2018 essential tax and Opening doors wealth planning guide

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Welcome Our contributors,Julia Cloud,Wendy Diamond. Dear Reader,Eric Johnson, Uncertainty clouded the picture when we released the first installment of Postmortem considerations provides you with insights on how a. Deloitte s 2018 essential tax and wealth planning guide in November 2017 In well thought out estate plan can remove the friction that many families John Silverman. particular the prospect of US tax reform raised many questions Would the are left to deal with in the wake of someone s passing For those executors. Craig Janes, new law pass Congress If it did what would it contain How would it impact left with estate plans that for many of life s reasons were left incomplete. tax planning and what other important measures would be attached to it or not well constructed postmortem planning becomes the imperative Meghan Kerns. to shepherd the decedent s assets to their orderly distribution. On December 22 2017 we received the answers to these and other questions Tracy Tinnemeyer. with the passing of the new tax law officially known as An Act to provide for This installment of the guide also contains a bonus feature on Choice of entity. reconciliation pursuant to titles II and V of the concurrent resolution on the budget and addressing entity conversion considerations in light of the new tax law Courtney. for fiscal year 2018 the Act It involves substantial changes in some areas and In the Tax policy update we invite you to visit our Tax News and Views site to Reitman Deinlein. offers greater certainty in others The path forward is somewhat clearer and the view the most up to date information on the Act We encourage you to visit this. advice we provided in our last release to look again at the important issues at site often to continue to learn about the new law as the story continues to unfold. hand is more relevant than ever as a result While we now have some clarity. on the direction in which tax reform will take us there are many new unanswered Each of these topics could create potential challenges and opportunities as. questions That being said we recognize that tax planning is no longer business 2018 unfolds How effectively prepared will you be for whatever comes Providing. as usual We must challenge our traditional thinking when considering entity clear insights on complex topics along with practical planning tools and new. selection assessing estate planning alternatives and evaluating philanthropic perspectives this installment of the 2018 essential tax and wealth planning. alternatives to achieve our goals guide should be a valuable addition to your reading list in the coming weeks. and months, This second edition of the guide presents chapters on Family offices Wealth. transfer planning alternatives and Postmortem planning considerations To find a member of the Deloitte Private Wealth practice who specializes in your. These sections share the theme of preparedness of taking a fresh look across area of interest please contact us at PrivateWealth deloitte com. a range of sophisticated planning topics and being ready for action when both. expected and unexpected events happen, In the Family office section we address vital preparedness issues associated Regards.
with the death of a principal audit readiness risk management and cyber risk. We also provide perspective on how family offices can efficiently transform. or transition when the need arises, With the Wealth transfer planning alternatives section you may Home Menu. experience a sense of d j vu The Act includes a significant increase to Julia Cloud. the federal estate gift and generation skipping tax exemption creating National Industry Leader. a window of opportunity similar to the one leading up to the last major Private Wealth Deloitte Tax LLP. change to the exemption in 2013 Now is a great time to take another. look at all of your estate and wealth transfer plans and make proactive. refinements or new headway,Back Forward,1 2018 essential tax and wealth planning guide. guide Part 2,Family office,Wealth transfer,planning alternatives. Postmortem,considerations,Tax policy update,Bonus feature. Choice of entity,Family office Wealth transfer Postmortem.
planning alternatives considerations,Back Forward,Tax policy update Bonus feature. Choice of entity,2 2018 essential tax and wealth planning guide. guide Part 2,Family office, Family offices have a unique opportunity and a particular. responsibility to help the families they serve be aware of. and prepared for inevitable challenges that arise on the global. stage Whether the result of political and legislative divisiveness. economic or social changes scientific or technological. developments or a host of other factors closer to home these. challenges can impact family offices and the families they serve. both in the short term and in years to come In Deloitte s 2017. essential tax and wealth planning guide we discussed one of. these issues Fraud in the family office Now is a good time. to take a fresh look at other important issues family offices. could face in coming years and how to prepare for them. Back Forward, 3 2018 essential tax and wealth planning guide Part 2. Family office Preparedness The,death of a principal.
Preparedness The death of a principal Preparedness. Audit readiness,Audits and,assessments,Cyber risk,Family office. Death unsurprisingly is a sensitive topic for most the appropriate resources to address them family Some matters may be transformation. people Yet it raises a significant question for family office executives have a unique opportunity to. office executives How prepared are they and the support the family and family office during an time sensitive requiring. Family office, family office organizations they oversee to address inevitable time of transition financial or regulatory filings executive transition. the implications of the death of a principal, The death of a principal doesn t just disrupt Others may take months or. It is an important question because family office the immediate family Often there are ties years to resolve Without a. executives are likely to be called upon to handle to businesses communities philanthropic. the aftermath And they are uniquely positioned organizations states and countries other than detailed preparedness plan. now to prepare the organization and the family where the principal is domiciled and of course a postmortem resolution. they serve for the disruptions and transitions to the family office organization All of these ties can. inherent in a principal s death By gaining a new be disrupted with potentially profound implications process can become chaotic. perspective on the many issues arising from the postmortem especially if there are liquidity when it should be orderly. death of a principal and being able to assemble implications that could arise following the death. It can be more costly and,time consuming than it,otherwise might be Most. of all it can extend and heighten,the inherent disruption to the.
family family businesses,and the family office during. an already difficult period,Back Forward, 4 2018 essential tax and wealth planning guide Part 2. Family office Preparedness The,death of a principal. Preparedness The death of a principal Preparedness. Audit readiness,Audits and,assessments,Cyber risk, An emerging leading practice for family offices is a series of exercises that can put the family Family office. transformation, office family advisers and the family itself in an effective position to address issues arising.
