At the most basic level, the difference between a donor-advised fund (DAF) and a private foundation is the construct, or form, in which each entity is created and operated. Because a private foundation is a freestanding legal entity, and a DAF is an account, the two charitable vehicles offer very different levels of control, authority, and philanthropic versatility. For families considering which charitable structure to form, this side-by-side comparison is a helpful guide. And it turns out that form does dictate function.
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Beginning with the trustee fiduciary duties to the beneficiaries of a trust, attorney Abbey Magnuson of Foley & Lardner’s Estate & Trusts Practice Group discusses ways to mitigate trustee liability in this 10-minute interview with Brian Lucareli. Abbey also emphasizes the role Family Offices play in the administration of trusts and how they can help lessen trustee liability issues.*Download file for a transcript of the interview. Press play to listen.
Cyber threats and fraud schemes are designed to infiltrate and compromise your business. By using this cybersecurity resource guide and taking proactive actions to prevent cyber threats, you can strengthen your defensive strategy. This guide includes: Cyber Fraud OverviewRecommendations and ResourcesQuick Reference Guide for Employees Cybersecurity Checklist
Zelle® is a fast and easy way to send and receive money with people you know and trust, like your babysitter, your fellow PTA mom, your son’s soccer coach, or your coworker. Whether you just enrolled with Zelle® or have been an active user for a while, there are a few tips you should always keep in mind to ensure you are being safe when sending money.
Your personal safety starts with being aware of your surroundings. Check out these physical security tips to learn how to be safe in parking lots, ATMs, and more.
In Canada, as in many other jurisdictions, data breaches that pose a real risk of harm to individuals must be reported. Apart from class action liability, data breaches can trigger large fines and important reputational consequences. While the recent court decisions in Canada—where theft of personal information does not by itself entitle the victim to damages—are favorable for firms that suffer data breaches, firms still need robust cybersecurity safeguards to lessen their changes of being hacked, as data breaches have other costly consequences.
When setting up a family legacy plan that extends across generations, it’s vital to have a family governance plan that empowers a family to govern its wealth and enterprises as a cohesive unit. While each family is unique, the keys to incorporating an effective family governance will be uniting around shared purposes, having a written family constitution that sets forth broad principles and policies in areas that are identified by the family as needed, and keeping it separate from any operating business governance.
Residents in 43 states pay state income tax, with the highest rate being 13.3%. When combined with the top federal marginal tax rate and the net investment income tax, residents subject to the highest state income tax rate could face a total levy of 54.1% of income. As a result, those residents are interested in finding ways to mitigate the tax. An incomplete gift non-grantor trust (ING trust) could be the answer.
Retaining and recruiting top talent has been a challenge for employers over the last few years, with companies struggling with how to best hold onto and reward employees. Even though there have been some layoffs, many employees are finding new positions quickly and negotiating their compensation and benefits. With a broad range of compensation vehicles available, companies can weigh their options to determine which one will work best for them and ensure they are staying competitive to recruit, retain, and reward desirable employees.
In this uncertain environment, it is critical for investors to know what they own, have a strategy within their portfolio, and are diversified in their holdings. Most importantly, they should take advantage of the income that is there right now.