Artificial intelligence (AI) has made waves across various industries, and wealth management is no exception. AI’s ability to analyze vast amounts of data and generate insightful reports has the potential to significantly...more
10/18/2024
/ Artificial Intelligence ,
Client Services ,
Ethics ,
Family Offices ,
Fiduciary Liability Insurance ,
Machine Learning ,
Reporting Requirements ,
Risk Management ,
Social Media ,
Transparency ,
Wealth Management
In the realm of estate planning, many people are familiar with the traditional will as a means of distributing assets after death. However, the inclusion of a revocable trust (also known as a living trust), which offers a...more
The TCJA doubled the lifetime exclusion and GST tax exemption. This exclusion amount, adjusted for inflation, is now $13.61 million and is expected to be approximately $13.99 million in 2025. However, in 2026, the amount will...more
9/18/2024
/ Estate Tax ,
Generation-Skipping Transfer ,
Gift Tax ,
Grantor Retained Annuity Trusts (GRATs) ,
Inflation Adjustments ,
Internal Revenue Code (IRC) ,
IRS ,
Spousal Lifetime Access Trust (SLAT) ,
Sunset Provisions ,
Tax Cuts and Jobs Act ,
Transfer Taxes ,
Trusts
In the evolving landscape of family offices, the integration of artificial intelligence (AI) presents both opportunities and challenges, particularly in terms of fiduciary responsibility and client services. Family offices,...more
The integration of artificial intelligence (AI) has revolutionized various industries, offering efficiency, accuracy, and convenience. In the realm of estate planning and family offices, the integration of AI technologies has...more
6/25/2024
/ Artificial Intelligence ,
Confidential Information ,
Cybersecurity ,
Data Breach ,
Data Theft ,
Estate Planning ,
Family Offices ,
Fiduciary Duty ,
Hackers ,
Privacy Laws ,
Sensitive Business Information ,
Succession Planning ,
Wealth Management
In Connelly v. US, 602 US ___ (6/6/2024), the US Supreme Court affirmed a decision of the US Court of Appeals for the Eighth Circuit in favor of the government concerning the estate tax treatment of life insurance proceeds...more
6/18/2024
/ Business Succession ,
Buy-Sell Agreements ,
Closely Held Businesses ,
Connelly v United States ,
Estate Planning ,
Estate Tax ,
Fair Market Value ,
Internal Revenue Code (IRC) ,
IRS ,
Life Insurance ,
Redemption Agreement ,
SCOTUS ,
Shareholders ,
Small Business ,
Survivorship
A federal court recently ruled that the Corporate Transparency Act (CTA) is unconstitutional. In a lengthy opinion issued on March 1, the US District Court for the Northern District of Alabama explained that the CTA may be a...more
As we highlighted in the Family Office Newsletter’s pages in June, the Corporate Transparency Act (CTA) is slated to go into effect on January 1, 2024. Under the law, many newly formed and existing entities organized under...more
On September 27, 2023, H.R. 5761, the “Opportunity Zones Transparency, Extension and Improvement Act” was introduced as bipartisan legislation in the US House of Representatives.
Among other things, the proposed...more
Family offices routinely create, manage, and invest in multiple entities, including corporations, limited liability companies, and partnerships. For entities formed or operating in the United States, there has never been a...more
6/9/2023
/ Beneficial Owner ,
Broker-Dealer ,
Charitable Trusts ,
Corporate Transparency Act ,
Disclosure Requirements ,
Family Offices ,
FinCEN ,
Investment Adviser ,
Investment Companies ,
Limited Liability Company (LLC) ,
Partnerships ,
Tax Exempt Entities ,
U.S. Treasury ,
Venture Capital
The Internal Revenue Service recently issued Notice 2022-53, which provides much needed transition relief in the form of an IRS waiver of the 50% excise tax that could otherwise be imposed upon certain beneficiaries of...more