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As a special type of equity-based compensation used by limited liability companies profits interests can bring a range of benefits to shareholders. Profits interests can help attract, retain, and reward key employees, and offer an opportunity to share in future earnings, increases in equity value, or proceeds from a sale of the company. When used strategically, profits interests can support business growth and value creation objectives, potentially offering more income and wealth to employees, investors, and shareholders.

From Anita Hill’s allegations in the 1990s to the recent flood of allegations in the news headlines, sexual harassment has been a persistent and pervasive problem. It occurs at all levels, across all occupations. While many companies have policies addressing inappropriate and unwelcome sexual behavior in the workplace, those policies may not be enough. Even the most dedicated businesses should be aware of the vulnerabilities unique to their workplace and explore new tactics to assist in keeping sexual harassment and other unlawful conduct at bay.

The IRS announced increases to the annual gift tax exclusion, and the U.S. estate tax, gift tax, and generation-skipping transfer tax exemptions for 2018. The increases provide high net worth families favorable opportunities for tax-efficient transfers of wealth to their children and other descendants. In addition, the annual gifting can be a simple and effective tool for reducing the size of one’s estate without incurring any gift or estate tax, or reducing one’s estate and gift tax exemption amount.

The destruction caused by Hurricanes Harvey, Irma, and Maria and the wildfires in California have led to an outpouring of charitable gifts and donations. For businesses whose employees were affected by disasters, there is a way to provide relief through an employer-sponsored public charity or private foundation.

Beginning in 2018, the rules for auditing partnership income tax returns will change dramatically. The most significant change is that tax deficiencies determined in a partnership audit may be collected from the partnership itself, unless the partnership elects to “push out” the deficiency to its partners. Partnerships and multiple-member LLCs taxed as partnerships should consider amending their agreements to prepare for the new audit rules, including the partnership examination process. There is no one-size-fits-all approach that will work for all partnerships, however.

The right of publicity allows an individual to control the commercial use of his or her name, image, and other aspects of his or her identity. While this issue has never received much attention in the estate and gift tax world, it recently became notable because of Michael Jackson and the tax case concerning his estate. The concept of putting protections in place to control the commercial use of one’s name and image is not just for superstars. It should also be for many high net worth public figures, who would benefit from planning concerning the right of publicity.

While tax changes are debated in Washington, one thing remains certain: you need to plan ahead to make the most of your financial situation (and to minimize your taxes). The 2017 Year-End Planning Guide contains a comprehensive overview of what you need to consider before year-end to minimize your taxes, make thoughtful gifts to charity, and position yourself for the year to come. The guide provides 2017 tax rates, limits, and exclusions as well as strategies for retirement and estate planning to help you achieve your short- and long-term goals.

Cyber risk has moved from the IT department to a full-fledged enterprise risk. Unfortunately, a cyberattack can hit a company at any time. There are, however, practical, actionable steps to ensure that when a cyberattack hits, your company and board will be both ready to address the threat and resilient enough to recover from it. Leveraging a flexible and uncluttered framework of readiness, resilience, resources, reporting and results—what we call “The 5 Rs”—is key.

Equity markets around the globe advanced into new high territory in October, with the S&P 500 posting a total return of 16.9% YTD. Global fundamentals remain supportive with many indicators signaling the potential for further gains. While volatility has been notably absent from markets this year, and as each dip seems to bring a fresh wave of buyers, in life it is never a good idea to be complacent. Extended periods of economic growth and rising markets can obscure underlying structural imbalances which often become strikingly obvious when a “relief valve” is triggered.

Having an entrepreneurial culture can help nurture a family legacy by providing pathways for family members to invest in new enterprises and regularly recharge the wealth for future generations. Although it may be challenging to re-energize a family, a dynamic culture of growth can flourish within a thriving entrepreneurial ecosystem. A family interested in being a family of legacy should examine their current culture to determine if they have what it takes to be an entrepreneurial family.