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When approaching estate planning and, more specifically, setting up a long-term, irrevocable trust, many high net worth families both think and act locally. They provide -- often with minimal analysis or advice – for a trust that is governed by the laws of their home state and subject to taxation there, without considering alternatives that may be far more attractive.

The loss of a spouse to either death or divorce is one of the most traumatic experiences anyone can go through. Life will change irrevocably in many ways for the surviving spouse or separated partners. This article reviews often-neglected steps that may lessen the burden and financial issues that you and/or your spouse may face when this painful loss occurs. So-called “widow planning”—applying equally to widowers and to contingency plans for divorce—is an essential part of any couple’s financial preparedness.

Research on income equality and social mobility yields compelling conclusions in support of both sides of the debate. For now, regardless of how the research evolves, it is safe to expect the U.S. will enter an environment of higher personal tax rates with further redistribution in the cards, something investors need to consider when weighing the merits of whether to realize or defer income and capital gains.

For families contemplating substantial charitable contributions, private foundations provide a structure to create a legacy of family charitable giving and remain a popular vehicle for charitably inclined families.

On 18 March, the Russian Ministry of Finance published a draft law on anti-offshore measures (the Draft). This article by Withers LLP provides a thoughtful review of the Draft, which introduces three concepts:Controlled foreign companies rules (CFC)Russian tax residence for foreign companies based on tests of management and controlNew rules on taxation of the indirect disposal of Russian real estate

The sale of a business can be one of the most significant events for families of wealth. Often, family members have devoted substantial time and resources to building a successful enterprise.While the sale of the business may be viewed as the successful culmination of years of work, it may also cause concern for the owner, who feels there is not enough time to initiate effective wealth transfer planning. Instituting the proper planning process before a sale has a material impact on the after-tax sales proceeds received and provides peace of mind for the owner.

As tax rates on the wealthy have begun to go up again, taxpayers have begun to take a second look at the few legitimate tax shelters still available, and this has renewed interest in investing through insurance dedicated funds (IDFs).This paper discusses two types of IDFs, Private Placement Variable Annuities (PPVA) and Private Placement Life Insurance (PPLI). Gregory Curtis of Greycourt & Co., Inc., looks at:

Every day we use smartphones, tablets, computers and other digital devices to access, transfer and store information, conduct financial transactions and operate many other aspects of our lives. Your digital assets include all of the digital devices you own, all data stored in them and on external servers, and all of your online user accounts. Ensuring the proper management and orderly transfer of these assets after incapacity or death is an increasingly important aspect of estate planning.