In May 2014, FASB issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), changing the way revenue is recognized. As of January 25, 2017, the FASB has issued ASUs to revise and clarify the guidance on the original Topic 606. In accordance with the core principle of Topic 606, there are five key steps to consider. Virtually all entities will be affected to some extent by the new guidance.
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While laws in the United States generally allow trust property to be protected from the creditors of beneficiaries, there has traditionally been an exception to these protections where property in a trust is derived from a beneficiary’s own contributions to the trust. In rejecting this traditional rule, some states have modernized their laws, via statute, to allow creditor-protected self-settled trusts under certain circumstances. Some key provisions of these laws are summarized for comparison.
Families of wealth and business-owning families report that privacy and security of personal and financial data is a concern, yet few report confidence that these risks have been mitigated. This guide is designed to help families, family offices, and family enterprises integrate a security strategy in a code of conduct framework that is responsive to the family’s risk and intrusion tolerance that comes with living in a digital world.
Are you maximizing protection when it comes to your online activity?
When a family member is diagnosed with a memory disorder like Alzheimer's, it can be confusing and frustrating. With the right preparation and care, family offices and household staff can provide invaluable assistance and information to the families on what to expect and how to cope from the early stages to the end stages of dementia.
Fund groups face disruptive developments, as advances in financial technology, often called fintech, continue at an ever more rapid pace. Even as new efficiencies and opportunities blossom, regulators have pushed financial firms to recognize the dangers of technological failures. To prepare for the changes ushered in by fintech, it is important for fund boards, investment managers and separate account advisers to have a deep understanding of the issues and risks surrounding Fintech developments.
A rising generation of clients in their 20s and 30s turned to Jim Steiner, president of Abbot Downing, and asked him to share his insights, both as a parent and a wealth management leader. Through four memorable stories and thoughtful questions, Mr. Steiner reflected on matters of career, philanthropy, family, and leaving a legacy. He began with a cab ride in Chicago, learning to see with fresh eyes.
FOX’s study on The Shifting Talent Paradigm: How Advisors Are Redesigning Their Talent Strategy can serve as a great resource for those seeking insights on what is changing the advisor labor market and how they can shape the best talent strategy for their firm. The full version of this report covers:
As the COVID-19 vaccine becomes a larger part of the national conversation, employers will need to assess and/or develop a vaccination policy and plan. Employer-driven vaccination programs require a thorough understanding of employment law, compliance, employee well-being and education. This e-book covers employment law considerations and explains the specific limitations that pertain to requiring employees to be vaccinated.
Migrating trusts from state to state can be challenging. Use this decision tree as a resource when transferring trust situs from one state to another or when modifying a trust agreement following migration to a new state.