What might your best stock holding, a piece of real estate, shares in a privately held company, interests in private equity, venture or hedge funds, fine art, collectibles, and bitcoin have in common? Whether you purchased them for love or investment purposes, they could be among the best items to give to your favorite charities to realize maximum tax benefits. Before you sell them, it's vital to understand how appreciated non-cash assets can be to a philanthropic wealth management strategy.
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Every new leader faces challenges. But for those who are breaking barriers within nonprofits or family foundations, the challenges are even more pronounced. The new leaders must find their footing and navigate cultures that either overtly or subtly remind them that they are different, whether they are the first person of color, first woman, or first LGBTQ person to serve in a prominent role. The good news is there are now enough examples of trailblazing leaders to begin to see patterns, including key traits to take into leadership roles.
For multi-generational families, designing the right second home is often a series of "both/and" propositions. A home needs to be both a reflection of self, while also foreseeing the needs of generations to come. It needs to feel cozy and intimate for weekend getaways, while also welcoming large gatherings. Most of all, it needs to understand your needs today, while also anticipating your hopes for tomorrow. If your goals are both/and, it's important to have three specific strategies in place.
A Life insurance audit is an everything-to-gain, nothing-to-lose proposition for a trustee of a trust that owns life insurance where significant planning is in place. A proper, thorough audit is needed to mitigate the fiduciary liability. It also starts with understanding the difference between a Life Insurance Review and a Life Insurance Audit.
On September 11, 2019, the California Senate passed Assembly Bill 5, which California Governor Gavin Newsom is expected to sign. The law will have major implications on the so-called “gig economy” workers, potentially leading to many being reclassified as employees rather than independent contractors.
Illinois Governor J.B. Pritzker signed into law several amendments to the Illinois Equal Pay Act that are certain to have wide-ranging impacts. Most significantly, Illinois will join the growing number of states that prohibit employers from asking about or considering a job applicant’s prior salary history when making hiring decisions.
Under the current Tax Cuts and Jobs Act (TCJA), a wide range of income tax planning techniques can be used as part of the estate planning process. One primary technique includes a focus on managing low-basis assets to achieve a step-up basis. Other techniques center around the beneficiary deemed owned trust. While more than one technique can be used in estate planning, caution should be taken when considering which technique is appropriate for you.
Wealthy individuals and family offices are increasingly looking to direct investments to enhance their returns. Other significant incentives for choosing direct investing include the elimination of management fees charged by investment firms. They can also serve as a vehicle to align investments more closely with the values and mindset of the investor. If you’re a family office contemplating a direct investment program, this article by NEPC outlines the key steps and guidelines to follow that will help set you up for success.
Every year, shareholders vote to appoint or reappoint boards to act on their behalf to ensure the company maximizes shareholder value. And enlightened boards are not waiting for activists but instead are pushing the “reset” button and reflecting on questions like “What are the characteristics of a high-performing board”? and “How do they benchmark themselves against this gold standard”? A model to use as a framework and then customize to your needs is the one established in the Blue Ribbon Commission on Board Evaluations.
Many organizations are realizing that HR executives’ mandate extends beyond figuring out the firm’s health insurance and writing the employee handbook. They are key to creating a positive work culture and attracting (and keeping) talented employees—all essential to the success of any enterprise. In the world of human resources, Mike Feiner and Bill Conaty are known as the progenitors of two of the world’s greatest coaching trees.