Selecting one’s home state as the situs may be a convenient or easy answer. However, the ability to implement a trust that may last forever, eliminate additional transfer taxes after funding and avoid state income taxes may provide the financial incentive to stray from home, or at least to consider it.
In 2012, total charitable giving rose to $316 billion in the United States, driven by an $8 billion increase in gifts by individuals. This year, individual donations are likely to continue growing, spurred by tax changes, the improving economy and donor-friendly IRA rules. Here are five reasons why 2013 is a great year to give.
Whether a grantor is struggling with ensuring that a trust fulfills the intentions for which it was established or simply wants to sleep better at night knowing the trust assets will be managed and monitored effectively, the directed trust statute provides the flexibility and incentives needed to improve the long-term outcome.
While the greatest tragedy is the loss of life, disasters also cause major financial damage, often leading to the temporary shutdown of companies or even putting them out of business. Preparing for the possibility of disasters is especially critical for small and mid-size companies that may not have the financial resources to recover from a devasta...
Whether traveling for business or pleasure, wealthy individuals need to think through everything from managing petty theft and lost passports to accessing medical care in a remote location. This white paper provides guidance on proper planning, including a checklist of safety tips to reduce the likelihood of becoming a crime victim while away from ...
Examine how to select the best insurer for a private art collection in order that it may be preserved and protected for future generations. This paper delves into the causes of some of the most expensive art claims paid out to collectors and how families can take a more pro-active role in reducing the risk of loss and ...
Wealth management and tax planning, done right, require care and a thoughtful approach. Helping you be vigilant in these and all other aspects is the purpose of this guide, which walks you through the key concepts and approaches pertaining to tax planning, investing, charitable giving, estate and gift planning, business succession, family meetings,...
This paper lays out general insights around art as an asset class and how best to mitigate risks inherent in art-related transactions to buyers and sellers, financial institutions, trust and estate practitioners, and art investment vehicles. As we look toward the future, we can expect that globalization and structural ineff...
In this article highlighting the importance of title insurance for fine art, Stephen D. Brodie of Herrick, Feinstein LLP, finds that:The economic value of fine art has become high enough, and that the risk of a title problem is real enough, that it is time for convention to change.Title insurance is readily available today, and should become a stan...
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. ...
In light of recent and widely reported art market litigation, many collectors, advisors, dealers, and galleries are more cautious and confused than ever about how to go about buying and selling art and collectibles without losses or lingering liabilities. In this article, Judith L. Pearson of ARIS Title Insurance Corporation discusses the rise...
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 Insur...
This paper is a technical summary of some of the challenges facing the U.S. nonprofit museum community in regard to risk management of art ownership. It includes a summary of key events that has shaped the art market over the last 50 years as well as consideration of the effects of Sarbanes-Oxley and issues surrounding D&O insurance, where muse...
Wealthy individuals need to play an active role in their wealth management, asking advisors the right questions and reviewing their answers regularly. This requires a solid understanding of wealth management principles and how to apply them in a variety of areas, ranging from personal tax planning to the transfer of a business.
Part of the Grow Your Business (GYB) series from PriceWaterhouseCoopers, this edition covers what private companies are doing to rethink their approach to risk against a backdrop of globalization, economic realignment, and rapid technological change.