Taking on the issues in and around wealth with experts, commentators, entrepreneurs and creatives.
EP.76 CITIZENSHIP DIVERSIFICATION with DAVID LESPERANCE
I see the concept of locating wealth and assets at the state level all the time for a variety of reasons . . . There has been only occasional talk of U.S. citizens exploring other citizenships.
At the federal level, US citizens are taxed on worldwide income no matter where they live. However, with a new regime in Washington (and wealth tax initiatives) , there seems to be more interest in foreign citizenship options.
To help make sense of the myths and the current climate, I spoke with David Lesperance. He is a top International Tax and Immigration Advisor with his Gadanz, Poland based firm, LESPERANCE AND ASSOCIATES.
-Who should be interested in this and why?
-How prevalent is it? 6045 in 2020 (How many estate tax returns were there?)
-Why would you do it? Taxes, ideology, other reasons?
-If you are a US citizen, what's the process?
-How much does it cost? (Including the calculation of exit tax of 40 pc of net worth)
-What are the usual places to "go"?
-What are the rules of engagement once you're "out"?
-What is the concept of "back-up citizenship?"
-Are you putting yourself on "Bad Lists"?
-The Dangers of a Wealth Tax for wealthy people . . .
-Step Up in basis removal?
-The increasing cost of "Citizenship Insurance"
EP.75 INDIVIDUAL TRUSTEESHIP with MARGUERITE LORENZ
The 75th "Wealth Actually" Podcast . . . Wow . . . it seems like I just started this project a few months ago. It has been 4 and a half years since the first one . . . it's alarming how fast time flies. Hopefully, I have improved over time!
This 75th recording is an industry specific interview, but it has wide ramifications. In getting up to speed on a different project, I stumbled across the book "Ethics for Trustees 2.0" by MARGUERITE LORENZ. Based in California, Marguerite is a Master Trustee and the Managing Partner of LORENZ PRIVATE TRUSTEES.
Ethic for Trustees 2.0 is a quick and extremely informative read on the roles and responsibilities of a trustee and the establishment of good practices around decision-making that involves judgment and discretion. It also went into some detail about the California licensing component of individual trustees- something I knew little about. So in typical "me" fashion, I called up Marguerite to find out more about the book and her firm's unique practice. That led to her gracious appearance on the latest "Wealth, Actually" podcast.
-Her unique background and the formation of her private trustee business. (It has its own unique succession story too!)
-Marguerite's rationale and experience in writing the book
-The Definitions of a Trust, their uses and some of the nomenclature
-The Duties of a Trustee/Fiduciary- (many of which trustees aren't aware of)!
-What makes a good trustee? How does one deal with arguing beneficiaries? Tricky assets?
-The Origin of CALIFORNIA LICENSING FOR PROFESSIONAL TRUSTEES (and why it may be important for normally exempted attorneys and CPAs to get licensed.
-When does advice graduate from being to transactional to ongoing and how does it relate to administration of structures and discretionary decision-making?
-Traps for the unwary trustee
-What functions or areas of trustee responsibility are good to ask for help? When do you bring in outside experts?
-Useful Resources and Groups:
INDEPENDENT TRUSTEE ALLIANCE
ESTATE PLANNING GROUP NETWORK
-How do we stay in touch?
MARGUERITE LORENZ LINKEDIN
LORENZ PRIVATE TRUSTEES (WEBSITE)
MARGUERITE LORENZ TWITTER
EP.74 A LOOK INTO 2021 with Investment Banker, EUAN RELLIE
EUAN RELLIE is on the podcast today. We went around the world in half an hour and probably could have solved the worlds problems over drinks if we had the time. Alas, we only get a taste of Euan's informed worldview and his story of building a business and advising clients as they solve the puzzle of doing business in Asia and around the world successfully. We do get a hear a bit about of his love for Arsenal Football at the end.
For those who want to hear more from Euan, he is an excellent twitter follow . . . @EUANRELLIE. He is quoted often on matters of finance, fashion and culture- recently in the New York Times and the South China Morning Post.
In his day job, Euan is an investment banker with the firm he founded, BDA Partners. Since founding BDA in 1996, he has lived in New York and London, and Singapore, and has worked in China, Taiwan, Korea, Japan, India and across the Middle East. 1990-1996, he worked for Schroders, the UK investment bank now part of Citigroup, in New York, London and Singapore. He was Head of SE Asia Execution for Schroders Asia-Pacific Regional Advisory Group.
Our discussion covered a wide range of topics- I wish we had longer!
What are some of the good and difficult data points that you are focussing on?
How did you get into the world? How did your London background prepare you for New York?
Focus on Asia and helping firms on the sell side. Helping firms access the capital and expertise in Asia and around the world
Prospects for Asia-
What does the U.S./China dynamic look like long term? What do American businesses get wrong doing business far from home?
