Are You Getting the Most out of Your Tax Planning Services?
Are you maximizing your after-tax returns to the fullest extent possible? This question holds immense weight for ultra-wealthy individuals as they navigate the complex landscape of taxation. Despite employing the expertise of traditional financial advisors and tax professionals, many find themselves falling short of truly optimizing their tax planning strategies. The seasoned wealth management advisors who […]
What Is a Trust Protector and Do I Need One?
Imagine this: You’re at a cocktail party talking about investing and estate planning and someone mentions naming their closest friend as the “trust protector” for their kids’ trust. What are they talking about? Trust protectors have long been used by jurisdictions outside of the United States as a mechanism to provide oversight of corporate trustees […]
Ensuring a Smooth Generational Transfer
Transferring the ownership of a family business from one generation to the next can be challenging, particularly in today’s world, where the financial values and business objectives of multiple generations may differ. As an advisor, I have witnessed the various difficulties families face while navigating the process of transitioning the family business to the next […]
Want a Tax-Efficient Portfolio? Focus on These 3 Areas
Deploying tax-efficient strategies within an investment portfolio is one of the most critical roles of a financial advisor, especially because many investment managers focus on pretax investment returns. By emphasizing after-tax returns, advisors may better meet the needs of their high-net-worth clients—particularly in high-tax states. Here are three key areas to focus on to improve after-tax returns: […]
5 Estate Planning Priorities for 2024: An Essential Checklist
2024 is in full swing, and the start of a new year is a good reminder to take stock of our lives and plan for the future. Effective estate planning is a crucial aspect and its importance cannot be overstated. A well-thought-out estate plan ensures that your assets are distributed according to your wishes, minimizes tax liabilities, […]
Post-Sunset Taxation of Entities: Decoding the Changes
Efficient tax planning demands a forward-thinking approach, strategically organizing financial affairs to minimize tax liability. An essential element of this approach is the anticipation and understanding of changes in tax laws over time. The last major overhaul of the tax code came in 2017 when many tax code provisions were changed or added by the Tax Cuts […]
Are AI and Wealth Management Compatible?
There’s no denying that artificial intelligence is developing quickly—at warp speed, even. In fact, in March 2023, some of the biggest names in technology—including Elon Musk and other professors, researchers, and business leaders—signed a letter asking for a pause for artificial intelligence labs training AI systems out of concern for the dangers such technology may present. Additionally, the […]
How Philanthropy Unites a Family
Giving together can create a lasting bond. “Philanthropy has the power to bring a family together,” says Pegine Grayson. “It can be life-changing, not just in its impact on a community, but also its impact on the donors.” Invitation to Share As Director of Whittier Trust’s Philanthropic Services department, Grayson and her team help high-net-worth families meet their […]
Federal Tax Updates
On November 9, the IRS released its annual inflation adjustments for tax year 2024 covering updates to more than 63 tax provisions. The 2024 adjustments will affect tax returns filed in 2025. On December 31, 2025, a significant amount of the individual tax provisions passed under the 2017 Tax Cuts and Jobs Act (“TCJA”) will […]
Providing for Pets in Your Estate Plan
In 2022, the United Kingdom’s Queen Elizabeth passed away at 96 years old, leaving behind four beloved dogs, Candy, Lissy, Sandy and Muick. The Queen, famous for being a dog lover, worried about the fate of her pets and planned ahead for her children and staff to adopt them after her death. Ultimately, it was […]