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Clear legal ownership in the art world does not mean simple possession. This article focuses on fiduciaries and ultra-high-net-worth clients and the challenges faced when managing trusts.

With only a few months to go until the end of the year, those who have not fully used their available lifetime gift, estate and generation skipping transfer exemptions may be running out of time. This paper outlines some ideas for making relatively simple and quick use of the opportunity, so that it does not go to waste.

The windfall of inherited wealth often comes with feelings of guilt and elation, isolation and confusion. No wonder; when the financial gain is due to the loss of a loved one’s life, it feels crass to be excited about the opportunities an inheritance affords. Learning to be comfortable with inherited wealth is a process, a process of moving through emotional stages that can be aligned with the emotional stages of grief.

There is the age old stigma that wealth can bring or buy happiness. But, we hear it time and time again: money doesn’t buy happiness. The lack thereof may create unhappiness, but the presence of wealth does not necessarily have the opposite effect. Wealth does not create happiness nor does it provide the meaning of life. It may provide opportunities, but that does not guarantee happiness or meaning. Senior Wealth Dynamics Coach Amy Zehnder looks at the prospects of turning wealth into happiness.

Taking time to tell family stories, and finding interesting ways to record them for subsequent generations, can serve as a foundation for family members to bond and identify with each other. Stories can engender in family members an appreciation for their own unique “differentness” of identity from those outside of the family. This shared sense of unique family history can aid the family in their quest to break the curse of the third generation.

Chief Investment Officer David Donabedian recaps the first half of 2012 and provides an outlook for economic activity and financial markets in the third quarter of the year.

This white paper reviews how investors can take advantage of the current gift tax exemption without hurting their liquidity.

This paper examines the gap between the theory of portfolio construction and its practice. In particular, it analyzes some of the problems in the application of portfolio optimization techniques to individual investors and identifies ways to compensate for the theory's shortcomings.

Data from the Carlyle portfolio and external sources suggest that housing construction and renovation activity could be on the verge of recovery.

By virtually any measure, the speculative grade corporate credit market in the United States is performing exceptionally well. In this paper, the Carlyle Group looks at why its predicted collision with the “maturity wall” never materialized.