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As the office of the controller becomes ever more strategic—creating higher levels of financial visibility to help drive growth and profitability—the financial organization’s relationship to the controller role must evolve as well. Specifically, today’s CFO needs to work closely with the controller to ensure that, one, the o...

Hiring domestic staff such as nannies, personal assistants, and housekeepers can expose you to liability issues and danger from unscrupulous employees. It is important to understand your areas of vulnerability and take steps to protect your family and your finances. Whether you hire your own employees or the family office hires them, three often ov...

It is often thought that financial success comes with a certain level of financial freedom: the freedom to pursue passions, to take risks, to give back, and to make an even bigger impact. In the 2018 U.S. Trust Insights on Wealth and Worth® survey, the results revealed that only half of high-net-worth individuals have a plan to optimize the opportu...

It’s not news that revenue is the key indicator of a company’s financial performance and health. What is news is the accounting rules around the recognition and reporting on that revenue is about to change under ASC 606, particularly if you have a subscription-based business that derives revenue from contracts with customers. What’s the big deal? F...

Under the new ASC 606 revenue recognition standard, contracts are the basis of how organizations must recognize revenue. This places significant pressure on your accounting system and financial reporting. In addition to handling contract-related data, it must support revenue recognition and allocation, revenue reallocation, and expense amortization...

Are you maximizing protection when it comes to your online activity? Or do you open yourself to cyberattacks by clicking on links in promotional emails and allowing third-party applications to access your contacts and other personal information? To help identify areas where you might be at risk, follow the experts’ checklist of best practices...

Today’s risk environment is more complex than ever before, and successful individuals, families, and family enterprises are facing a convergence of personal, commercial, strategic, and financial risks. This latest Family Office Benchmarking Study provides a deep examination of concerns, trends, and personal insurance data and programs that ar...

Many employers and family offices find performance reviews can be a challenging task. But with a new take—one that turns a performance review into a career conversation—it can become an opportunity to establish a healthy dialogue that provides space to exchange feedback, assess performance, and “take the temperature” of the ...

Federal tax reform has potentially and perhaps unexpectedly increased the tax liability for families by destroying the deduction for investment expenses. However, the recent United States Tax Court decision on the Lender Management case may provide an opportunity for family offices to maintain deductibility for legitimate business expenses under th...

Succession planning for a family business inevitably requires planning for the transition of the management team. This transition presents several challenges, including dealing with non-family managers and with a family member who is not suited for a leadership role in the business. These difficulties are not insurmountable, and, with clear communi...

It's a pivotal time for Single Family Offices, with more and more reviewing their structure and operations to minimize risks. In this roundtable discussion, experts share how Single Family Offices are evolving and addressing new risks and risk mitigation strategies.

Have you ever been asked to manage another person’s property and finances? Perhaps a family member named you as agent under a durable power of attorney, so that you can manage his finances if he becomes disabled. Maybe an elderly neighbor added your name to her bank accounts because physical limitations prevent her from leaving the house and ...

Every year during tax season the Internal Revenue Service (IRS) releases the “Dirty Dozen” list of tax scams. With the increased number of data breaches, it is important to remain vigilant when sharing your personal data and responding to demands for tax payments. Here are some tips to help you avoid tax scams and identity theft.

Section 1061 of the Tax Cuts and Jobs Act imposes a new three-year holding period for gains derived by a partnership that are passed through to the holder of a carried interest to qualify as long-term gains. This change is effective for any allocations of income or sales of carried interests on or after January 1, 2018, and it applies to newly-gran...

Family office investment vehicles often are organized as limited partnerships or LLCs treated as partnerships for federal income tax purposes. Typically, the manager of such a partnership receives an interest in the partnership’s profits (a carried interest) in connection with the management services, in addition to management fees paid by th...