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The destruction caused by Hurricanes Harvey, Irma, and Maria and the wildfires in California have led to an outpouring of charitable gifts and donations. For businesses whose employees were affected by disasters, there is a way to provide relief through an employer-sponsored public charity or private foundation.

Beginning in 2018, the rules for auditing partnership income tax returns will change dramatically. The most significant change is that tax deficiencies determined in a partnership audit may be collected from the partnership itself, unless the partnership elects to “push out” the deficiency to its partners. Partnerships and multiple-member LLCs taxed as partnerships should consider amending their agreements to prepare for the new audit rules, including the partnership examination process. There is no one-size-fits-all approach that will work for all partnerships, however.

The right of publicity allows an individual to control the commercial use of his or her name, image, and other aspects of his or her identity. While this issue has never received much attention in the estate and gift tax world, it recently became notable because of Michael Jackson and the tax case concerning his estate. The concept of putting protections in place to control the commercial use of one’s name and image is not just for superstars. It should also be for many high net worth public figures, who would benefit from planning concerning the right of publicity.

While tax changes are debated in Washington, one thing remains certain: you need to plan ahead to make the most of your financial situation (and to minimize your taxes). The 2017 Year-End Planning Guide contains a comprehensive overview of what you need to consider before year-end to minimize your taxes, make thoughtful gifts to charity, and position yourself for the year to come. The guide provides 2017 tax rates, limits, and exclusions as well as strategies for retirement and estate planning to help you achieve your short- and long-term goals.

Cyber risk has moved from the IT department to a full-fledged enterprise risk. Unfortunately, a cyberattack can hit a company at any time. There are, however, practical, actionable steps to ensure that when a cyberattack hits, your company and board will be both ready to address the threat and resilient enough to recover from it. Leveraging a flexible and uncluttered framework of readiness, resilience, resources, reporting and results—what we call “The 5 Rs”—is key.

Equity markets around the globe advanced into new high territory in October, with the S&P 500 posting a total return of 16.9% YTD. Global fundamentals remain supportive with many indicators signaling the potential for further gains. While volatility has been notably absent from markets this year, and as each dip seems to bring a fresh wave of buyers, in life it is never a good idea to be complacent. Extended periods of economic growth and rising markets can obscure underlying structural imbalances which often become strikingly obvious when a “relief valve” is triggered.

On November 9, the Senate released its description of The Tax Cuts and Jobs Act. Like the House version that was released earlier, this bill proposes sweeping changes to the Internal Revenue Code that would dramatically impact individuals and corporations. The proponents of this bill indicate that it simplifies the tax code, cuts taxes for the "middle class," and brings our corporate tax structure in line with the rest of the modern world, thereby eliminating the incentive to keep company profits overseas.

New discoveries and venture capital investments in the bioscience industry are occurring at a breathtaking pace and have led to the emergence of “personalized medicine” which recognizes the need for tailored treatments. From genome sequencing to CAR T-Cell therapy, scientific medical discoveries are having a significant impact on the human condition and their influence will continue to grow in the future.

Having an entrepreneurial culture can help nurture a family legacy by providing pathways for family members to invest in new enterprises and regularly recharge the wealth for future generations. Although it may be challenging to re-energize a family, a dynamic culture of growth can flourish within a thriving entrepreneurial ecosystem. A family interested in being a family of legacy should examine their current culture to determine if they have what it takes to be an entrepreneurial family.

The world has gone through seismic change since the current generation of family business leaders first joined their family firms. Today’s next gens are educated, ambitious, globally minded and socially engaged. Given that they may pursue different paths in the future—whether as stewards, transformers, intrapreneurs or entrepreneurs—to follow their passion and make their mark in the world, the current generation must prepare, equip and support the next gen to be successful.