Before changing your residency to a new state for income tax purposes, consider the items outlined in this checklist. For additional insights, read more on how to successfully change your tax residency.
Wealthy families embark on a voyage of important mile markers, as well as inevitable excursions and pleasant surprises. No two journeys are alike, but this insurance road map can inform you of lurking hazards, help you and your family avoid them, and get you to your destination safe and sound.
No matter if a family enterprise is establishing an Advisory Board, Fiduciary Board, or Owners Board, considerations must include the roles that family members might play and how best to prepare them for service. As a fourth-generation Pitcairn family member and family governance leader within a pioneering multi-family office, Andrew Pitcairn shares key strategies to bring the next generation of family leadership up to speed on Board service.
Families with the means and flexibility to choose where they live, particularly those anticipating a liquidity event or a life change such as retirement may be looking for a more tax advantageous place to call home. Changing your tax residency has many potential positives, but it’s not as simple as filing a change of address with the U.S Postal Service.
How do family businesses keep their founders' entrepreneurial spirit alive and continue to grow from decade to decade and generation to generation? Learning from an in-depth survey of 2,439 family business leaders across the world, this report uncovers the secret to the regenerative superpower of family businesses, beginning with the founders' entrepreneurial ambition to turn an inspiring vision into a practical reality that has the ability to adapt, innovate, and grow. Next-generation family members are also playing a critical role.
Real estate as an asset class requires constant attention to ever-changing variables. Implementing a defined, analytical, yet flexible asset management process within your family office’s direct investment function is critical to ensure your portfolio is positioned to meet intended goals.
This Passages is part two of a two-part series on divorce and division in family philanthropy, featuring tips for what board and staff can do to plan ahead for potential change. The second part includes stories and advice from those who have been through, or advised, families as they divided their philanthropy. Learn more by reading part one, Breaking Up: Divorce in Family Philanthropy.
This Passages guide is part one of a two-part series on divorce and division in family philanthropy, featuring tips for what board and staff members can do to prepare and cope. This first part includes case studies on family foundations that have navigated divorce, questions to consider when developing board policies, and perspectives on the implications of divorce on assets and grantees.
Families hire family office staff with the expectation that the office keeps their information, assets, and reputation protected. To safeguard the families’ interests, it’s critical for family offices to ensure that internal controls take the pragmatic approach, starting with four main areas: segregation of duties, transaction volume, managing complexity, and succession planning.
A private family trust company (PTC) often serves as an excellent governance framework and corporate structure for a virtual family office (VFO) by providing integrated, holistic oversight of fiduciary, investment, tax, philanthropic, governance, and other activity. Learn more about how and why families choose to form a VFO around their PTC, the concept of a VFO Manager, the benefits of a PTC-VFO structure, and roles within a typical structure.