Have you ever wondered if there is a more effective way to approach charitable planning for you, your family and your philanthropic interests? Watch the below video to learn more.

Many of America’s best known agents for change have become some of its wealthiest and most successful capitalists. Recently, Bob Dylan, Neil Young, Stevie Nicks, Shakira and several other famous musicians have cashed out by selling their music catalogues. Dylan for $300 Million, Young sold 50% of his for about $150 Million and Nicks sold 80% of hers for $80 Million. The list goes on among popular artists with a couple of major buyers and another forty or fifty sellers so far. Outside of a big pay day, the question is why? And why now?

I’m certain a number of factors weigh into each individual artist’s thought process and decision but, as an estate planner, I can’t help but think that estate liquidity was a major motivation. Each has turned an unknown and valuable asset into cash. Not that each of these very successful and very wealthy performers has taken an intangible and monetized it. For the artist, this should make division of their estate easier and possibly less contentious. For heirs, trying to find a buyer for mom or dad’s song catalogue within nine months of the death of their parent and knowing and realizing a fair value would have been a challenge. Fire sales are fire sales, after all.

What other planning have these artists done? What more will they do? All but Shakira, are well into their 70s and though many still perform, the end of their lives is likely closer than the beginning. Time to get their affairs in order, and doing so with cash should provide a foundation of resources and a certainty that didn’t exist before.

Well done.

If you are a financial advisor and you are looking for ways to help your clients get their affairs in order and you would like some recommendations, please contact Two Hawks Consulting Today!

Miracle on 34th Street, It’s a Wonderful Life, O’henry’s Full House, A Christmas Carol and many other such movies of make believe and fantasy have led us to believe that December is the time for miracles to happen. That, suddenly, in the blink of an eye, that lifelong problems can be solved. A miser turns generous, the house is saved from foreclosure, the unaffordable golden hair clip is purchased. Those fantasies have fooled us and they betray our reality unfortunately.

No, I’m not bah, humbug! But I am a practical advisor who understand that trying to resolve all of my client’s yearlong ( r lifelong) lack of tax planning in a thoughtful, low risk, reasonable way in the last weeks of December is an exercise in frustration and futility. This ain’t Hollywood, honey. And, while there are CLATs and PIFs and Oil and Gas and Conservation Easements and you name it other things, why did you freakin’ wait until now to assess and weigh and analyze what’s best? The end of the year comes at just about the same time every year as far as I know. And, while I enjoyed the extra nap time in July and September, I have to tell you that this December behavior is just stupid.

Too much pressure on clients to make decisions is not good for building long term relationships. Yes, you may be pulling a thorn out of someone’s paw and finding one loyal friend, but you may just as likely cause and infection.

So, advisors, get your acts together. Start doing 2021 tax planning in January. Ask your client’s what they’re expecting for the year. Ask about bonuses, liquidity events and all of the other questions that help you anticipate what things will look like way before December rolls around. Discuss various strategies and solutions for 2021 NOW. Not eleven months from now. Planning means planning, not reacting. It’s in your job description.

Looking for ideas to help your clients in thinking ahead? Contact Two Hawks Consulting today!

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