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This paper explores the tax-management strategy of realizing long-term capital gains in a portfolio of equities and quantify how much it can add to after-tax performance. This approach is counter to the more common strategy of deferring the realization of capital gains as long as possible while only realizing capital losses.

A health and education exclusion trust may offer a way to preserve assets for younger family members and avoid harsh generation-skipping taxes, while still contributing to charity. In this article, Mela Garber of Anchin, Block and Anchin explains how a HEET can be a useful and effective estate planning tool that benefits family and a designated charity while shielding wealth from GST and gift taxes.

Donating appreciated securities to charities may provide tax advantages over making cash donations by reducing capital gains taxes. This report from Fidelity Investments explores the issue, providing assistance in calculating tax savings and explaining how a donor advised fund can reduce paperwork to make these donations easier.

By limiting the deductibility of investment-managing expenses by trusts, the Supreme Court's decision in the Knight case increases the taxes on trusts that use professional investment managers. This article by Richard LeVine of Withers Bergman examines the ruling and notes the need for innovative relationships between trusts and assets managers to improve tax outcomes.

This article deals with the legal status of prenuptial agreements under English law.

An inherited fortune may come with strings attached as wealthy families make a college education or job experience a condition of inheritance. About 60 percent of families with more than $10 million in assets place stipulations like these, according to a report on attaining and retaining wealth from Barclays Wealth. The report also discusses the importance of family members agreeing on how wealth will be passed on.

A directed trustee is chosen to advise a trustee on investment or distribution decisions for a trust. But as key decision-makers, directed trustees face potential liability. This article by Richard Nenno of Wilmington Trust Corp. explores the role of directed trustees, examines statutes and case law and looks at how these trustees can limit their liability risk.

The Supreme Court recently decided the Knight case (Knight v. Comr., No. 06-1286, 101 AFTR2d ¶2008-380), affirming the Rudkin case, Rudkin v. Comr., 467 F.3d 149 (2nd Cir. 2006), which limits trust deductibility of investment management expenses, effectively increasing the taxes imposed on trusts which use professional investment managers.

Taxing bodies in the UK and the United States are taking a closer look at debt-related strategies by hedge funds that are now tax exempt. And as investment strategies become more diverse, this interest by fiscal authorities can only be expected to increase. This paper from PricewaterhouseCoopers explores the potential ramifications for global hedge funds and their investors.

This article provides guidance in the light of new IRS rules on the boundaries between legitimate business vs. pure entertainment use of a private jet. Preventing abuse is important in avoiding excessive tax liabilities since when aircraft use is "entertainment," the company loses its ability to deduct (by disallowance) some aircraft ownership and use costs.