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The term “passion investments” has gained currency within the wealth management arena to describe high-end collectibles and other luxury possessions that hold emotional as well as financial value for their owners. When considering that this new asset class has generated noticeable returns, it’s no surprise that owners want to protect their high-val...

Whether your collection of paintings are decorative pieces or appreciative investments (or both), they can hold a tremendous amount of meaning and value. As to the decision regarding how and where to display your fine works of art, it’s important to identify and consider the many factors that could lead to a loss. All paintings—including oils, acry...

One of the most common concerns families have revolves around how to share wealth with family members without encouraging entitlement. With forethought and care, giving well and wisely can bring families together and strengthen the bonds between generations. The steps to giving wisely—and fostering flourishing over entitlement—include clarifying yo...

Works of art are at great risk of being damaged during handling and transportation. To reduce the likelihood of loss, it is important to adhere to a stringent set of guidelines for every transit. Arrangements will differ in each situation, but following the recommended steps—including selecting a fine art specialty shipping company and reviewing yo...

When you’ve made the decision to protect a collection through insurance, you want to be sure that coverage amounts measure up to the value of your items. Determining proper values can be tricky, as so many variables impact a piece’s worth. Given the ever-changing market, values are in constant flux. That’s why professional appraisals are critical, ...

The 2018 U.S. Trust Insights on Wealth and Worth® study asked nearly one thousand high-net-worth individuals about their approach to building wealth and the extent to which they are using it to achieve their goals and support the causes they care about most. The study found that while wealth provides the freedom to do more, it also brings increased...

The death of a loved one is a difficult and emotional time for a family. There is often additional stress if you are appointed as the executor of the will and trustee of your family’s trusts, especially if the deceased had been the sole manager of substantial family assets and wealth. For an untrained person, it can be a daunting role. For these re...

When done well, a trustee’s service can have a profoundly positive impact on a family; when done poorly, a trustee’s service can create or exacerbate fissures within a family, dissipate family wealth, create personal liability for the trustee, and create a public spectacle that sullies the family’s good name and reputation. For key employees in fam...

Managing family wealth over the long-term requires careful thought and a well-structured estate plan. Before making specific decisions about what’s best for your wealth, it’s wise to spend time considering what it is you really want to see happen with it. There are steps you can take—including considering trust options—to help create a legacy plan ...

Ultimately, how well your wealth transfer plan fulfills your legacy and meets the needs of the next—and future—generations depends on whom you name as your trustee(s). This makes your trustee selection one of the most critical aspects of an already complex wealth planning process. To help navigate this selection process, work with a framework built...

While it is impossible to predict every catastrophe, thorough pre-event preparation and post-event response planning can help reduce the likelihood of loss and limit the severity of damage that can’t be avoided. This reference guide and sample planning forms based on decades of experience will help you proactively keep art and other valuables ...

Without the usual financial pressures of family wealth, how do you teach your children about money, work, and personal responsibility? Because the stakes are high at this point in your family journey, this article by NEPC recommends starting with the family fundamentals and a sense of purpose for the wealth. It further outlines a reliable 1-2-3 str...

Historically, beneficiaries learned of wealth transfer plans only after the death of the grantor. However, this approach often leads to unanswered questions and, potentially, feelings of betrayal when expectations for future gifts are left unmet. There are several planning tools, including a Statement of Wealth Transfer (SOWTI), that can facilitate...

Serving as a trustee for your family can be a valuable experience for you, while also providing an important service to your family. But before you accept the position, make sure that you understand the role you will play for the family and are willing to accept the responsibilities and liability that come with it.

To effectively serve as a trustee, it's crucial to understand your fiduciary duties. Even trustees with the best of intentions can create liability for themselves by being unprepared for the job or by not fully understanding their obligations. Learn more about some of the common mistakes family trustees make that can lead to lawsuits and other...