Managing fiduciary responsibilities within a private trust company can sometimes feel like more of an art than a science. Developing effective and meaningful relationships with the beneficiaries, overseeing distributions and investment policy, understanding how and when decanting a trust is the best solution, while also being aware of the statutes under which the PTC should be operating all mandate experience and insight.
Trustee and Beneficiary Duties
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Treasury Department Issues Proposed Regulations Impacting the Valuation of Family-Owned Businesses
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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.
The metaphorical glass slipper represents the combined interpersonal dynamics of your family and loved ones, your individual passions, goals, hopes and dreams, along with the complexity of your family’s estate plan. When combining the characteristics of your family with the complexity of your estate plan, the result is a unique dynamic with special needs—requiring a trustee with a complementary skillset. What skillset and qualifications should your trustee have?
2016 Tax and Estate Update
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In what is frequently our most popular Forum session, experts will share the latest updates in estate laws and taxes that family office executives need to watch for in 2016 and beyond.
Ethelyn McDaniel, Director of the Tax Controversy and Regulatory Services group of PWC will share what she is seeing as hot topics that the IRS is pursuing with high net worth families.
Breakout Session 2B: Estate Settlement Readiness
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We invest a lot of time and energy figuring out the best way to pass wealth from one generation to the next. But how can anyone truly prepare for the practical realities of settling a family member’s estate while grieving and managing the impact of this loss on the family? This session will outline some of the things you can be thinking about now to be prepared for a death in the family.
The death of a loved one is a difficult and emotional time for a family. There is often additional stress if you are appointed as the executor of the will and trustee of your family’s trusts, especially if the deceased had been the sole manager of substantial family assets and wealth. For an untrained person, it can be a daunting role. For these reasons and more, many families are choosing not to appoint a family member or close friend to be their executor and trustee. Rather, they are choosing a professional trustee company to act either solely or jointly with a family member.
Office of the Beneficiary
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As families prepare for an unprecedented $30 trillion transition of generational wealth, the focus is turning from “WHAT” needs to be done to the all-important “HOW” this will occur?
Estate Planning Strategies Guide 2016
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Estate planning is an ongoing process and is about much more than reducing taxes—it’s about ensuring your family is provided for, your business can continue, and your charitable goals are achieved. Having a plan that reflects your current financial and family situation, and regularly reviewing it to ensure it fits any changes in your circumstances, will help preserve for your heirs what it took a lifetime to build.
Introducing the Power of Appointment Support Trust: An Innovative Approach to Tax Planning
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For many ultra-wealthy family clients, implementing estate planning strategies to minimize income, estate, gift, and generation-skipping transfer taxes is a top concern. Recent changes to income and transfer tax laws have opened new avenues to transferring wealth. Bryan Austin discussed the use of power of appointment strategies and their tax implications and took a deeper look at the Power of Appointment Support Trust to demonstrate the income and transfer tax benefits, to the clients and their extended families.