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The authors discuss Exchange Traded Funds (ETFs) - what purpose they serve, why demand for ETFs has grown, and the author's position on the use of these products. Also covered are how ETFs have evolved in recent years, examination of their risks and consideration of some unintended consequences that may result from their design that have ...

This article highlights steps that should be taken to ensure the privacy of family members and family office staff who use social media tools, including warnings about posting location-based information and a review of privacy settings for social media.

A careful and disciplined approach to philanthropic giving combines purpose, practicality and passion. Strategic philanthropy is similar to intentional asset allocation in that it requires as much of the giver’s brain as it does the bank account. This white paper explains a higher quality of giving, an important part of many high net worth in...

The word concentrated is defined as “to direct toward one point” or “to intensify.” For wealth preservation, that’s not necessarily a good strategy. Here’s what individuals need to know about concentrated holdings and whether they should sell, hedge, exchange, donate or transfer.

As a result of the Wall Street Reform and Consumer Protection Act, the private family trust company (PFTC) has becomie a very popular vehicle to provide not only Family Office SEC exemption but also trust administration to the ultra wealthy inter-generationally and several additional tax and non-tax advantages. This memo identifies several of ...

This paper examines how good active managers and hedge funds need to be to outperform passive index funds on an after-tax basis using over 40 years of data. The authors note that while many studies look at the impact of fees on active manager performance they are not aware of any studies that incorporate the impact of taxes over long periods o...

1031 exchanges are a common way for collectors to defer payment of federal capital gains tax when they sell appreciated property and buy like-kind property of the same or greater value. However, these exchanges must be planned carefully. This article features an example of a fine art 1031 exchange gone wrong and how alternative structures can preve...

Bruce Golden of Accel Partners has been recognized as one of the top 100 venture capitalists in Forbes’ Midas List of tech investors. He also sits on the boards of several public and private companies. In a recent interview, he shared his perspective as both a board member and investor, and explained how communication and measurement are the ...

Many, if not most, consumers of water are not aware of the inevitability of shortages, do not notice the impact of pollution on supplies and are oblivious to the fact that future prices will be dramatically influenced by these and other factors. Yet, there are realists who are well aware of their water footprint and are intent on making changes.

The obvious reason to encourage wealth in a free society is that the lure of becoming rich is what motivates many talented people to put those talents to use in the service of human betterment. The world has been infinitely enriched by people who started out poor or middle class but who became rich by building something extraordinary.

Giving forethought to difficult circumstances can provide important clarity that helps companies avoid worst-case scenarios. Owners can begin by being as objective as possible, treating shares and structure with respect and thinking of the next generation.

In examining the process of transitioning the ownership and management of a family business, this paper discusses pre-transition planning, considers the challenges of intergenerational ownership transfers vs. third-party sales, and proposes a framework for meeting family and business goals through the process.

Thoughtful planning before the sale of a business can yield many benefits to its owner, including ensuring the owner’s family is financially protected if something unexpected happens to the owner or the business before a sale, reducing potential family conflicts that may arise as a result of a potential sale and minimizing the impact of futur...

Parents often struggle with determining when to talk with children about family finances, what information to share and how family wealth can be used to provide children with the best resources and opportunities without creating passive expectations that discourage financial independence. This sourcebook provides recommended resources categorized b...

Questions of what should be revealed, to whom and when all make up what Inheriting Wisdom refers to as the “Transparency Myth.” The Transparency Myth relates to the belief that transparency among families, although generally considered a good attribute, can also have less productive results if offered at inopportune times. This paper examines in-de...