1031 exchanges are a common way for collectors to defer payment of federal capital gains tax when they sell appreciated property and buy like-kind property of the same or greater value. However, these exchanges must be planned carefully. This article features an example of a fine art 1031 exchange gone wrong and how alternative structures can prevent failures and reduce expense.
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This paper examines how good active managers and hedge funds need to be to outperform passive index funds on an after-tax basis using over 40 years of data. The authors note that while many studies look at the impact of fees on active manager performance they are not aware of any studies that incorporate the impact of taxes over long periods of time.
A careful and disciplined approach to philanthropic giving combines purpose, practicality and passion. Strategic philanthropy is similar to intentional asset allocation in that it requires as much of the giver’s brain as it does the bank account. This white paper explains a higher quality of giving, an important part of many high net worth individuals’ financial priorities.
The word concentrated is defined as “to direct toward one point” or “to intensify.” For wealth preservation, that’s not necessarily a good strategy. Here’s what individuals need to know about concentrated holdings and whether they should sell, hedge, exchange, donate or transfer.
This article highlights steps that should be taken to ensure the privacy of family members and family office staff who use social media tools, including warnings about posting location-based information and a review of privacy settings for social media.
The authors discuss the Risk Parity approach to investing - equalizing risk by allocating funds to a wider range of categories such as stocks, government bonds, credit-related securities and inflation hedges (including real assets, commodities, real estate and inflation-protected bonds) while maximizing gains through financial leveraging.
This article explores the questions and options that should be examined in designing an optimal investment program for a Generation Skipping Trust (GST).
Because wealth often creates shared assets, joint decisions are required. And not infrequently, the children of wealth may not be as financially motivated as were earlier generations. In this white paper, the authors discuss strategies to establish governance practices to help families preserve both wealth and family harmony – and create a meaningful legacy.
The authors discuss Exchange Traded Funds (ETFs) - what purpose they serve, why demand for ETFs has grown, and the author's position on the use of these products. Also covered are how ETFs have evolved in recent years, examination of their risks and consideration of some unintended consequences that may result from their design that have implications for the market as a whole.
In his latest research study, Dennis Jaffe and research contributors from Family Business Network, Family Office Exchange, and Stetson University’s Family Enterprise Center interviewed 38 families that have managed to overcome the adage “shirtsleeves to shirtsleeves in three generations.” The report discusses the generational stages in the development of the family enterprise and includes 19 vignettes of family member refle