His daughters Antonia and Johanna Bennett are now suing their brother, Danny, who serves as trustee of their father's estate, alleging a lack of transparency and potential mismanagement of assets. Let's explore what went wrong and how you can protect your family from suffering the same fate.

BACKGROUND

A complex legal battle is unfolding in the New York Supreme Court, where Tony Bennett's daughters Johanna and Antonia have filed suit against their brother Danny, who serves as trustee of their father's estate. The lawsuit raises alarming questions about the management of Bennett's assets. While the legendary singer earned over $100 million from live performances in his final 15 years, his daughters were told the estate was valued at less than $7 million.

The dispute centers around Danny's role as both trustee and former manager. In July 2022, Danny orchestrated the sale of Bennett's memorabilia, personal property, and name and likeness rights to Iconoclast, a company specializing in legacy works. The daughters allege they were kept in the dark about which assets were included in this deal and have received only "a modest distribution." They also claim Danny received $1.2 million in loans from their father in 2020 and lifetime gifts totaling $4.2 million - more than double what Bennett's other children received.

While most of us won't face off against a celebrity with millions of social media followers, the case highlights risks every business owner should understand and prepare for.

Let's explore the key takeaways that can help you protect your business's valuable brand identity.

WHAT HAPPENED?

Rhode-NYC, LLC (“Rhode”) was founded in 2013 by former college roommates Purna Khatau and Phoebe Vickers, who left their day jobs to fill what they saw as a gap in the high-end clothing market. Starting with limited resources but a strong vision and business acumen, they built their luxury clothing brand from scratch.

The brand achieved significant success, with products being featured in major fashion magazines like Vogue and carried by prestigious retailers, including Saks Fifth Avenue, Bergdorf Goodman, and Neiman Marcus. Numerous celebrities have worn their clothing, including Beyoncé, Rihanna, Tracee Ellis Ross, and Lupita Nyong'o. By all accounts, the company's growth had been remarkable when the lawsuit was filed in 2022. The dispute emerged when celebrity model Hailey Bieber launched the skincare line of her company, called "rhode," in June 2022. The complaint alleged that in 2018, Bieber's company attempted to acquire Rhode's trademark rights, recognizing the potential for confusion between the brands.

Many business owners put off succession planning, thinking they'll get to it eventually. Yet life has a way of surprising us, and tomorrow isn't guaranteed. One in four business transitions fails because the next leader wasn't properly prepared. You don't want your legacy to become part of that statistic, so read on to learn how to protect your life’s work.

START WITH TRUST, NOT JUST SKILLS

When you're thinking about who should take over your business, you might be tempted to look only at skills and experience. While these matter, trust should be your foundation. You need someone who shares your values and truly cares about your clients and employees.

Look for someone who shows sincerity in their communications, reliability in their actions, competence in their work, and genuine care for others. These four elements of trust will help ensure your successor can maintain the relationships you've built while moving the business forward.

In this blog article, you'll discover practical ways to capture family stories during your holiday gathering, learn how to start meaningful legacy conversations without awkwardness and understand how to transform these precious moments into a comprehensive Life & Legacy Plan that protects your family's values and assets for generations to come. This year, consider using your Thanksgiving gathering as a springboard for the meaningful conversations that can shape your family's future.

THE HEART OF LEGACY PLANNING: MORE THAN JUST MONEY

When most people think about legacy planning, they often focus solely on financial assets. But true legacy planning encompasses much more. It's about preserving your family's stories, values, traditions, and the wisdom gained through generations. After working with families to support them with their estate planning and being there at the end of life, I’ve learned that these are the things that matter most. Values, insights, stories, and experiences, plus sentimental items, are almost always more important to families than financial assets, though, of course, money matters as well. 

Whether you're a startup founder or an established business owner, understanding modern hiring approaches can help you attract and retain the talent your company needs to thrive.

In this blog article, I’ll cover two proven hiring strategies that successful businesses use: the development-focused approach that emphasizes potential and cultural fit, and the high-performance model that prioritizes exceptional talent. Understanding these contrasting methods and knowing which one fits your business will help you build the team you need to thrive, even in challenging times. Let’s dive in.

