In 2012, total charitable giving rose to $316 billion in the United States, driven by an $8 billion increase in gifts by individuals. This year, individual donations are likely to continue growing, spurred by tax changes, the improving economy and donor-friendly IRA rules. Here are five reasons why 2013 is a great year to give.
Parents want to do what is best for their children and teach them appropriate life lessons at appropriate developmental stages. Knowing what to teach children when is an art, something at which every caring parent wants to be successful. The skill building pyramid outlined in this paper provides a means to gain clarity as to what, specifically, parents are trying to teach their children and how best to go about teaching them.
When the time comes for assets to be dispersed among heirs, everyday objects of sentimental value can become contested belongings. Many parents admit to worrying about the sibling rivalries this process may stir up. Yet, uncertain how to confront these issues, many tend to simply hope for the best. A better course of action: proactive discussion, as a family, during a parent’s lifetime.
Despite marked improvement, economic and market conditions have not returned to “normal.” Opinions differ, but perhaps normal is defined best by what is abnormal. By identifying and examining the issues that stand out as extraordinary, investors can understand how their reversion will impact economic growth and the markets.
In light of the increased cyber fraud of email accounts, firms should adopt client callout practices to confirm third-party wire requests received through email. Faxes, voice mail messages and emails should not be used to verify wire transactions. Client education makes these types of money movement controls more acceptable and encourages clients to be proactive in protecting their assets.
Planning discussions about wishes are often reduced to how wealth should be distributed or utilized when the principal dies. However, wealthy individuals may be better served by a much broader discussion of how to build a family legacy that generates social and economic wealth, creates family unity and transcends time.
Following a survey in which 83 percent of employers reported that the average age of their workforce increased in the past decade, the author, who has practiced labor law for three decades, offers four tips for employers who are challenged by a workforce that may include as many as four different generations of workers.
Approached the right way, a prenuptial agreement can strengthen the bonds of marriage and encourage a productive, healthy discussion of finances and expectations. Many religions require a discussion of finances in premarital counseling, but talking about money is very difficult and not a topic many people are accustomed to discussing.
Many employers have implemented wellness programs to help contain health plan costs and decrease absenteeism. While many of these programs have existed for some time, new regulations issued by the Departments of Labor, Treasury and Health & Human Services require plan sponsors to modify wellness programs for plan years beginning on or after Jan. 1, 2014.
The allocation of receipts and disbursements between principal and interest are critical to the proper design and administration of trusts. Individuals creating trusts should have an appreciation and basic understanding of these concepts so the trusts will operate consistent with the settlors’ intentions and provide the intended benefits.