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As the management and control of a family office passes to a younger generation, it is common for new leadership to reassess many of the organization's strategic elements against a new measurement criteria, a necessary process that can lead to difficult and transformational decisions. For many, the single-family offices that remain will bear little resemblance to the operations that their parents established.

Family offices develop complex and highly individual business models that can make fraud prevention programs difficult to implement. At the same time, family offices are exposed to various types of risk that can hamper their ability to protect family assets. In these two papers, Rothstein Kass explains practical methods for preventing fraud and minimizing the family office's exposure to risk.

Tough financial times demand strong risk management systems while limiting the resources available for those systems. In their sixth annual risk management survey, Marsh and the Risk and Insurance Management Society examine strategic risk management in practice and offer recommendations for building strong risk management programs.

As of May, the press has access to British family court – a change that has implications for wealthy families. Withers LLP explores the ramifications of that decision for families in this set of articles. The lawyers also highlight cases showing that prenuptial agreements can be valuable and that rising and falling stock prices are not a reason for the court to reopen consent orders.

Experiencing an investment loss is bad enough, but that situation is even worse when those losses cannot be used to reduce tax liability. Rothstein Kass explores the recent Garnett decision by the U.S. Tax Court, which broadened the rules used to determine whether participation in a business activity can be considered passive activity. This designation makes it more difficult to use a loss from the business to reduce taxable income.

The current economic environment offers parents the opportunity to educate their children about the transience of wealth and the need for self-reliance. This paper from Relative Solutions offers suggestions for overcoming a sense of entitlement and for increasing responsibility among next-generation family members.

New research from Frontier Market Asset Management finds frontier markets are much more likely to be influenced by local politics and economic conditions than by the prices of three major commodities (oil, copper and gold). To the report's author, this means frontier markets offer useful diversification for global portfolios.

Because individuals are more vulnerable in a medical situation when traveling abroad, they are wise to assess risks and create an actionable plan to protect their health and well-being before they leave home. WorldClinic Inc. offers a helpful checklist of six things to consider as part of that preparation for travel.

The federal estate tax is scheduled for repeal in 2010, with a less generous version expected to go into effect in 2011. This has Congress considering proposals that could change estate and gift tax laws. This paper from U.S. Trust, Bank of America Private Wealth Management explores six of these proposals – including limits on the generation-skipping exemption, valuation discounts and GRATs – and their potential impact on taxpayers.

The authors explore the impact of the current economic downturn on philanthropy and provide recommendations for philanthropists and their advisors on charitable giving during these difficult times. Case studies show how a range of entrepreneurial philanthropists are responding to the challenges brought about by the recession.