Thought Leader Series

Here are some numbers to grab your attention and ponder: The U.S. dollar has rallied almost 25% percent in the past nine months and 35% over the past four years. In light of these substantial and notable gains by the bullish greenback, it’s hard not to ask: What is propelling the dollar’s surge? What should investors do going forward? Will the big dollar rally continue?The answer to the last question is an emphatic yes. As Alan Ruskin, Managing Director and Global Co-Head of FX Research at Deutsche Bank, observed in a recent conference call, the dollar is expected to gain another 20% against t...

Forming a single-family office is a natural progression for many families of wealth. When a family is transitioning from operating a business to managing significant wealth, having one's own family office can offer significant benefits, including personalized attention, economies of scale and greater access to unique investments. When forming a family office, much attention is paid to benefits impacting the family's financial capital and issues of investment management, trust and estate services, tax and financial planning and strategic wealth management. Unfortunately, in many case...

It takes effort for a young adult leaving the family nest to become independent and self-reliant. However, the reward is the knowledge that you are self-sufficient, responsible, mature and self-aware. Here are some pointers to help you along your journey.1. Pursue Your DreamsYou’ll feel pressure from others to live your life a certain way. But the best gift you can give yourself (and your family) is to achieve your goals. When you put your effort into something you’re passionate about, you’ll experience success in its truest form.2. Live in Accordance with Your Valu...

Couples entering into matrimony often have to make difficult decisions associated with emotionally-charged issues such as a prenuptial (or “prenup”) agreement. If one is going to be implemented, knowing when and how to communicate the request to sign a prenup aids in its effectiveness. Approach the topic from the perspective of asset management and inheritance provisions rather than the perspective of trust. Trust should not be the driver for a prenup; if you didn’t trust one another, you wouldn’t be getting married. Instead, a prenup provides comfort or peace of mind in the event of a d...

On May 8, 2014 the Treasury department released final regulations providing guidance regarding what deductions are subject to the trust and estate 2% floor on itemized deductions, including requiring the unbundling of trustee fees for tax years beginning on or after May 9, 2014. These regulations follow the U.S. Supreme Court’s decision in Knight v. Commissioner, 552 U.S. 181 (2008) in which the Court concluded that expenses incurred by a trust or estate which are not subject to the 2% floor limitation of §67 are those "which would not have been incurred if such property were not held in...

For most families, the natural evolution of wealth concerns eventually shifts from creating, preserving and transferring wealth to the realities of next generation education and preparation. With a growing body of research underscoring the importance of applying early and sustained attention to the preparation of heirs, many families have reprioritized to focus more intentionally on wealth education for next generation family members.Starting EarlyWith younger family members, education about the role of money and wealth starts with the introduction to basic financial concepts like saving, spen...

Whether you already have wills, trusts and other estate planning documents in place or need to have them created, there are a number of priorities to consider as you move forward with the legacy planning process.Here are six steps that may be appropriate for you to complete as you consider the ongoing management and ultimate disposition of your wealth:1. Take time to carefully determine what exactly you want to have happen.Thinking about the future of your money, particularly about that period when you may no longer be in the picture, isn’t easy to do. But before you make specific decisions ab...

The following insight is a contribution from TriState Capital, a Thought Leaders Council member of the Family Office Exchange.Let’s look at the overall economy so far in 2013. We have:A soaring stock marketA housing market that is recoveringDeclining unemploymentGDP growthFavorable credit marketsThese factors seemed awfully far out of reach a few years ago; yet the economy has continued to experience a positive recovery, and, barring continued turmoil in Washington, will continue to do so. So who has the answer to the $64,000 question: Why is deal activity in the middle market down?If the...

The following blog post is a contribution from TriState Capital, a Thought Leaders Council member of the Family Office Exchange.Early Monday morning an email is sent to you from a client. He is overseas. His wallet has been stolen. He has no way of getting home. In order to access his account he needs you to give him the password, which he has forgotten.Your firm prides itself on customer service; it’s what you are known for, and its how you’ve managed to develop your stellar reputation. However, you must now ask yourself one simple, but important question: Is this requ...

The following blog post is a contribution from Ascent Private Capital Management, a Thought Leaders Council member of the Family Office Exchange.In today’s fast-paced world of technology, we seldom stop to reflect on the legacy of our grandparents and great-grandparents. And not just what they left us in their will. How often do we tell our children and grandchildren about the relatives who came before us: their names, where they lived, what they were like and what we learned from them? What about the family business: how did it start and has it always thrived and provided well...

The following blog post is a contribution from Ascent Private Capital Management of U.S. Bank, a Thought Leaders Council member of the Family Office Exchange.The windfall of inherited wealth often comes with feelings of guilt and elation, isolation and confusion. Learning to be comfortable with inherited wealth is a process; a process of moving through emotional stages that can be aligned with the emotional stages of grief. There are six emotional stages of inheritance: disbelief, anger, euphoria, guilt, paralysis, and becoming “heirworthy.”1 The hope is that people will gradually make it...

The following blog post is a contribution from HUB International, a Thought Leaders Council member of the Family Office Exchange.I was recently visiting New York with my family. We had just returned from dinner and were relaxing in our hotel room when my daughter asked me to pass her cell phone to her. As I did, I noticed that she had been communicating during dinner with her siblings using something called Snapchat.Snapchat is a photo messaging application that enables users to send photos and videos, known as “snaps,” to a controlled list of recipients. It promises users a method to send ima...

On June 26, 2013, the Supreme Court of the United States issued two groundbreaking opinions regarding same-sex marriage. The rulings will substantially impact financial and estate planning for same-sex couples living in jurisdictions that recognize same-sex marriage. In the following interview, we talk to Susan Von Herrmann of FOX Thought Leaders Council Member Schiff Hardin about the rulings and what they mean for same-sex couples’ estate planning. The Supreme Court recently ruled on two cases regarding same-sex marriage: United States v. Windsor and Hollingsworth v. Perry. Can...

The following blog post is a contribution from AIG, a Thought Leaders Council member of the Family Office Exchange.It’s a common problem: A family receives a serious offer to sell their business for a very attractive price. They want to sell quickly, lock in their gains and use the proceeds for retirement and philanthropic pursuits. However, the buyer has asked to hold back as much as 20% of the purchase price for up to two years to protect against any unknown liabilities that may arise from the period when the family owned the business.So, how does the seller make a clean break and meet the b...