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The Senate Bill 54 (the “SB 54”) was signed into law in California and will take effect March 1, 2025 for all investments made during calendar year 2024. The law will require “covered entities” to report the demographic information of “founding team members” of all companies in which the covered entity has invested. The law is meant to address the lack of venture capital funding flowing to diverse founders and is the first of its kind.

Creating portfolios that are customized to a family’s unique investment goals and risk tolerance requires ingenuity and flexible thinking. However, the execution of risk management should be more systematic. Ultimately, the effective investors employ a risk management framework that accounts for potential risk at every stage of the investment process—one that considers four crucial components: strategic risk, implementation risk, portfolio monitoring, and communication.

For leaders of founder-owned companies, simply making the decision to sell or bring in an outside investor can be anxiety inducing. The transaction process itself is often filled with apprehensive moments—arguably none more so than the potential of sensitive information leaking. This primer helps business owners understand how to avoid leaks, how they might emerge, and how to handle them. It details three common scenarios: (1) when there are signs of a possible leak; (2) when signs of a leak are clearer; and (3) when media coverage appears imminent.

Trusts are valuable tools frequently used to transfer wealth within families, preserve and protect wealth, and reduce taxes. Understanding trusts and the role of the trustee is important for the people establishing trusts and the beneficiaries of those trusts. Building on this foundation, answers are provided to some questions about trusts and trustees that a family’s younger generation of trust beneficiaries frequently ask.

Investors have been looking for a recession amidst rising interest rates and expectations for slowing growth, but continued growth in much of the economy and resilient investment performance in 2023 has made for a very murky economic puzzle going forward. Exogenous factors such as geopolitical instability, deglobalization, and continuing risk of a U.S. government shutdown add complicating risk factors to the economic outlook.

Starting January 1, 2024, the Corporate Transparency Act (CTA) will go into effect. All entities formed or registered to do business in the United States will need to either confirm they qualify for an exemption from the CTA’s reporting requirements or timely submit a beneficial ownership information report to the U.S. Treasury’s Financial Crimes and Enforcement Network (FinCEN). Learn more about the regulatory compliance of the CTA in this high-level overview.

When it comes to effectively transferring assets, the Grantor Retained Annuity Trusts (GRAT) is a popular estate planning strategy that can reduce the tax liability. In this interview, three attorneys discuss the benefits of GRAT and the securities law case, Donoghue v. Smith, involving that strategy.

The cyber landscape is always evolving and requires proactive diligence, effective controls, and regular education to significantly reduce the risks. While the volume and complexity of threats continue to grow, experts agree that businesses can significantly reduce their exposure—and costs, if a breach occurs—by following some well-vetted best practices. This list of such practices begins with setting a strong governance framework and is underpinned by continual awareness and education.

In "How To Talk With Your Family About Wealth," we discussed the importance of the family conversation when it comes to planning a legacy—and how quickly wealth can be lost when these conversations don’t take place. Yet despite their importance, these discussions can still be difficult, especially if your family doesn’t regularly talk about money.

People are critical to a family office’s long-term success. However, recruiting top talent can be a hurdle when there’s a shortage of top talent in a tight labor market. Compounding the problem, many family offices lack robust training and development plans to prepare next-generation family members and existing employees to step into key roles. As capability needs evolve, updating role descriptions for employee recruitment is key. Intentional skill development, career pathing, and creative compensation can help retain top talent.