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On September 30, 2022, the Department of the Treasury issued final rules addressing the scope of the reporting requirements for beneficial ownership and control of entities provided under the Corporate Transparency Act (CTA), which creates more clarity for families looking to understand their reporting requirements and potential exceptions. While the CTA rules will likely create a compliance burden for many wealthy families with complex structures, it is clear that having a regulated Private Trust Company as a central part of the structure should lessen that burden.

This guidebook takes a critical look at significant challenges and opportunities in family office operations and offers comprehensive guidance with a future-focused lens. Gain expert insight, strategies, and best practices on the top-of-mind issues that include strengthening your cybersecurity, leveraging your technology, the role of the chief investment officer, starting a direct investment function, and choosing an appropriate trustee.

The use of a specific ownership structure to provide for the deduction of investment management fees has evolved since 1941 to most recently in 2018 when guidance was provided by the U.S. Tax Court in determining whether the activities of a family investment management company constitute a trade or business. With a review of the details of that evolution, guidance is provided on implementing a Lender-Type structure through the use of a Private Trust Company.

Employing service providers in your home carries considerable risk. If not handled with extreme care, the process of hiring, termination, and managing day-to-day responsibilities can create liability—and even result in claims of discrimination and retaliation by the employee. This report provides a snapshot of an increasingly complex employment landscape, including laws and trends that are critical to not only protect you and your employees, but create a safer and happier work environment for all parties.

Many newly wealthy families can credit their expanded fortunes to a major liquidity event, most frequently the sale of a business. For many in this group, recently acquired wealth creates a host of new and, sometimes unexpected, challenges. While the challenges will vary from family to family, the members of this group share some common needs. In this piece, we look at what those needs are and how they might be addressed when creating a comprehensive financial plan.