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For years, owners of family-controlled companies have taken advantage of applicable valuation discounts to advance their objectives in transferring wealth and company ownership to future generations in a tax efficient manner. On August 2, the Treasury Department issued proposed regulations under Internal Revenue Code Section 2704 to curb the use of valuation discounts in such circumstances. A public hearing on the proposed regulations has been scheduled for December 1, 2016.

Avoiding the issue of succession planning is much easier than starting a conversation about handing over the reins to other family members. But avoidance does not defer the inevitable, and it puts family harmony and wealth at risk. As patriarchs and matriarchs of wealth families confront the issue of succession planning, there are seven questions families must address if they want to avoid a failed wealth transfer.

At the start of a family enterprise journey, there is often a patriarch (or matriarch) who was both an entrepreneur and a leader who overcame uncertainty or adversity to create something very special with the potential to last for many generations. For the families seeking to sustain their legacies, there will come a time for the patriarchs to move forward to the next phase of life—preparing for the generational transition. However, it will require a different mindset and form of leadership.

While each family office has its own unique makeup and course to success, there are many recurring themes over the years which, when aggregated, form something of a roadmap which can be used to help guide other families on their own unique journeys—be they new to wealth or several generations deep. Against that backdrop, this eBook brings collective insights and experiences around family enterprise governance structures that will help families manage their family wealth across generations.

A volunteer position with a nonprofit organization can be an incredibly rewarding experience—both for the volunteer and for the organization. But the path to key leadership roles with such organizations can be tricky to navigate. While the process inevitably will vary from organization to organization, there are a few things that can help with making the transition. Shedd Aquarium Board Member, Lloyd Semple, shares his secrets to board success, including how serving on a junior board can be a great entry point for younger people.

The white paper, “Sudden Wealth: Managing the Transition,” provides helpful guideposts for handling new wealth, regardless of the circumstances – whether the wealth represents a recent windfall (the immigrant experience) or having control of a large amount of money for the first time (the inheritor’s experience). The paper highlights common examples of steps to take and to avoid, the typical reactions and emotions experienced by the suddenly wealthy, and a recommended timeframe for making decisions that focus on important personal priorities.

As couples enter into matrimony, they confront challenging questions and must make difficult decisions often associated with complex, emotionally charged issues.