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In December of 2017, the U.S. Tax Court decided in the Lender Management, LLC v. Commissioner case that deductions that were part of a taxpayer’s trade or business were deductible under Section 162; however, deductions under Section 212 were suspended through tax year 2025. Following the suspension of the 2-percent miscellaneous itemized deductions, family offices should consider whether entity restructuring will enable them to deduct expenses under Section 162, rather than under Section 212.

Both New York State and New York City have recently passed a series of laws that significantly increased the protections against sexual harassment in the workplace. These laws outline additional and specific requirements—including the adoption of anti-sexual harassment policies and training—that employers must comply with over the next year.

As the office of the controller becomes ever more strategic—creating higher levels of financial visibility to help drive growth and profitability—the financial organization’s relationship to the controller role must evolve as well.

Each decade of life brings unique challenges and opportunities, financial and otherwise. Focusing on each stage from the 40s to the 70s, we highlight the planning issues that may be ripe for your consideration, including revisiting your estate plan, downsizing your home, and constructing your general retirement plan.

Each year thousands of property owners and their families are affected by natural disasters and the financial damages can be devastating. Although it may seem there is very little that can be done to prepare against a hurricane, there are practical steps before, during, and after the storm that you can do (or not do) to protect yourself, family, and personal property.

This is a field guide for avoiding the pitfalls that cause families to overpay, waste time, or lose money due to estate transitions. If you are dealing with a family member’s house full of possessions when age, personal or medical reasons dictate that it is time to sell a primary or vacation home, then these tips will help you simplify the process. By taking the frustration and time-consuming aspects out of the equation this will make your estate transition easier.

Hiring domestic staff such as nannies, personal assistants, and housekeepers can expose you to liability issues and danger from unscrupulous employees. It is important to understand your areas of vulnerability and take steps to protect your family and your finances. Whether you hire your own employees or the family office hires them, three often overlooked areas which can create liability for high-net-worth families are insurance coverage, background checks, and employment documentation.

Every year, thousands of property owners and their families are affected by natural disasters such as flood, fire, earthquake, tornado, wildfires and windstorms. In 2015 alone, there were 10 weather and climate disaster events with losses exceeding $1 billion each across the United States. These events included a drought, flooding, severe storms, wildfire and a winter storm. To help prepare and protect yourself against a flood, a checklist of practical steps is provided.

Wealth may be structured to either protect assets or make them harder to reach by creditors. While fraudulent conveyance with respect to existing claims is an unavoidable risk, steps should be taken sooner rather than later. Understanding the various asset protection techniques that are typically used and the “fraudulent transfer” rules that may undermine any asset protection structure is critical to examining what level of asset protection is best suited for you.

Knowing what to do and what not to do before, during, and after a wildfire can go a long way in protecting you, your family, and personal property from harm. To help prepare and protect yourself against a wildfire, a checklist of practical steps is provided.