What does the passage of the Tax Cuts and Jobs Act mean for high-net-worth taxpayers? Comparing the Act to current law, we outline the provisions and focus on the proposals most relevant to high income and high-net-worth taxpayers and businesses.
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Signs point to the U.S. economy being near or in a late (or pre-recession) stage, yet stock market valuations are elevated and inflation is inexplicably soft. We share its outlook for the U.S. and global economies and—in light of stretched valuations, low bond yields, and expected higher volatility—where qualified investors can look for...
While it may seem like the last box to check, planning for the next generation of owners and managers well in advance usually leads to better operational, financial, and tax outcomes. That remains true whether the transition involves a sale to an outside buyer, passing to the next generation of family, or selling to employees. Busting the four myth...
Millennials have surpassed the Baby Boomers as the nation’s largest demographic segment. And with more than $30 trillion passing to them through inheritance over the next 30 years, Millennial investors are determined to make an impact and use their wealth to reshape not just markets, but the world. Given that only 28% of ultra-high-net-worth ...
Cryptocurrencies, or digital currencies, have captured the imagination and interest of investors around the world. Three main factors have driven this interest: the role of cryptocurrencies as bold new upstarts in the world of electronic payments; their meteoric rise in value since they were created less than a decade ago; and the perennial search ...
The role of the trustees has evolved rapidly, and there has been a transition in the investment standards guiding trustees from being a “prudent man” using legal lists to being a “prudent investor” employing modern portfolio theory. In addition, trustees are now required to understand concepts of foreign taxation and foreign...
For investors who can withstand the risk, investments made to support climate change and generate competitive returns can be found in the private equity markets—it’s one of the top five ways to adapt your portfolios to climate change and support the Paris Climate Agreement. Another way is to integrate your values with your investments b...
In a summary of the tax law signed on December 22, 2017, there are still seven individual tax brackets, but the top rate was lowered from 39.6% to 37%. Most of the law's provisions became effective on January 1, 2018, with numerous provisions expiring after 2025. Like most tax laws, it is neither positive nor negative in and of itself; rat...
Under the current U.S. tax code, there are three critical areas that can help high-net-worth individuals, families, and business owners maximize their wealth planning potential. We frame these areas in the form of corresponding emerging themes—estate tax, income, and charitable planning—and propose actionable strategies. This is just a ...
The real estate private equity market has been an attractive asset class with record fundraising market performance and increasing investor allocations. Within real estate investments, the single family rentals (SFR) market has a strong outlook. The highly fragmented SFR market presents an opportunity for real estate funds to leverage its industry ...
The Tax Cuts and Jobs Act will dramatically change how income is taxed for business owners of pass-through entities, such as certain partnerships, limited liability companies, and S corporations. As of January 1, 2018, owners of pass-through entities may deduct up to 20 percent of their “qualified business income” from their taxabl...
A family office is more than a cost-effective solution to managing great wealth. When done properly, it provides customized services and support that fosters a shared experience of wealth stewardship. Establishing a family office should be approached the same way as creating any other successful business: start with a good plan.
While 2018 will have a difficult time living up to 2017’s stellar returns, we believe the markets should still have a more-than-decent showing. Central to this generally optimistic view of the markets is our expectation that the global economy is fairly healthy. Broad-based synchronized growth, which began in 2017, should continue into 2018 a...
The supply-and-demand dynamics are setting up for a very good year for municipal bonds relative to Treasuries. New-issue supply will most likely drop materially from above $400 billion the last two years to below $300 billion, which would be a low supply not seen in over 20 years. Demand will be particularly strong from high net worth individuals t...
Research has shown that demographic trends have important relationships with many economic variables. As a nation’s population ages, the balance of capital tends to shift from debtors to creditors. The supporting data behind the phenomenon and other initial baseline assumptions outlines our capital market return forecasts for approximately 50...