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Wealth management and tax planning, done right, require care and a thoughtful approach. Helping you be vigilant in these and all other aspects is the purpose of this guide, which walks you through the key concepts and approaches pertaining to tax planning, investing, charitable giving, estate and gift planning, business succession, family meetings,...

Examine how to select the best insurer for a private art collection in order that it may be preserved and protected for future generations. This paper delves into the causes of some of the most expensive art claims paid out to collectors and how families can take a more pro-active role in reducing the risk of loss and ...

In light of the increased cyber fraud of email accounts, firms should adopt client callout practices to confirm third-party wire requests received through email. Faxes, voice mail messages and emails should not be used to verify wire transactions. Client education makes these types of money movement controls more acceptable and encourages clients t...

Many employers have implemented wellness programs to help contain health plan costs and decrease absenteeism. While many of these programs have existed for some time, new regulations issued by the Departments of Labor, Treasury and Health & Human Services require plan sponsors to modify wellness programs for plan years beginning on or after Jan...

Following a survey in which 83 percent of employers reported that the average age of their workforce increased in the past decade, the author, who has practiced labor law for three decades, offers four tips for employers who are challenged by a workforce that may include as many as four different generations of workers.

Amid the rapid development of more and increasingly sophisticated financial products and services, there is still a place in the market for what the author describes as traditional banks – those long-trusted institutions on which family offices and financial advisors count for straightforward deposit and loan services.

The subject of cloud computing is often clouded, so to speak, by a lot of technical terminology and marketing hype. Here, the authors explain what cloud computing is, describe the different forms in which it comes, identify how it can be useful and address the most common concerns and pitfalls of moving to the cloud.

The SEC can conduct an exam of a registered investment advisor at any time, for any reason, announced or unannounced. It can be a stressful experience for the firm, with significant time and labor costs and the potential for business disruption. However, much of that stress, disruption and expense can be mitigated if a firm is prepared for an exam.

Information security in the family office context needs to a collaborative effort between the family, the office, and any intertwined vendors. This article from Plante Moran’s IT security consulting group discusses key factors in improving the security of the family office’s confidential information.

One of the things we’ve learned is that a family contract can be a valuable tool to help families build trust and avoid conflicts. We’ve also found that for a contract to work well, everyone who signs the contract should have a say in how the contract is written. That doesn’t mean you will get everything you want and, as you proba...

Family offices are complicated because of the scope of services they deliver, the high number and complexity of entities they oversee and the staff they must manage. These complexities can open the door to liability. Employing consistent policies and procedures, establishing an annual entity review process, maximizing protection provided by indemni...

This case study, coauthored by Pitcairn and Oakbrook Solutions, discusses the value proposition of data architecture to the Pitcairn family office. With many family offices striving to provide better quality client reporting experiences, this study will provide lessons learned and some insight on the value of client data and its stewardship a...

The validity of a corporation’s S election is a primary consideration with respect to federal and state tax return compliance and due diligence efforts. For an S election to be valid, a corporation must satisfy strict eligibility requirements. Among these requirements, a corporation must (1) have no more than 100 shareholders, (2) have only p...

For family members working in the business, the area of compensation overlaps with contentious considerations of fairness, equality, performance-management and long term engagement. This artcle itemises how families have approached this issue, and advocates some pathways to avoid disharmony.

The US Supreme Court, in a unanimous opinion issued June 19, 2014, implemented a new standard for courts to employ in determining if a taxpayer may challenge whether the Internal Revenue Service has issued a summons in good faith. In light of the Service’s new procedures for administering Information Document Requests, including the potential...