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Current valuation methodology for gift and estate tax purposes often includes discounts for privately owned businesses. Modern estate planning sometimes includes packaging investments into a family-owned investment pool that would be subject to discounting, which can and have ranged from 15 to 50 percent. The Department of Treasury has proposed new regulations that are likely to eliminate almost all valuation discounts in a family business setting. A public hearing will be held on December 1, 2016.

For years, owners of family-controlled companies have taken advantage of applicable valuation discounts to advance their objectives in transferring wealth and company ownership to future generations in a tax efficient manner. On August 2, the Treasury Department issued proposed regulations under Internal Revenue Code Section 2704 to curb the use of valuation discounts in such circumstances. A public hearing on the proposed regulations has been scheduled for December 1, 2016.

When you think about family dynamics, very often there’s a lack of that home team concept and feeling of unity. Establishing that home team within your family early on offers the greatest opportunity for generational success and healthy family governance. The need to prepare the family for the future is particularly important for families that own and run a family business which they hope to pass down to future generations. A five-step process can help families build their home team advantage.

Two harsh realities threaten to compromise most investment objectives: first, markets are unpredictable and, second, investors can sometimes be their own worst enemies. A well-diversified portfolio seeks the highest potential return while striving to manage a given level of volatility. Goals, markets, and circumstances are all fluid; even a well-diversified portfolio is only as good as it is current, so be sure to periodically rebalance your portfolio. As with any endeavor, the prospects for success improve with a plan.

Entrepreneurs are risk takers by nature, leveraging their insight, hard work, and capital to create successful companies. Unfortunately, many entrepreneurs who become business owners don’t think about specific kinds of risk until they’ve experienced a threat first hand. Yet planning ahead is critical to mitigate many different kinds of risk and protect your business from losses. Your own risk exposure will depend on many unique factors—the nature of the business, your own personal tax and financial situation, and estate and business succession planning considerations.

With the advent and growth of Internet-based communications, it has become normal to instantaneously pass on information. If the Single Family Offices (SFOs) and ultra-wealthy do not secure this traffic of critical and private information, they can expose themselves to significant financial—and potentially physical—risks. The threats are all around and the wealthy are especially targeted. What should the SFOs consider to secure their communications while providing a platform that will entice and engage the next generation?

Investors were recently challenged after the U.K. referendum on membership in the European Union (the Brexit vote). Although the polls predicted a tight race, the markets were signaling that a vote to remain would prevail. As the facts of the market changed, it was critical that opinions adapted to evaluate whether an investor was on track to reach his or her investment goals or if a change in route was in order. Without denying the longer-term ramifications of Brexit, there are strong supporting indicators that give confidence in the overall health of the global economy.

The metaphorical glass slipper represents the combined interpersonal dynamics of your family and loved ones, your individual passions, goals, hopes and dreams, along with the complexity of your family’s estate plan. When combining the characteristics of your family with the complexity of your estate plan, the result is a unique dynamic with special needs—requiring a trustee with a complementary skillset. What skillset and qualifications should your trustee have?

Equities ended the first half of the year wildly positive and remarkably resilient, with the S&P 500 having endured an approximate 10 percent decline in January and February to end the first half up 2.7 percent. The S&P 500 Index then reached a new all-time high on July 11. To a large degree, equities have begun the second half of the year priced to perfection. While the near-term risk profile of equities is elevated, the fundamental and macro backdrops appear supportive of equity prices.

Real estate has long been recognized as a diversification vehicle within investment portfolios and often is held in one of two ways: physical real estate and Real Estate Investment Trusts (REITs). Although REITs were first created in the early 1960s and have played a notable role for investors since the 1990s, they have not always been a requirement within portfolios for traditional equity investment managers.