Family office, from the death of a principal in a timely and effective manner figure 1 These exercises executive transition. identify gaps in knowledge documentation staffing and other areas They also lay out a plan. that shows the critical path of steps to be taken after the death of the principal. Figure 1 Preparedness exercises A 90 day drill and mapping of the estate Identifying who will be the successor in charge. administration period are important because of the business and who will manage business. 90 day drill they identify necessary financial accounting operations day to day. legal regulatory and administrative actions to, Mapping estate administration period If the business is to be sold aligning the family on. be addressed following the death of the principal,a plan for the disposition process and preparing. as well as the staffing requirements to accomplish. Family and entity goals and governance to address financial and tax related issues. these actions,Establishing and clearly communicating a plan. Financial preparedness Goals and governance planning is vital for the for the family office postmortem whether it. family the family office and any related businesses will continue to serve the family be divided. Asset and liquidity education for heirs It includes developing succession plans to identify into two or more family offices or wrap up. the right people for required roles and address operations over time. Risk mitigation structural items associated with family businesses. If there is an existing or planned family,the family office and other related entities Key.
foundation preparing it to accept or dispose,areas of emphasis are. of transferred funds and operate in the way, Rallying the family around a shared vision the principal envisioned. of the future, In each instance it is important that the family and. Defining the family office s role in carrying, existing entities have structures in place so they. out that vision, are prepared to operate effectively upon the death.
Helping the family develop and deploy a plan of the principal and to carry out the wishes of the. for carrying out the principal s philanthropic principal and family. goals if any,Back Forward,Preparing plans to address the operation of the. family business family office and other related,entities postmortem. 5 2018 essential tax and wealth planning guide Part 2. Family office Preparedness The,death of a principal. Preparedness The death of a principal Preparedness. Audit readiness,Audits and,assessments,Cyber risk,Family office. Financial preparedness is Risk mitigation planning can encompass a In summary few events in the life of a. transformation, range of risk and resilience capabilities including high net worth family can be as challenging.
essential on many levels assessments for fraud cyber and audit readiness and disruptive as the death of a principal. Family office, risks see separate sections that follow Beyond Through the types of preparedness planning. A cash flow and liquidity review can help executive transition. protecting and preserving the family s wealth and described here family office executives can. determine based on assets and income streams reputation these exercises can help family offices help the principal the family and the family. whether family needs can be met immediately identify and develop risk related considerations for office organization be as prepared as possible. following the death of the principal and longer term value creation as far in advance as possible and with a plan. This involves understanding what cash flow and to mitigate those challenges and disruptions. expenses are expected what transfer tax liabilities Assets and liquidity education for heirs can. there might be and what liquidity events or income help the family office develop a plan to inform. streams are expected to be available and educate heirs about the family s holdings the. portion they might receive upon the death of a, A business entity implications exercise projects principal and how to protect sustain and grow. what domestic and foreign business related their assets. financial consequences of the principal s death,might be expected and develops action plans to. address them, Asset disposition is an analysis of how assets will. be held disposed of or distributed postmortem,This includes valuing and planning for the.
disposition or distribution of large equity positions. real estate holdings closely held businesses and,hard to value and illiquid assets. Back Forward, 6 2018 essential tax and wealth planning guide Part 2. Family office Preparedness The,death of a principal. Preparedness Audit readiness Preparedness,Audit readiness. Audits and,assessments,Cyber risk,Family office, Tax exposures are a constant This scrutiny can present financial risks and result.
A new look at an old challenge transformation,in negative public exposure if a family member. source of risk for family offices or the family office becomes the subject of a tax Risk management is a top priority for family. office executives today Some risks are hard Family office. around the world Family office examination or if a tax assessment is challenged. to detect but others may be more obvious executive transition. in court which is in the public domain There, executives who look anew for will be instances in which a family office may The risk of a tax examination is one of. the latter It is important for family office, ways to identify and address have inadvertently adopted a tax position. executives to understand where potential,that is not supported by existing authority. these potential exposures may Audit readiness exercises can help identify pressure points are and how they can be. essential tax and wealth planning guide we discussed one of these issues Fraud in the family office Now is a good time to take a fresh look at other important issues family offices could face in coming years and how to prepare for them 2018 essential tax and wealth planning guide Part 2 Bac Forward oe Menu Family office Preparedness The death of a principal Death unsurprisingly is a

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