Assessing the Need for a Family Office or Transitioning an Existing One
For individuals and families of significant wealth, managing a substantial portfolio of assets and investments demands a sophisticated and comprehensive approach. From financial planning and asset management to legal and tax strategy, risk mitigation, and multi-generational legacy preservation, there are myriad intricate factors to navigate. This growing complexity has led many affluent individuals and families to establish […]
Don’t Let ‘Em Buy the Ferrari
Exploring trustee discretionary distributions: Trustees are often given discretion over the circumstances under which a distribution may be made from a trust to a beneficiary. This article explores some of the factors that are important to consider when giving your successor trustee this power. There are many reasons people place money in trust for their […]
Identifying the Key Traits of Market Disruptors
Typically, in portfolio asset allocation, the concept of diversification is deemed beneficial to avoid stock-specific risk. There have been many academic studies supporting this concept. Although diversification makes sense from a “risk-return” perspective, to have robust performance and beat benchmarks consistently, investors should find stocks that they are willing to hold in a sufficient portfolio weight that […]
Real Estate Wealth Management
The right investment and estate strategy can help create a legacy of real estate holdings that will benefit your family for generations. In 1891 just before the turn of the century, a young man from Maine named Max Whittier rode a train cross-country to California to seek his fortune. Nearly a decade later, after several failed attempts […]
DAFs vs. Private Foundations
Is there a “best” way to give? “When I speak with a client about charitable giving, the most common question is whether they should create a private foundation or use a donor-advised fund,” says Ashley Fontanetta, Senior Vice President, Client Advisor at Whittier Trust. “Unfortunately, there’s no quick and easy answer except this: It depends on your […]
The Hard Work of Inheritance
Preparing for the Personal Process of Estate Settlement Boomers, Gen X, Millennials, and Gen Z: No matter where an individual sits on the family tree, they all need to be planning—together—for the inevitable death of a family member. When an individual loses a parent, sibling, or child, there are so many emotions at play. Few […]
Don’t Wait For The Sunset
The November election will impact whether the 2017 Tax Cuts and Jobs Act expires as scheduled, but the time to act is now. Ultra-high-net-worth individuals (UHNWIs) are anticipating the sunset of the 2017 Tax Cuts and Jobs Act (TCJA), which is set to expire at the end of next year. The TCJA was enacted to address […]
Tax Alert: Washington Capital Gains Tax Update
Washington State’s New “Excise” Tax A Google search today for “states without an individual income tax” will yield numerous articles on where to retire and will invariably list the following nine states: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming. Well, as of 2023, some high-net worth taxpayers might argue that […]
Maximizing Your Legacy: A Look At Minimizing Estate Tax Liabilities
The specter of estate taxes can loom large for ultra-high-net-worth individuals. For those with an estate in excess of $13.61 million (or couples with a combined estate in excess of $27.22 million) in 2024, this tax can significantly reduce the amount of wealth passed on to heirs, making it crucial for families to take proactive steps in […]
Life, Death, and Taxes
Strategic preparation helps ensure your family won’t be caught off-guard. Benjamin Franklin knew a thing or two about many topics, including, as it turns out, estate planning. As he famously warned, In this world nothing can be said to be certain, except death and taxes. If you’ve diversified your investments, stayed up to date on insurance coverage, […]