“I grew up in a middle-class family and my dad was very hard-working,” says Barry P. Mitchell Jr., founder and managing director of Next Level Private in Harrison. “He never really made a lot of money – we didn’t realize we didn’t have any money, but we had a great upbringing – and he just never got great financial advice, because he didn’t have enough money. So, we’ve decided to forego a minimum to work with successful regular people who need help.”
“Regardless of your level of wealth, you should have an estate plan,” says Bridget J. Crawford, who teaches federal income taxation; estate and gift taxation; and wills, trusts and estates at Pace University in White Plains, where she is the university distinguished professor of law at the Elisabeth Haub School of Law. If you own a business, or are thinking of starting one, she adds, that includes a plan of succession.
“There are so many vanity publishers out there, and people that will simply take a book because the author has the money to do it,” says Emerald Lake Books co-owner Tara R. Alemany. “They don’t really assess the quality of the book or how it’s going to affect the author if that particular book goes out in its current condition. For us, a lot of it is about the ethics behind this and about having a very high sense of integrity.”