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Avoiding the issue of succession planning is much easier than starting a conversation about handing over the reins to other family members. But avoidance does not defer the inevitable, and it puts family harmony and wealth at risk. As patriarchs and matriarchs of wealth families confront the issue of succession planning, there are seven questions f...

At the start of a family enterprise journey, there is often a patriarch (or matriarch) who was both an entrepreneur and a leader who overcame uncertainty or adversity to create something very special with the potential to last for many generations. For the families seeking to sustain their legacies, there will come a time for the patriarchs to move...

The planning landscape is likely to change even more as families seek to provide a sustainable pool of wealth not only for succeeding generations but also for the current generation. Nease, Lagana, Eden & Culley Inc. highlights the most significant of these changes and some of the advantages they present for planners and clients who are prepared to...

Analysis by Spring Mountain Capital shows that increased spending will profoundly jeopardize the long-term health of endowments. This paper proposes a framework for analyzing spending decisions that can be of use to endowments and other types of investors who need to balance long-term growth objectives with short-term spending needs.

Experiencing an investment loss is bad enough, but that situation is even worse when those losses cannot be used to reduce tax liability. Rothstein Kass explores the recent Garnett decision by the U.S. Tax Court, which broadened the rules used to determine whether participation in a business activity can be considered passive activity. This designa...

The unified managed household, the most recent extension of overlay portfolio management, extends overlay management services to households with multiple accounts, multiple individuals and multiple custodians. This paper from Natixis explains the evolution of overlay management and describes the benefits of the unified managed household, particular...

Britain's new reduction of capital procedure provides a flexible and inexpensive way for family-owned businesses to restructure or return value to shareholders. This report from Withers provides practical examples of how the procedure can be used in paying dividends, demergers, share buy-backs as well as paying up unpaid amounts on shares and disso...

Why, when and how legal and financial advisors counsel their clients around their charitable giving options has important implications for the donor, for the gift planner, for charitable organizations and for society. The author makes a series of recommendations on how the advisor-client relationship can best be structured in the interests of both.

The article argues that special needs planning on behalf of a disabled child means assembling a team of professionals with complementary competences: estate planning attorney, a financial advisor, and an accountant, as well as the parents, siblings, social workers/case manager and, if feasible, the child in question. Personal, financial, and legal ...

This paper explores the tax-management strategy of realizing long-term capital gains in a portfolio of equities and quantify how much it can add to after-tax performance. This approach is counter to the more common strategy of deferring the realization of capital gains as long as possible while only realizing capital losses. It also evaluates the a...

The author, a 4th generation heir to the Carnation fortune, maps out a framework for effective long-term wealth management. The principles apply equally well whether you're managing a nest egg of $1 million or $1 billion. They apply regardless of time horizon and family complexity, and they apply whether your ambitions are aggressive or conservativ...

Research shows investment managers are far too willing to incur a large negative tax alpha for taxable clients while pursuing a pretax alpha. The result is that most investment management products offer a combined alpha that is negative: pretax alpha, whether good or bad, less a relentlessly negative tax alpha.

Investment innovation and rigorous discipline; dynamic, seamless planning; and a different quality of client-advisor engagement will be key to the achievement of long-term objectives for wealth accumulation, protection, spending and transfer as well as to peace of mind.

Gifting may be the place to start in planning a long-term estate planning strategy, according to this paper from Wells Fargo. While gifting can be useful in transferring tax savings, it also can provide a real-time snapshot of the estate plan by allowing the giver to see how beneficiaries accept and respond to the gifts and then to change the estat...

In an era marked by unprecedented wealth transfer and shifting societal dynamics, philanthropy is being called to actively adjust to a new reality. In the middle of all this, younger people are starting to have a bigger say in where philanthropic money goes. They care more about equity, inclusion, and transparency, as well as changing systems that ...