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Wealth planners and attorneys at the 44th Annual Heckerling Institute on Estate Planning conference were hammering home the basics of family governance.
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When attendees noticed that the clouds parted and the sun came out on day one, many made a beeline to the pool at the Marriott Convention Center to try to get a little color on their lunch break. Some conference goers were spotted fully clothed, reclining in the lounge chairs while doing some Heckerling supplemental material reading. That’s tax guys for ya.
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High-net-worth individuals who are looking to set up trusts should take into account state laws and jurisdictions when choosing the domicile to protect against unwanted taxes and complications, said Jeffrey Schoenblum, professor at Vanderbilt University Law School.
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Estate planning attorneys are urging high-net-worth individuals who are entering into prenuptial agreements to thoroughly evaluate the laws of the state where they are drafting the agreement and also take into account any other states where they might own property or do business in.
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The concept of family governance is gaining steam with ultra-wealthy families despite the economic downturn as families are realizing communication is the most important aspect to running and managing their own wealth.
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Wealthy families and high-net-worth individuals should reexamine wealth shifting strategies like grantor retained annuity trusts (GRATs), as drafting process problems often cause losses, according to John Bergner, partner with Dallas-based law firm Winstead PC.
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High-net-worth clients looking to convert their traditional IRA to a Roth IRA in the upcoming future should explore charitable giving as a way of avoiding unnecessary tax penalties, said Christopher Hoyt, professor of law at the University of Missouri.
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Many entrepreneurial families who own and operate their own businesses are considering buy/sell agreements, particularly if they own the business with another family.
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If your clients are still wary about equities, tell them not to worry so much.
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Bennett Financial Group, a Washington, D.C.-based investment advisory, is relying on fitness advice and services to cinch advisor/client relationships in these tough times.
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Those high-net-worth individuals looking to sell a business or stock otherwise should strongly consider doing it before Jan. 1, 2011, when the tax rate is expected to go up, said Bill Zatorski, director for PriceWaterhouseCoopers.
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Conference season is certainly back in full swing, as it was standing room only at day one.
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Bob Doll, vice chairman and cio of BlackRock, is urging advisors to continue to diversify high-net-worth client portfolios and to invest in sectors like healthcare and energy as the economy begins to come out of the recession.
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Wealth advisors have witnessed a spike in interest in investing in clean/green technology from their high-net-worth clients in the past year as the Obama administration has begun supporting investing in clean tech initiatives, according to panelists at the New York Society of Securities Analysts’s Alternative Investments summit.
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The Family Wealth Alliance’s Fall Forum culminated with an elegant awards dinner honoring top players in the family office space.
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Multi-family offices should begin the process of identifying and mentoring potential advisors in their twenties and thirties, panelists at The Family Wealth Alliance’s Fall Forum agreed.
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High-net-worth individuals who are looking to travel to remote locations, particularly for philanthropic trips, need to have proper planning as a way to decrease their personal vulnerability, according to a recent white paper by Hub International presented at The Family Wealth Alliance’s Fall Forum.
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Single-family offices are increasingly willing to network with their peers, opening opportunities for MFOs to facilitate the networking and impart their own advice and potentially gain clients.
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In the midst of last year’s economic upheaval, 82.2% of single-family offices have reviewed their investment practices, and 47.7% made changes.
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Multi-family offices have only experienced a moderate loss of client assets in the past year, according to the Family Wealth Alliance’s sixth annual Multifamily Office Study that was unveiled Thursday at the firm’s Fall Forum in Chicago.
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The 2009 American Institute of Certified Public Accountants (AICPA) Advanced Estate Planning Conference, was held at the Hilton San Diego Bayfront hotel, in sunny San Diego July 20-22.
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Although several states are enhancing legislation to woo wealthy business owners, trust and estates attorneys are re-enforcing Delaware as the go-to state in which to set up shop.
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Private foundations are becoming increasingly popular with wealthy families looking to take a more hands-on approach to their charitable giving.
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Although the U.S. has been less than friendly toward wealthy individuals investing abroad, lawyers see U.S. tax laws increasingly favoring expats living abroad.
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Wealthy investors are tightening their grip on the manager selection process, so managers should hone their asset allocation and performance tracking or risk losing market share.