There has been a lot of speculation and confusion about the impacts of the most recent tax reform, with many asking if they have to pay more taxes. Unfortunately, the answer is, “it depends.” With this in mind, the tax impact is demonstrated by looking at potentially real scenarios for five different types of taxpayers: trust beneficiaries, unretired company executive, company shareholder, family business owner, and family business employees.
Trustee and Beneficiary Duties
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Life Insurance-Premium Financing
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Life insurance can play an important role in helping achieve the legacy and financial objectives of an individual or family—especially those with significant taxable estates and illiquid assets such as privately held businesses and real estate.
Liability Protection for Family Enterprise Directors & Trustees: Strategies to Attract and Retain Talent
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Until recently, many families filled key governance roles associated with their trust and estate planning with trusted friends, colleagues, or advisors who were flattered to be asked and honored to serve.
You’ve built a valuable and successful business through hard work, long hours and countless decisions. You want to plan for transitioning the company, and the wealth you’ve created to future generations, but you aren’t ready to cede control. As the company grows in value, the issue becomes acute. What do you do? You’re not alone.
Trusts have grown enormously in popularity since the mid-1990s as a result of the development of modern trust laws, the dramatic increase in wealth and evolving family needs and goals.
The Private Family Trust Company: The Most Customized Financial Institution Ever Devised
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The raison d’être for families to form a Private Family Trust Company (PFTC) is to maximize their lawful control over their wealth held in trust. A cynic might suggest families want that control just to inflate current distributions to family members, but in practice that isn’t what motivates families. What motivates them is that control gives them the capability to devise and implement a strategic plan for managing and deploying their wealth in the ways they believe give them the best opportunity to realize multigenerational hopes and aspiration.
2017 Tax and Estate Update
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In what is frequently our most popular Forum session, experts will share the latest income tax and transfer tax developments that family office executives need to watch for in 2017 and beyond. Our speakers will comment on the possible significant tax law changes on the horizon, including any specific tax bills that are proposed by the time of the session. Recent judicial decisions and regulatory developments also will be discussed.
This webinar analyzed the meaning and understanding of “situs” as it relates to Private Family Trust Companies, and focused specifically on the concepts of trust company situs, trust situs, and tax situs. Many people, in and out of the trust industry, utilize the term “situs” without a clear understanding of its many meanings. The speaker evaluated situs in terms of three relatively easy to understand precepts: trust company situs, trust situs, and tax situs with a focus on what to do “in” and “out” of a particular to state.
2017 Estate Planning Update
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FOX’s annual estate planning review session for 2017 featured Tom Abendroth of Schiff Hardin and Susan Gell Meyers of Warner, Norcross & Judd. They led FOX participants through a thoughtful discussion of some of the most important topics and developments that were covered at the 51st Annual Heckerling Institute on Estate Planning. Key legislative, regulatory and case law impacting family offices were discussed, including: the potential impact of the 2016 election; an update on IRC Sec.
Making Your Charitable Gifts Last
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We often think of Thanksgiving and Giving Tuesday as ushering in the year-end charitable giving season. Year end is not only a time for gratitude, as families gather for the holidays, but also a time to start organizing financially for the close of the calendar year. But year-end giving does not need to be short-term giving. So even as you strive to be tax-efficient and timely in your year-end giving, those gifts can be part of a longer-term charitable giving strategy.