Transferring more than material wealth has become increasingly important in today’s world. Ethical wills are a key tools that enable you to transmit your values to the next generation with peace of mind. These kinds of wills may include your personal beliefs and philosophy, and even important family history.
Squeeze, Freeze, and Burn. It sounds like an odd phrase, but it is actually a term used to describe a highly effective estate planning technique. It’s so effective, in fact, that as early as this September the IRS is expected to change some of the rules governing the “Squeeze” aspect—but more on that later. First, you pro...
In addition to passing on knowledge, there are various ways to pass on wealth, and that is where smart estate planning and planned gifts come into play. This guide seeks to give you a quick reference to how families can manage wealth, considering taxes, additions of new family members, managing risk, and charitable objectives. It addresses issues c...
Spring and summer are typically filled with celebrations of life’s milestones, graduations, and weddings to name just a few. These and other life events are all occasions when we may wish to bestow meaningful gifts on those we care about. Thoughtful gifting strategies can help families transfer wealth from one generation to another, soft...
Americans are very charitable people; private philanthropy is growing at approximately 29 percent each year. Millions of dollars are given for human and environmental needs, medical research and facilities, as well as scholarships and endowments for education. The private family foundation is an excellent way for a family to take par...
Today even very young companies are often international — many entrepreneurial ventures are “born global” in terms of their supply chain or customer base. However, there comes a time when an entrepreneur will decide to make the push into an overseas market in a more formal way, working to establish a presence in that jurisdi...
Given the uncertainty after the 2016 presidential election, it is critical to implement the best strategies to minimize taxes come April 15, 2017 (and beyond). While it is unclear which tax reforms will be pursued and what order, there are considerations and informational points—broken down by tax areas in a summary of planned changes—t...
Jessica Jackley, cofounder of KIVA, the world’s first microfinance website, shares her unique wisdom on financial inclusion and social justice. Jessica highlights stories and lessons from her book, Clay Water Brick: Finding Inspiration from Entrepreneurs Who Do the Most with the Least, as well as experiences from her own life as an entreprene...
A rising generation of clients in their 20s and 30s turned to Jim Steiner, president of Abbot Downing, and asked him to share his insights, both as a parent and a wealth management leader. Through four memorable stories and thoughtful questions, Mr. Steiner reflected on matters of career, philanthropy, family, and leaving a legacy. He beg...
Private family trust companies have increased in popularity in recent years, and several states have adopted statutes specific to them. This compiled information compares state trust law requirements for Virtual Representation, Nonjudicial Settlement Agreements and Nonjudicial Modification Agreements in selected states that have PFTC statutes, incl...
For a number of philanthropists, philanthropy is a family affair: a means of passing on key values to the next generation as well as giving back or doing good. How are millennials in family foundations, with the weight of legacy on their shoulders, approaching philanthropy? This fascinating generational shift is explored in more detail in this new ...
Wealth amassed by affluent individuals is being channeled into family foundations, increasingly led by millennials. They sit at the crossroads between the forces driving the millennial generation and the weight of their families’ legacies. They want their financial resources to achieve the greatest possible impact. They question why all their inves...
The Trump administration has released its tax reform outline: the “2017 Tax Reform for Economic Growth and American Jobs.” Although it doesn’t include specific proposals like the border adjustment tax, it does call for a “territorial tax system to level the playing field for American businesses,” as well as significant...
A much anticipated and, perhaps, over-hyped news conference rolling out the Trump Administration’s tax reform plan generated very little “new news.” Treasury Secretary Steven Mnuchin and National Economic Director Gary Cohn presented an outline of a plan that is very similar to the talking points the President promoted on the camp...
When a loved one dies, there isn’t a checklist of tasks to complete to expedite the grieving process. When you have been named the Executor (or “Personal Representative”) of the estate, you have an administrative process to navigate in addition to the emotional one. Thankfully, in that role, there are a finite number of actions th...