The Overlooked and Misunderstood: Common Oversights and Deficiencies Regarding Tax Compliance, Planning, and Estate Administration

When considering the various aspects of managing family wealth from a tax perspective, it’s useful to have a list of “tax Do’s and Don’t’s” on hand to help ensure that no tax planning opportunities nor implications are missed. In this summary of tax items that are commonly overlooked or misunderstood, it can serve as your checklist and a good starting place for deeper conversations with your tax advisors. Each topic listed here—including estate planning and trust administration, gifts and charitable giving, estate administration, international tax compliance, and IRS and state controversy—should encourage further communication and planning within the family office.