Lessons from celebrity-estate planning cases for advisors.
Celebrity Estates: Conrad Hilton and Advising First Generation Wealth CreatorsCelebrity Estates: Conrad Hilton and Advising First Generation Wealth Creators
Planning for first-generation wealth is different from inherited wealth.
Conrad Hilton got his start in hospitality at his family’s general store in the New Mexico Territory. Years later, he established the largest hotel chain in the world, Hilton Hotels. After his death, Hilton left much of his estate to the Conrad Hilton Foundation—until his son decided to contest the will.
In this episode, David Lenok is joined by David Bokman, managing director and head of family office resources at Morgan Stanley Private Wealth Management, and Andrea Levine-Sanft, managing director and co-head of wealth and estate planning strategy, in discussing first-generation wealth management in comparison with inherited wealth.
David and Andrea discuss:
What makes financial planning for first-generation wealth creators unique;
How generational wealth is passed down;
The major problems in creating a financial plan for first-generational wealth;
The importance of communication between financial professionals;
And more.
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