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Can a pandemic-induced market downturn become an opportunity for investors looking to modify their portfolios? Learn how constructive changes, including going from ETFs to tax-managed SMAs, can present the best chance to improve overall portfolio health.

While many are still managing the COVID-19 crisis, post-COVID-19 action plans are starting to take shape. Our discussion focuses on unpacking recent tax law changes and the impact on a family office, including key considerations—such as the sale of business goodwill and trust and estate planning—when deciding the entity choice of your operating business.

Family offices and their affiliated businesses have gone through a number of transformative changes due to the disruptive nature of COVID-19. Many will qualify for COVID-19 liquidity programs. In this discussion, the RSM team focuses on the program specifics and family office considerations, including compensation options and lending provisions.

The IRS is coming out of its silos. Between July 15 and September, the IRS will audit several hundred high-income individuals and one or more related entities, typically one or more pass-throughs. This action will require a coordinated and appropriate response by the taxpayer and his or her advisors and the advisors of the related partnerships, trusts, corporations, and foundations.

Most small businesses begin their financial lives using Intuit's QuickBooks, but if your business has moved beyond the entry level, your organization may be facing a number of challenges as you hit the limits of QuickBooks’ functionality. With the right framework and guidelines, you can assess the hidden costs of continuing to use QuickBooks along with the financial upside of switching to a modern financial management and accounting system.

While recent years brought concrete wealth planning changes with the latest tax legislation, 2020 sees families and their advisors preparing for the unknown. U.S. presidential and congressional elections will unfold against a backdrop of equally impactful societal changes—including rising healthcare costs, evolving technology, increasingly global citizenship, and mass wealth transfer. This year's outlook explores ways to optimize your wealth planning for changes on the near horizon.

Grantor retained annuity trusts (GRATs) have been a popular and effective wealth transfer strategy for U.S. families in recent decades. This has been true across various market conditions because their potential upside is so high and downside so low—and GRATs are even more compelling at a time of market volatility. Yet despite their advantages, GRATs cannot achieve their full potential without careful analysis of multiple factors, including structuring and investment considerations.

A private family trust company (PFTC) provides families with intergenerational governance over family assets and a private forum for decision-making. Without proper management, however, a PFTC can be exposed to costly litigation and the potential for significant liability. By developing and implementing policies that take into account the expertise and capacity of staff and external vendors, a PFTC can ensure it stays compliant and is able to safeguard the family’s assets well into the future.

Traditional benchmarks don’t work for taxable investors seeking to put their after-tax performance in perspective. The solution are customized benchmarks, which means knowing how to calculate your own personal index. It’s not a simple task, but it’s essential for any manager who wants to look credible in the tax-management space, and it’s now more feasible with skillful deployment of technology.