorous clients dodge estate planning hurdles And more! Tune in now and learn how to help your polyamorous clients with their estate planning. Resources: WealthManagement.com | Gresham Partners | The Tools & Techniques of Estate Planning for Modern Families, 3rd Edition

Sponsored By: FS Investments Since not all states treat taxes the same, snowbirds who don’t know the rules might experience great heartache when they receive their tax bill.  In this episode, David Lenok, senior editor at WealthManagement.com, speaks with tax attorney Daniel Bernard. Together, they discuss John D. Rockefeller, the legendary American industrialist, philanthropist, and founder of the Standard Oil Company. In 1914, he started splitting time between Florida and New York, making the ultra-rich Rockefeller one of the first snowbirds. Using Rockefeller as their inspiration, David and Daniel explore the tax options and rules available to snowbirds who own multiple properties across different states. In this episode, you will learn: A little history behind John D. Rockefeller, the original snowbird What planning considerations to be aware of as an advisor to snowbirds What ancillary probate is and how to help your clients avoid it And more! Tune in and learn how to help your clients enjoy life as a snowbird. Resources: WealthManagement.com | Twomey, Latham, Shea, Kelley, Dubin & Quartararo LLP 

Sponsored By: FS Investments Art collections can be a difficult asset to comprehend. You need to surround yourself with highly qualified and good-intentioned experts to ensure your legacy lives on. In this episode, WealthManagement.com’s senior editor, David Lenok, speaks with Sarah McDaniel, CFA and managing director: head of Wealth Strategies Group and Advance Planning Centers at Morgan Stanley, about the massive art collection left behind after the death of one of the world’s most influential artists: Pablo Picasso. As you’ll soon find out, thanks to Picasso’s superstitions, his family had to use part of his collection to pay the estate taxes due upon his death. In this episode, you will learn: Why the big winner of not preparing your estate with proper documentation will be the government How the Picasso Museum in France actually came about How art assets are taxed differently depending on whether you are the artist or the collector And more! Tune in now and take Picasso’s words to heart: “Action is the foundational key to all success.” Take action and protect your estate. Resources: WealthManagement.com | Morgan Stanley

Have you created a business that you want to outlast you? Do you know who would take over if something were to happen to you? In this episode, David Lenok, senior editor at WealthManagement.com, speaks with Sonya Mughal, COO of Bailard Inc. Together, they explore the estate of Jerry Buss, the legendary owner of the Los Angeles Lakers. Jerry Bus had a succession plan in place to cover his 66% ownership of the team: His six children equally inherited a stake in the business. But as you’ll soon find out, even the best-laid plans can crumble.  In this episode, you will learn: When to start the succession planning conversation with your client How to allow a period of governance while the client is still the owner What characteristics to look for in a successor and their team And more! Tune in and learn how to help your clients craft a slam-dunk succession plan. Resources:  WealthManagement.com | Bailard

Sponsored By: FS Investments Living a secret life can be so utterly complicated. Take it from Liberace. As you’ll soon find out, it is essential for LGBT couples to have a prenup or partnership agreement that can unfold if a relationship ends. In this episode, David Lenok, senior editor at WealthManagement.com, speaks with Bruce Hoffmeister, a vice president and wealth strategist at Wilmington Trust. Together, they discuss the issues within the estate of Liberace, Mr. Showmanship himself. In this discussion, they delve into the secret and not-so-secret lifestyle of Liberace, brought forward by the infamous palimony case on behalf of his 17-year-old chauffeur and live-in lover.   In this episode, you will learn: The great lengths to which Liberace went to keep his sexual orientation private The benefits of partnership agreements What advisors need to be aware of when they have clients who are members of the LGBTQ community  Why it’s important for clients to have all of their paperwork in order sooner rather than later And more! Tune in to learn about prenup and estate-planning action items that will help LGBTQ couples protect themselves, their families, and their assets.  Resources: WealthManagement.com | Wilmington Trust  

Sponsored by: Nationwide Advisory You can have everything planned out, accounted for, and your family members will still find something to fight over once you are gone.  In this episode of Dead Celebrity, by Informa WealthManagement.com, David Lenok and Avi Kestenbaum discuss the estate plan of beloved comedian and Oscar-winning actor Robin Williams. As you’ll soon find out, even the best of estate plans and legal advice can be a recipe for disaster when you have children from different marriages and a surviving spouse. In this episode, you will learn: The role of trusts  The importance of preparing the proper documents Why it’s crucial to update your information as your life changes  How some people can be worth more once they are deceased Whether David and Avi would consider Robin Williams’ estate plan to have been successful And more! Tune in and find out what went down in Robin Williams’ estate in this episode of Dead Celebrity! Resources: WealthManagement.com | Meltzer, Lippe, Goldstein & Breitstone, LLP Sponsored by: Nationwide Advisory

The loss of capacity is a very real threat to all clients, particularly those who are getting older. If your client were to show signs of cognitive impairment, would you know how to proceed with their estate planning? In this episode, David Lenok, senior editor at WealthManagement.com, speaks with Letha McDowell, a shareholder of Hook Law Center. Together, they explore the controversial estate plan, a product of highly questionable decisions, of legendary actor and Hollywood icon Marlon Brando. This is a conversation that uncovers the benefits of completing a power of attorney,  signs of diminishing capacity to watch for, and the importance of knowing your clients.  In this episode, you will learn: Signs an advisor can look for to determine whether their clients are experiencing some loss of capacity How to broach the subject with a client who you think is in the early stages of cognitive impairment The importance of continuing to serve the client with the respect they deserve Why a power of attorney can be useful for people of all ages and capacities  And more! Tune in now and learn how to serve your clients with the highest level of expertise and dignity throughout the estate planning process.  Resources:  WealthManagement.com | Hook Law Center | Reporting Elder Abuse USA| Reporting Elder Abuse Canada  

In this insightful discussion, Geoff Madsen, CEO of Independent Trust Company and a fifth-generation trust beneficiary, delves into the often-hidden world of celebrity estates. He explains how trusts protect wealth and maintain privacy, debunks myths about probate, and outlines the various advantages of using trusts for family legacy preservation. Discover how trusts can incentivize heirs and the crucial importance of proper funding. Geoff also highlights the benefits of professional trustees over relatives, sharing lessons from high-profile cases like Michael Jackson's.

Sponsored By: FS Investments Do you have co-owned assets, similar to how the three members of Beastie Boys co-own their music? In this episode, David Lenok, senior editor at WealthManagement.com, speaks with Jacqueline Bevilaqua, associate at Katsky Korins, about what was done correctly and incorrectly in the estate plan of rapper Adam Yauch ( ⅓ of Beastie Boys). As they examine Adam Yauch’s estate,  David and Jacqueline discuss how to delicately manage the challenges that often come with high-net-worth clients and what steps need to be taken before incorporating copyright into a will. In this episode, you will learn: Possible reasons why a copyright clause made it into Adam Yauch’s will, despite him being a co-owner of his artistic property  How to work with strong-willed clients who insist on using their will to make a public statement What to consider when incorporating copyright into a client’s will What it means to help your clients “play the tape through” when they’re appointing guardianship — and why it’s important And more! Tune in now and know that you are the one who can “fight for the right” to protect your clients after death. Resources:  WealthManagement.com | Katsky Korins | jbevilaqua@katskykorins.com