Family connectedness, not money, has the greatest influence on multi-generational family continuity. But when many think about legacy, it’s often in the context of multi-generational financial wealth. Money, though, masks what people are really interested in passing to future generations of their family.
Communication is found to be the most important factor for cohesion in families and sustainability of family wealth. As one of the key tenets to happy, healthy, and thriving families, it is essential for family members to dedicate the effort necessary to become better communicators. Practicing effective communications—including being open and listening empathetically—will go a long way in building strong relationships, especially for families who work together around shared ownership of family assets.
As Artificial Intelligence (AI) gets more sophisticated and weaves further into the fabric of human existence, what are the implications for work and society? How will AI, its evolution, and some of its potential future mind-bending possibilities impact investors? While the answers are beyond the reach of a single article, having a better understanding of the AI phenomenon is important for investors hoping to participate in an emerging trend that will shape the future for years to come.
Housing demand in the United States remains brisk even as issues with supply and affordability mount, particularly in the West. Solid sales and consumption are forecasted throughout the economy this year, with housing starts sustained near their current level of 1.25 million at an annualized pace. The Real Economy also offers a look at government resources available to companies for cyber reporting, provided by U.S. Chamber of Commerce. Then, an examination of how growing trade tensions with China are impacting some middle market companies’ supply chains.
As part of federal tax reform, Congress created a new “Qualified Opportunity Zone” program to encourage investment in businesses that are located in low-income communities.
Over the past year, the improved picture of the financial services community has been predicated on rising interest rates, strong financial conditions, modest inflation and an overall improving economy. Recently, a flattening yield curve has fostered concern about a premature end to the positive business cycle. However, things are not quite what they seem. The Real Economy also examines the escalation of U.S.-China trade tension and what it means for the makers of consumer products. And a future where blockchain takes a leading role in business is closer than you may realize.
Have you ever been asked to manage another person’s property and finances? Perhaps a family member named you as agent under a durable power of attorney, so that you can manage his finances if he becomes disabled. Maybe an elderly neighbor added your name to her bank accounts because physical limitations prevent her from leaving the house and she needs you to handle her banking. Helping a person in need is commendable, but you should understand the legal implications and risks before you accept and start to act.
The purpose of the New Markets Tax Credit (NMTC) program is to attract private investment to communities lacking adequate access to capital and experiencing vacant commercial properties, outdated manufacturing facilities and/or inadequate access to education, health care, healthy food and other basic social services. Different Community Development Entities will focus on different types of investments and geographic areas.
Life is more complicated for families who have a loved one with a disability. The process of developing an estate plan requires the ability to navigate the confusing and often counter-intuitive rules of government benefit eligibility, and being intimately familiar with the circle of doctors, diagnoses, therapies, and services that will be available to provide special needs support over the course of a lifetime. If your family includes a person with special needs, there are 10 tips to get you started on the right track to developing an estate plan that works for your family.
Section 1061 of the Tax Cuts and Jobs Act imposes a new three-year holding period for gains derived by a partnership that are passed through to the holder of a carried interest to qualify as long-term gains. This change is effective for any allocations of income or sales of carried interests on or after January 1, 2018, and it applies to newly-granted carried interests and existing carried interests alike.