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Policy owners must avoid projecting today's economic environment forward for an extended period, causing them to choose products that lock in long-term mortality and interest rates. Such a move not only virtually ensures long-term underperformance but also sacrifices the flexibility necessary to take advantage of conditions as they change.

In light of the current environment, it is easy to lose sight of the proven policyholder protections that the life insurance industry continues to provide, including regulatory and third-party oversight, as well as mechanisms to support policyholders of troubled companies.

Difficult financial times are likely to continue, affecting all aspects of the economy and the markets, but the high-quality subsector of the municipal market is not at risk for significant defaults or losses. Debt burdens are relatively light, and annual required payments are often senior to most other budget items.

Master limited partnerships represent a niche asset class that is gaining attention for its attractive yield potential, historically low correlation to other asset classes, and potential tax benefits. Strong industry fundamentals, attractive valuations, and above-average dividend yields provide a compelling entry point for investors looking at MLPs.

Power failures, IT system crashes, supply chain problems or a flu epidemic can cripple a family office as completely as a natural disaster or terrorist attack. Developing and implementing a business continuity plan can help bolster a family business's defenses against such risks and serve as a first line of defense against losses.

Increased tax exemptions, continued availability of valuation discounts, historically low interest rates and depressed asset values have created a perfect storm for families interested in preserving their wealth. However, current opportunities may begin being eliminated as early as January 2012.

While foundation leaders have displayed a remarkable ability to adapt to change, economic and legislative uncertainty make fulfi lling their mission directives all the more arduous. This period of transition promises to be more than a temporary shift, and many foundation executives believe some fundamental changes are necessary.

Cyclical volatility appears to be a defining characteristic of contemporary financial markets. Researchers reflect on the past two decades to identify common factors behind financial crises and caution about where the next bubble might be forming. They also consider life after debt, the fate of the euro, the Asian factor, and what to do now.

Among the items on the list are basic tax-free gift opportunities, larger exempt gifts, tax-free transfers to credit shelters and family trusts, IRAs and retirement benefits, charitable contributions from IRAs, low interest rates related to leveraged gifting opportunities, decanting and creative planning with irrevocable trusts, and family C corporations.

The authors have contended since late 2008 that the global deleveraging process is likely to occur in multiple stages and last until 2014 or 2015. Investors need to be aware of this cycle in allocating assets and to focus on capital preservation while resisting the temptation to be swayed by short-term volatility.