Ep 52 – Peter Bing: How Incorrect Terminology in an Estate Plan Can Cause Total Chaos With Megan Gorman

A trust might make complete sense. But when you add family dynamics to the equation, chaos can ensue.  This is exactly what happened when a millionaire decided to remove two of his biological grandchildren from his multi-million dollar trust plan.  In this episode, David Lenok is joined by returning guest Megan Gorman, a founding partner of Chequers Financial Management, to talk about the recent estate case concerning multi-millionaire Peter Bing disinheriting two grandchildren, Damien Hurley and Kira Bonder, and leaving them with nothing.   David and Megan discusses: How this level of miscommunication can happen in any estate plan, regardless of one’s wealth How to protect your inheritance from creditors, ex-spouses, and anyone else who might come knocking How the language and definitions you use can determine what happens in your estate plan Why a trust proctor could have helped Peter Bing’s case And more Connect With Megan Gorman: LinkedIn: Megan Gorman  LinkedIn: Chequers Financial Management Chequers Financial Management Connect With David Lenok: [email protected]  WealthManagement.com LinkedIn: David Lenok  LinkedIn: 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.