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The Commodity Futures Trading Commission finalized several amendments to the registration and compliance requirements applicable to certain investment companies, including family offices. Family offices that trade futures contracts or even hire managers that include futures contracts in their portfolios would have to register under the Investment Company Act of 1940.

This Educational Insights defines the most common types of trusts used in asset management and estate planning, and highlights their key features.

This quarterly newsletter features the articles, "Estate Planning Key to Succession Planning," Exploring the Ins and Outs of Net Operating Losses," and "Tax Tips."

The economic outlook has become slightly more mixed, especially in regard to the manufacturing sector and consumer spending after adjustments for inflation. Driving these inflation statistics and market anxieties higher were oil prices, and with the average price of gasoline in the U.S. nearing $4 per gallon once again, real questions have emerged about their potential impact on global economic growth.

Investors are well advised to take into account the interest rate environment when considering wealth transfer options. Interest rates are important when establishing trusts, reviewing existing estate plans, and lending money to family members. The current rates used to value wealth transfers are near historic lows.

This brief client alert highlights provisions of key 2012 estate, gift, and generation skipping transfer tax provisions and strategies for wealthy individuals to consider in their estate planning.

Whether a family office wants a global custodian to be the sole asset servicer or the gatekeeper of data from aggregators and brokers, the role of a global custodian goes far beyond safekeeping. This paper makes the case for global custodians, pointing out their strengths in risk management, operational efficiency, accuracy and access to data, and technology.

Although another round of quantitative easing now looks less imminent given the recent economic strength, investors still expect Federal Reserve Chairman Ben Bernanke to come to their rescue with QE3 should economic growth falter. However, the flexibility for QE3 becomes more limited if crude oil and gasoline prices continue to escalate into the summer.

Analysis shows alternative strategies and funds are far from equal in the diversification benefits they provide. Investors who want to use alternatives to reduce portfolio risk are wise to explore the performance characteristics of individual funds as well as consider how they are likely to perform under varying conditions.

More and more states are recognizing same-sex marriage. Although marriage and its legal implications are governed by state law, for federal purposes the Defense of Marriage Act (DOMA) defines marriage as a relationship between one woman and one man. This inconsistency creates some tax planning challenges for same sex couples.