Thought Leader Series

An ounce of prevention is worth a pound of cure. -Benjamin FranklinYou’ve seen the news- wildfires are becoming a common occurrence. So much so that the term “megafire” is in the common vernacular. Wildfires used to spring up every few years in the Western U.S., but now they seem to be burning year-...

In the midst of a growth economy, risk factors are sometimes pushed to the periphery of a company’s focus. It’s no different for family offices. When those risks eventually come crashing into the forefront, they’re often unexpected and can be costly. Incorporating risk planning into your short-term ...

It’s natural to want to choose a family member or someone you know well to serve as your trustee. However, it sometimes also makes sense to choose a professional trustee like a bank or trust company as the trustee or co-trustee. The Pros of Using an Institution to Be Your TrusteeSelecting an in...

Increasing demands for data and the up and coming younger generation are impacting the technology needs of family offices. Many family offices are challenged to meet the growing reporting needs of family and board members. The modern conveniences of the mobile digital age are impacting businesses ev...

In March, Warner attorneys Jon Kok and DeAndre' Harris presented a webinar for the FOX Human Capital Network. The topic was common mistakes that managers, including family office managers, can make that could leave the office or families open to employment liability.Employment mistakes have bee...

What a difference a year makes. Trade war predictions, Facebook data scandals, inflation concerns and Federal Reserve comments have been whipsawing markets in the first few months of 2018. As a testament to the increased turbulence, through mid-April we had already notched 28 trading days that resul...

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...

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 fa...

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 ...

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...

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 com...

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 everythi...

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 ...

Is it ever worthwhile to accept concessionary investment returns?If your foundation’s aim is to achieve not just personal financial gain but also a specific positive social or environmental impact, the answer is a resounding yes. Foundations make program-related investments (PRI) to support charitab...

When I was in third grade, my teacher brought in some maple tree saplings as part of a science lesson. We were shown two possible places to plant these saplings; one spot was in an old forest with many mature trees, and the other was in an open area with no other surrounding vegetation. Many of us c...

I recently had an amazing opportunity to spend a few days with 46 millennial clients who came to Silicon Valley for our Next Generation Program. Focused on the theme “Innovate for Impact,” the program was hosted by our Family Wealth Advisors team and BNP Paribas Wealth Management.The 4-day event gav...

“To thine own self be true,” William Shakespeare famously wrote. The same could be said of organizations, many of which tirelessly work to ensure that they uphold the principles expressed in their mission statements — but with one gap, the investments made out of their endowments. That’s where...

The U.S. Department of the Treasury plans to withdraw proposed regulations issued in August 2016 that would have narrowed or eliminated taxpayers’ ability to claim valuation discounts on transfers of interests in family-controlled entities.The Treasury Department’s October 2 announcement that it wou...

Even highly responsible children can compound cyber risk to the entire household. They are more trusting than adults. They inadvertently engage with cyber thieves in gaming situations. Some work around security to see sites their parents don’t want them to visit. And, many of them are far ahead of t...

In 360 B.C., the Greek philosopher Aristotle wrote of the distinction between simply giving away money and giving it away as part of a thoughtful process.In Aristotle’s words, whereas anyone can do the former approach, this latter approach to giving is “rare, praiseworthy and noble.” Now, thousands ...

Buying or selling real estate, especially your personal home, presents a unique set of fraud and cyber-security risks. Protect yourself by understanding these risks and exercising the precautions below during real-estate and other high-value transactions.Understanding the RisksSeveral factors make r...

Transitioning a family business to the next generation is one of the most important and toughest business decisions a family firm owner will ever make. No other challenge has as much potential to exacerbate the special stresses—or, conversely, highlight the unique advantages—of operating a family-ow...

At first glance, the clothing company Patagonia, the cleaning products manufacturer Method, and the funding platform Kickstarter might seem radically different. After all, they come from vastly different industries.However, they are all benefit corporations, which means they belong to a new cl...

After an unsolicited offer from a competitor, a family reflects on what they’ve built and the uncertain road ahead.The majority of family-owned businesses have no formal succession plan or successor leaders in the wings. Equally troubling are the studies showing only 30% of family businesses survivi...

Social impact bonds, sometimes known as “Pay for Success” projects, are contracts with the public sector in which commitment is made to pay for improved social outcomes, which may result in public sector savings. Despite their name, social impact bonds are not bonds; they are public or private partn...

The adage “Shirtsleeves to shirtsleeves in three generations” became a well-known prophecy because it is, unfortunately, true. And it appears to be true in virtually every culture. In Ireland, the saying is, “Clogs to clogs in three generations.” In Italy, it’s, “Stable to stars to stable” in the sa...