United States Politics-
What should we take away from this tumultuous last few months? What can we expect in the post-Trump world? What should we feel optimistic about?
How do the prospects for this season look? What does the future look like?
BDA Partners Website: https://www.bdapartners.com/
EP.73 AVOIDING “SHIRTSLEEVES TO SHIRTSLEEVES” with DAVID C. WELLS, JR.
Occasionally, I get to speak with someone in the industry that both affirms my experiences, but also pushes my thinking and worldview. DAVID C WELLS JR, CEO of Family Capital Strategy, fits that bill on the topic of advising families. I met him in Nashville early in 2020 and stayed in touch. When I heard he was writing a book, I knew we were kindred spirits having gone through that process myself. That book, "When Anything is Possible", just came out and I couldn't be happier for him. I think it is a terrific companion to those looking to forestall the "Shirtsleeves to Shirtsleeves" phenomenon and help business owners and their families structure and build lives of purpose. In this podcast, we discuss some of his insights and the book-writing process itself.
Chapter 1 Wealth Strategy: Defining the Terms
Section One: Wealth Structure
Chapter 2 Wealth and What It Is
Chapter 3 Level of Wealth
Chapter 4 Psychology: Money’s War on Our Brains
Chapter 5 Coming Into Wealth
Section Two: Wealth Identity
Chapter 6 How You Feel About Yourself Affects How You Feel About Wealth
Chapter 7 Defining Your Wealth Identity
Section Three: Wealth Strategy
Chapter 8 How to Spend It
Chapter 9 How to Invest
Chapter 10 Giving to the Next Generation
Chapter 11 Philanthropy
Chapter 12 Building a Life of Intention
Here are a few recent blog posts which introduce concepts from the book:
The Challenge and Complexity of Entitlement
Adjusting to Life After The Liquidity Event
Creating a Wealth Surplus to Pass to Future Generations
What You Should Know Before Marrying Rich
You can find David here:
Book - whenanythingispossible.com
Newsletter - a rel="noreferrer noopener" href="https://familycapitalstrategy.com/newsletter" target="_blank" data-type="URL" data-id="https://familycapitalstrategy.
EP.72 CYBERSECURITY for 2021 with CHRIS OTT
Here is the first video foray for the "Wealth Actually" podcast (a bit by accident! We had to switch formats midstream . . . so I decided to experiment with the video format).
I interviewed Christopher Ott on #Cybersecurity for the Ultra High Net Worth, High Net Worth and Family Office space. We talk about how one should view their own digital risks, how to protect yourself, and what to do when you have been compromised. We kept it to 40 minutes and probably could have discussed issues for more than three hours.
Chris is a partner at Rothwell Figg, the litigation firm based in Washington, D.C.
litigating complex data security matters, conducting hundreds of
investigations, and winning dozens of appeals,
to entering private practice, Mr. Ott held various influential positions at DOJ
including Supervisory Cyber Counsel to the National Security Division of the
In these roles, he investigated and charged the largest known computer hacking and securities fraud scheme and the hack of Yahoo by Russian intelligence operatives, the largest data breach in history,
Cybersecurity- the main concerns are around the ability to control access and use of information. Everybody has at least three types of information
This is data that will help predict what you are going to do. This is especially useful for hackers and other criminals as they figure out how to access your data.
This is data that regulates the access to a client's information.
This can include: Passwords (and the need for two factor control, Phones (with automatic password access that can be migrated), and "Deep Fake" video and voice that can trick the gatekeepers into relinquishing access
This can include social, political, or economic influence.
THREE TYPES OF ADVERSARIES
SPECIAL CONCERNS FOR HNW INDIVIDUALS
Much more influence
· Direct socio-political
· Indirect socio-political
WHAT IS IMPORTANT?
· Analog passwords
· Never take shortcuts
· Device security
EP.71 COURT TENNIS with HAVEN PELL
After a slew of podcasts about structuring, estate planning, investment themes and politics, I thought it would be fun to dive into a sport with a long, regal. and unusual history- COURT TENNIS (or "Real Tennis"). Descended from handball, and equal parts tennis (players face each other unlike squash and racquetball), platform tennis (where the walls are part of the court), the sport has all sorts of peculiar rules. It has strange looking racquets, arcane rules and courts with unusual and idiosyncratic dimensions. There are less than 50 courts in the world and roughly 10,000 players.
Longtime friend of the podcast, Haven Pell, joins us to talk about its interesting origins, where the sport is now and where it's going. He is part of a team that is building a new court in Washington and has written about that process in his blog, THE PUNDIFICATOR.
He even shares the story of how Court Tennis gave us the Left and Right side of the aisle in American politics!
We cover . . . the equipment
The "Off-Center" Racquet
The Crazy Dimensions of the Courts
The History of the Sport
Some of the Best and Most Famous Players in the World
And here is a little sample of some high level play:
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