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 p...

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. Approac...

In a very encouraging development, the SEC has indicated that they intend to grant exemptions from the strict definition of “family” in the Family Office Rule to allow family offices to serve relatives of spouses who are related through the marriage and not lineal descendents of the family’s founder...

A notable trend in recent years has been the increasing popularity of private family trust companies (PFTCs). This growth is rooted in multiple factors, but here are four of the biggest.IRS Notice 2008-63, a preliminary release outlining a structure to avoid adverse estate tax consequencesIn No...

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 regulati...

The Private Wealth Management Survey is conducted annually by FOX and The University of Chicago Booth School of Business and samples alumni of Chicago Booth’s Private Wealth Management course, a four-day program offered in downtown Chicago for high net worth individuals and families. This year’s stu...

The private family trust company (PFTC) has become a popular and useful vehicle to provide trust administration to ultra high net worth families. There are many issues to consider when deciding whether to create a PFTC. These include:JurisdictionMany states have enacted laws specifically desig...

Sometimes the greatest challenge for a family is to agree on how they will measure the “success” of the enterprise in each generation. The metrics of success should be tied to the current goals and priorities of the family, since they must be viewed in tandem. We can’t expect strong family leaders t...

As the family grows, both in number and wealth, it is critical to address the management of the family’s personal financial future with the same diligence that goes into managing the future of the business. So when should you separate and move your financial affairs away from the family business?&nbsp...

If any of the following situations are familiar to you, you probably have a family office embedded within your business.There is a department within the company referred to as “shareholder relations”Certain employees are dedicated solely to working with the family without other business-related respo...