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The Private Family Trust Company structure has evolved from a new concept to one that is now established and used widely by family enterprises as a strategy for managing increasing complexity within their enterprise. With the evolution of the PFTC, there are hard questions that need to be asked such as how should and how does the PFTC contribute to...

Preparing the next generation, especially wealthy children or trust beneficiaries, is one of the hottest topics in the high net worth world. Quite frankly, the consequences of not addressing this are enormous and impact future generations. Resources are squandered, cracks form in family relationships, and in the case of trusts, adversarial relation...

A Private Family Trust Company (“PFTC”) offers families the ability to have intergenerational governance over family assets, and provides a private forum for decision-making. However, if the PFTC does not have the proper operational model, it could become another headline story about family discord and mismanagement. Appropriate internal controls, ...

Whether establishing a new trust, modifying an existing trust or dealing with a transition of the incumbent trustee, selecting the person or institution who will act as your trustee is one of the most important decisions you and your family members will make. Many families want to keep everything “in the family,” and it is natural for them to ...

Like many holidays, Valentine’s Day is a time when employees celebrate, while HR representatives, in-house counsel, and business owners hold their breath. In the #MeToo era, employers should consider proactively addressing workplace relationships and shoring up internal policies for dealing with complaints. Here are some tools to help employers get...

When you are a business-owning family, sometimes you can become so completely focused on the growth and continued success of the business that you forget the equally important mission of focusing on family. Family business owners of course need to understand the nuances and performance of the business in order to remain knowledgeable and caring own...

I am fascinated by the complicated ways that automation may transform the labor force—and how dramatically the acceleration of technology in the work place may impact the economy—and society, more broadly. As one example, how might driverless cars, taxis, and trucks affect issues of productivity and income inequality, and what type of retraining ma...

With all the media coverage in the last couple of months, you have certainly heard at least tidbits about the new Tax Cuts and Jobs Act (Act), signed by the president in December. One of the most important provisions of the Act for high net worth (HNW) families is the increased exemption amounts for estate, gift and generation-skipping transfer (GS...

In December 2017, Congress passed the Tax Cuts and Jobs Act; a bold legislation designed to overhaul America’s tax code for the first time in 31 years. House Speaker Paul Ryan (R-WI) declared, “The Tax Cuts and Jobs Act is a game-changer for our country.” Taxpayers will see significant changes when they prepare their returns for 2018. Below, w...

Given the current state of the market, many investors that I am speaking with are considering changes to the “what has worked before” approach.When I am looking for guidance on the complex macro environment, I often turn to Jeffery Gundlach, CEO of DoubleLine Capital, LP. I have asked DoubleLine to open the FOX Spring Investment Forum in San Franci...

This may not come as a surprise, but individuals have lost trust in the major institutions that have served as the framework of our modern society. Businesses, NGOs, government, and the media have all suffered a loss of trust in recent years for a variety of reasons.One of our great fears about a world where trust is imploding across the board is t...

How are families adapting to changing market dynamics?While investing has never been straightforward, investing today in the face of current uncertainty feels overwhelming to many long-term investors.Faced with today’s starting valuations and current yields, many investors have little confidence that the traditional equity/bond portfolio that ...

A family 'like ours'My siblings and I agree that we are fortunate to come from a family like ours. When I say, ‘like ours,’ I mean very close, sort of ‘in each other’s business,’ and with a sense of responsibility for preserving our family dynamic and the opportunities that we have been afforded. I know that, while we are not common, there are othe...

Every wealth creation event has a story behind it, and it is in those stories we find the seeds that have germinated and blossomed into a family history and culture. The stories mean nothing, however, if they are lost in the mists of time. They must be preserved, revisited, and kept alive through family sharing if they are to inform successive gene...

Two events in December 2017 presented new tax challenges for family offices and provide a reason to evaluate the structure of the office and the current classification of family office expenses. One is the US Tax Court’s decision in Lender Management v. Commissioner, TC Memo 2017-246 (“Lender”), and the other is the 2017 Tax Act (“Act”). Every...