When evaluating possible estate planning counsel, there are many variables to consider such as educational background and professional experience, skills, and review process. To help you determine if the prospective attorney is truly qualified to help you, there are ten key questions to ask and guidelines to follow.
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Ransomware will continue to be a top security concern in the coming years because of its ease of use and high profitability. For those unfamiliar with ransomware, it’s a type of malicious software (also known as malware) that, when downloaded to a computer, encrypts files so they can no longer be accessed without paying a ransom to the cybercriminals who are holding the files hostage.
With the dramatic expansion of family wealth in the United States and around the world, family offices are a growing part of the global financial landscape. Depending on the family’s mission, service needs, professional skill set of individual family members, and their existing advisor network, a family office may be appropriate. While every family is unique, there are common situations that might call for a family to consider the advantages of establishing a family office.
The surprise result of the British referendum to leave the European Union this June sent shockwaves through the markets and some investors expected additional fallout down the road. It seems the opposite has been happening. Recent data from the U.K. Office for National Statistics showed the British economy grew by 0.7 percent in the second quarter and just above consensus expectations.
Maintaining a financial and moral investment perspective appeals to both individual and institutional investors, who have been turning to sustainable, responsible, and impact investing (SRI). In fact, SRI assets grew from $3.74 trillion in 2012 to $6.57 trillion or more in 2014, according to The Forum for Sustainable and Responsible Investment. In its broadest sense, SRI refers to an investment discipline that strives for strong financial performance while also seeking to create positive change in the world. Who are the SRI investors and how are they making SRI work for them?
Recently proposed IRS changes to reduce or eliminate valuation discounts could dramatically increase the transfer tax cost of shifting property to members of your family in the future. The loss of valuation discounts is of significant concern for high-net-worth individuals for whom federal transfer taxes are an issue. It’s possible that some of the regulations could become effective as early as December of 2016, so it’s important to consult with your tax and legal advisors to evaluate your planning options.
Parents often find it difficult to discuss their wealth with their children, especially when it comes to what will happen to their wealth when they die. But when parents do not clearly detail their intentions or prepare their children to receive the family’s wealth, they risk outcomes that will meaningfully erode the value of their estate. Fortunately for every family there are key steps—from opening the lines of communication early to considering the value of an impartial trustee—that can help with successfully transferring the family wealth from generation to generation.
Donors often ask how they can maximize their giving dollars when seeking to fulfill their charitable giving missions. A tax effective way is to donate appreciated securities to a donor advised fund, rather than selling the securities and donating the cash proceeds. So how does it work?
While many families are expending effort on important concepts such as improving financial literacy, defining family shared values, and creating family mission statements, such efforts are likely to be lost if families do not first focus on one fundamental aspect of a successful family: Communication. Effective communication is an ongoing effort that requires continuous attention. Learning a few tips and tricks can go a long way to helping families connect their wealth and purpose.
The topic of wealth transfer to the next generation has been well documented. Accenture estimated that $30 trillion of financial and nonfinancial assets are ready to shift from baby boomers to their children in North America alone. At the same time, there is a large and growing appetite for using wealth to solve social challenges and help those in need. In 2015, 98.4% of high net worth families gave to charity, and foundations contributed $57.19 billion to nonprofit causes, a 6.5% increase over 2014.