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Private credit investments have experienced a rapid evolution over the past decade. Market conditions have helped to shape what may be a particularly auspicious cycle for the asset class. Higher interest rates and changing credit market dynamics have created attractive opportunities for private investors and wealthy families—but proper due diligence and implementation is essential. Allocations to private credit can be additive to overall portfolio positioning.

As families of wealth navigate the complexities of their wealth management, it is crucial to remain proactive in building and adjusting their investment infrastructure to help preserve and maintain wealth over the long term. This paper serves as a guide for families who have decided to outsource the investment function of their portfolio by partnering with an investment advisor. Its aim is to help families understand the different structural components to consider as they work to create an institutional-caliber portfolio.

Tennessee enacted a new trust bill effective July 1, 2024 that made several key changes to Tennessee’s trust laws as well as an important change to the Tennessee general partnership statute. Another highlight includes changes to the Tennessee Revised Uniform Partnership Act, which may enable interests in a family-owned general partnership to qualify for applicable valuation discounts under federal estate and gift tax rules. This Holland & Knight alert takes a closer look at the new law’s impact on family wealth and business planning.

Families of wealth often want to help their relatives financially but are justifiably concerned about what those individuals will do with the money and how having access to significant sums might affect their values and behavior. While making family trust distributions is a way to provide discretionary income, it’s a framework that gives the trustee control over when and how much money to give to a beneficiary. However, that process is not collaborative.

While entrepreneurs are intently focused on building their businesses, they may have less time to spend on building, sustaining, and distributing their wealth. Given the importance of early wealth planning and its long-term impact, this guidebook provides insights and tools at each stage of the entrepreneur’s journey to help them move forward from growth to exit to reinvention.

Successful family meetings are an essential component of managing a family-owned business, especially for wealthy families. Such gatherings are not only about ensuring the smooth operation of the business, but also about facilitating family harmony and ensuring that relationships and the family’s legacy continue through generations. Learning from experience that includes failed family meetings, here are 11 tips for facilitating productive family meetings that foster unity and effectively grow wealth across generations.

There are various laws and issues to take into account when considering a state in which to form a Private Trust Company, including requirements around annual reporting, residency of personnel, and capital requirements. This report provides a side-by-side comparison of state PTC laws across key states: Ohio, Florida, New Hampshire, Nevada, South Dakota, Tennessee, Texas, and Wyoming.

For high-net-worth individuals, the art of wealth transfer extends beyond merely providing financial assistance to future generations; it’s about strategically positioning the next generation for personal success and knowing how to navigate a complex landscape of income, gift, and estate taxes. And when it comes to providing assistance to help loved ones achieve home ownership or favorable living arrangements, determining the best approach will require consideration of several factors that also include the tax implications and consequences.

Individuals with substantial business holdings often face complicated estate tax issues. Failing to recognize and plan for these issues may adversely impact the ability of the estate to timely pay any estate tax it owes. What is more, a lack of planning can affect the ability of the business to continue operating in the manner envisioned by the current and succeeding owners.

As tax strategy becomes more central than ever to business success, tax leaders must adopt new capabilities beyond those traditionally required to lead the tax function. Essential to this evolution is the ability to develop and execute a forward-looking tax roadmap that fully integrates emerging technologies such as artificial intelligence (AI).