Resource Search

The proverb “Shirtsleeves to shirtsleeves in three generations” is pervasive across many cultures. Why is this the case and how can your family be exceptional in your quest to sustain your wealth? Observations from decades of working with families on this challenge provide seven insights on how families fail to sustain their wealth from generation to generation, and how you can learn from them.

Travis Roy’s story is well known—in 1995, the rising college hockey star suffered an on-ice injury that left him paralyzed from the neck down after only 11 seconds of his first Boston University game. That tragic accident ended Travis’ hockey career, but it marked the beginning of his decades-long commitment to helping others through the Travis Roy Foundation. As the Foundation grew, Travis faced a critical question: how can a grass roots organization powered by volunteers manage growth and sustain its impact without a sophisticated support structure?

A great deal of focus has been placed on the next generation of business leaders, beneficiaries, and philanthropists. Rarely discussed, however, is the next generation of trustees that will guide them through so many crucial life decisions. Serving as trustee is a natural extension of an estate planning role, and the next generation of trustees knows that in-depth knowledge of the nuts and bolts of estate planning is only one part of the foundation needed to be a truly trusted advisor to families.

In recent years the rise in prominence of smaller, typically seed stage focused venture funds has transformed the landscape of early stage investing. At the same time, mobile innovation has spawned new business models that in a short period of time can achieve great scale and reach. It becomes even more essential to have access to top venture capital firms, which can be hard, but understanding micro VCs track record may get you the same access to the top portfolio companies.

Everything is more complicated for families with a loved one with a disability. From finding the right doctors, the right schools and obtaining necessary therapies and services. Nothing is easy. Developing an estate plan is also more complicated than it is for “typical” families.

Many powerful trends are taking place in 2016 with trust and estate planning for both domestic and international families in the favorable boutique trust jurisdictions such as South Dakota. From modern trust structures such as the directed trust, private family trust companies, special purpose entities and domestic asset protection trusts, to planning with private placement life insurance and promissory note sales, this article examines strategies that can help maximize a family’s estate plan.

Estate-planning advisors should be aware that there are many creative planning opportunities for the use of Private Placement Life Insurance (PPLI) with trusts. PPLI is essentially a flexible premium variable universal life insurance transactions that occurs within a private placement offering. Previously, PPLI hadn’t been as appealing due to lack of Internal Revenue Service guidelines; limited investment alternatives; and wide-ranging expense charges.

Business impersonation scams are a large and growing risk for high-net-worth individuals, closely held business owners, and institutions. Scams have claimed victims in all 50 states and more than 100 countries and there is every reason to believe the threat is growing. Learn seven steps that can help you protect yourself and your business from impersonation and other types of fraud.

Asset ownership, insurance, irrevocable trust, limited liability entities, and asset protection trusts are key vehicles when it comes to protecting your assets. Having an overview of what is protected under these vehicles—including the costs, administrative considerations, income tax treatment, and the estate and gift treatment—provides an easy, at-a-glance understanding of the options available in preserving family wealth.

Strategic philanthropy is similar to intentional asset allocation in that it requires as much of the giver’s intellect as it does the bank account. A careful and disciplined approach to philanthropic giving combines purpose, practicality, and passion. In planning for charitable giving, families can review their choices with a planning matrix that outlines the types of gifts and their basic features, control features, term, administrative considerations, income tax benefits, deduction limits, estate and gift tax benefits, costs, and other benefits and considerations.