MODERN HIRING CHALLENGES FOR BUSINESS OWNERS

If you’re struggling to find qualified workers, you’re not alone. According to the National Federation of Independent Business (“NFIB”) September jobs report,  34% of small businesses report having unfilled positions. Demographic shifts create additional pressure as experienced workers retire. The challenges multiply as baby boomers exit the workforce, taking decades of institutional knowledge with them. 

The responsibilities can be overwhelming, from tracking down assets to dealing with creditors to managing family dynamics. Then, there are legal obligations and potential personal liability if things aren't handled correctly. Making complex decisions while processing grief often proves more challenging than most people anticipate. Let's explore what's really involved in administering someone's estate and how proper planning can make this process easier for the people you love.

THE UNEXPECTED TIME COMMITMENT

Most people don't realize that administering an estate isn't just a matter of reading a will and distributing assets. The process typically begins with locating and gathering all estate planning documents, which can be challenging if they aren't stored in an easily accessible place. The executor must then notify numerous institutions of the death, often requiring multiple copies of death certificates and extensive documentation. This notification process alone can take weeks or even months, as each institution has its own requirements and timeline for processing.

It’s an opportunity to learn, grow, and come back stronger. Many successful entrepreneurs have failed before finding their winning formula.

If your last business didn’t work out, don’t lose hope. Here are 5 essential strategies to bounce back and set yourself up for success.

Strategy 1: Reflect and Learn From Your Mistakes

Understanding what went wrong is the first step to getting back on your feet. It’s easy to get caught up in the blame game, but this is the time to take a hard, honest look at your business.

What mistakes did you make?

Were there signs you ignored? Maybe the market wasn’t right, the timing wasn’t right, or perhaps you overspent on things that didn’t matter. Whatever the case, reflecting on what happened can help you avoid making the same mistakes in the future.

Whether you're managing a small startup or a growing enterprise, having effective business systems can be the difference between hitting a high note and falling flat. Let's explore how you can harness the power of business systems to boost your company's success.

STREAMLINE YOUR OPERATIONS FOR PEAK PERFORMANCE

Imagine trying to cook a gourmet meal without a recipe. You might eventually get there, but it would be chaotic, time-consuming, and the results would be inconsistent. That's what running a business without proper systems is like. By implementing well-designed business systems, you create a recipe for success that your team can follow every time.

Start by identifying the core processes in your business. These might include customer service protocols, production workflows, or financial reporting procedures. Once you've pinpointed these key areas, document each step clearly. Use flowcharts, checklists, or step-by-step guides to make the information easily digestible. Remember, the goal is to make these processes so clear that anyone could step in and complete the task with minimal training.

The terms “power” and “attorney” carry weight but may not mean what you think. In fact, there are many misconceptions about what a power of attorney is and what authority it gives to someone. And no, it doesn’t grant someone a temporary law degree. 

In this blog article, I’ll address the misconceptions about powers of attorney so you have clarity about what to do if someone appoints you as their power of attorney. Then, armed with this knowledge, you’ll understand your legal responsibilities so you don’t inadvertently make any mistakes or run afoul of the law.

Let’s start with a little background info. If a power of attorney doesn’t confer attorney status, then why is it called that?

What Is A Power Of Attorney?

Generally speaking, a power of attorney is a legal document granting someone else the authority to act on your behalf regarding your financial life. The term "power of attorney" is a bit of a historical holdover. Originally, powers of attorney were primarily used to appoint lawyers to represent individuals in legal matters.

A recent and heartbreaking story published by Maggie Schneider Huston in Newsweek illustrates this fact. In this blog article, I’ll highlight key insights from Maggie's experience and offer practical advice for your situation. 

First, know that an advance directive is a legal document that outlines your wishes for medical care in the event you cannot make decisions for yourself. In most states, it also gives authority to a person or people you choose to act on your behalf and ensure your wishes are carried out. With that, let’s dive into Maggie’s story. As you read, consider how you might prepare for similar situations in your own life or the lives of your aging relatives.

WHAT HAPPENED?

Maggie’s story begins in 2023. Her mom died, and shortly after, Maggie’s father, Terry, revised his will and created an advance directive. He wanted to be entirely prepared for a planned heart surgery he was to have less than three months later. His advance directive reflected his desires that he’d been clear about - that he did not want to suffer when his life was coming to an end. He did not want machines to keep him alive. He only wanted to be comfortable.