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...
This presentation uses survey data and case studies to explore non-monetary incentives employed by single and multi-family offices including policies for paid time off and other benefits and perqs. Most single family offices are smaller organizations that employ 20 or fewer people. Their policies related to non-monetary incentives vary dependi...
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...
Families of significant wealth often own a diverse mix of assets, including multiple residences, less liquid alternative or private equity investments, and valuable collectibles, all of which requires more sophisticated planning. They also have somewhat different emotions about their wealth that can include, among others, fear that wealth can have ...
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...
Ask a wealth management colleague to define “the cloud” and you are likely to get a vague response. Even among information technology experts, the term “cloud” may refer to different technologies that are only connected in a general sense. And despite the fact that cloud computing has quickly become the IT norm, the question...
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...
Michigan recently passed an act that allows individuals to create Domestic Asset Protection Trusts ("DAPTs"), an attractive option to help people protect their assets from the claims of third party creditors. If the basic requirements of the newly adopted Michigan statute are satisfied, it also permits the trust settlor to retain certain ...
On April 26, 2017, President Donald Trump presented the core principles of his proposal to significantly overhaul the Tax Code, including reducing individual tax brackets from seven to three, lowering corporate and individual tax deductions, and eliminating the alternative minimum tax. If key elements of the administration’s tax reform propos...
In a competitive global marketplace, employers across the United States spend countless resources attempting to set themselves apart and claim their share of available business opportunities. Against that backdrop, it is easy to understand why employers will do everything possible to protect the confidential information they have created and the go...
Every family has its own reasons for establishing a private family trust company (PFTC) which can be structured to suit the family’s needs and desired goals. When deciding whether to establish a PFTC, there are several important issues to consider. Taking an in-depth look at these considerations—including capital requirements, regulator...
The Board of Directors plays a pivotal role in the effective governance of any organization, including the private family trust company. Board members fulfill their roles and responsibilities, in part, by holding regular meetings that utilize a comprehensive agenda. One vital tool for an effective Board meeting is the meeting agenda. Here, ten sugg...
Tremendous forces are radically reshaping the world of work. Economic shifts are redistributing power, wealth, competition and opportunity around the globe. Disruptive innovations, radical thinking, new business models and resource scarcity are impacting every sector. Businesses across the world are beginning to understand that they need a clear an...
For decades, Delaware has led as an innovative and flexible jurisdiction for establishing and administering personal trusts. There are five reasons to explore the First State as the premier location for your new or existing trust—even if you don’t reside in the state. Delaware is also a leader in providing “directed trusts,”...