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    Whistleblower Lawsuit Claims Vanguard Failed to Pay “Hundreds of Millions” in Taxes

    Philadelphia Business Journal news by Jeff Blumenthal

    A former Vanguard Group employee sued the mutual fund giant, claiming it has operated a massive tax shelter for all of its nearly 40 years of existence.

    The suit, unsealed in the New York Supreme Court in Manhattan Friday, said the Malvern, Pa.-based company avoided paying hundreds of millions of dollars worth of … Read More

    Sibling Rivalry in Probate Disputes

    MetroWest Daily News article by Patricia L. Davidson

    Genetically, siblings are our closest family members. But when it comes to litigation over family property or money, siblings can quickly become our biggest adversaries.

    In disputes concerning wills or trusts, dormant – or not so dormant – sibling rivalry often emerges. Siblings of all ages, and of all economic or professional … Read More

    Banks Cash In on Mergers Intended to Elude Taxes

    NYT DealBook article by Andrew Ross Sorkin

    Jamie Dimon, the chief executive of JPMorgan Chase, recently said, “I love America.” Lloyd Blankfein, the chief executive of Goldman Sachs, wrote an opinion article saying, “Investing in America still produces the best return.”

    Yet guess who’s behind the recent spate of merger deals in which major United States corporations have renounced their … Read More

    What Philip Seymour Hoffman Should Have Done With His Money

    MarketWatch news by Melissa Montgomery-Fitzsimmons

    Take care of your family, not the IRS

    I wish I could have gotten in Philip Seymour Hoffman’s ear to give him some honest estate-planning advice before the magnificently talented actor died from a drug overdose earlier this year.

    The recent headlines are about his unwillingness to make “trust-fund kids” of his three children, but … Read More

    The Typical Household, Now Worth a Third Less

    NYT article by Anna Bernasek

    Economic inequality in the United States has been receiving a lot of attention. But it’s not merely an issue of the rich getting richer. The typical American household has been getting poorer, too.

    The inflation-adjusted net worth for the typical household was $87,992 in 2003. Ten years later, it was only $56,335, or a 36 … Read More

    Samsung Heirs Could Pay a Massive US$6 Billion Inheritance Tax

    China Topix article by Ren Benavidez 

    Heirs of Samsung Electronics Group’s founder face a stupendous US$6 billion inheritance tax bill.

    Samsung Group chairman Lee Kun Hee, 72, has been in a hospital for three months following a heart attack. His frail condition has led to speculations about the future of the company, said Reuters.

    Lee is a legendary figure in … Read More

    Money Fund Rule Changes Offer New Reality to U.S. Retail Investors

    Reuters news by Tim McLaughlin and Ross Kerber

    New rules announced on Wednesday will likely drive safety-oriented retail investors away from some money market funds because they highlight risks and make it harder to pull cash out when market turmoil strikes.

    The U.S. Securities and Exchange Commission’s reform will force institutional “prime” money market funds to float their share price, … Read More

    Trusts: Out With the Old, In With the New

    Wills, Trusts & Estates Prof Blog post by Gerry W. Beyer

    As families reunite, it is a good time to review any trusts created during a family member’s lifetime or at death.  Because families can often have a variety of trusts, created at different stages during different stages of their lives, it is common that they have not updated them … Read More

    UBS Urges Families to Break the Silence On Inheritance

    Inheritance is not being discussed at the dinner table. But it should be, according to UBS Wealth Management Americas’ quarterly UBS Investor Watch report (see links at end).

    The report found that nearly half (46%) of benefactors have not discussed their inheritance plans with their children. And only 34% have revealed their wealth. More discussions lead to better and happier … Read More

    Why Philip Seymour Hoffman Didn’t Leave His Fortune to His Children

    Yahoo! Celebrity article by Suzy Byrne

    Philip Seymour Hoffman did everything in his power to make sure his children were “normal.”

    When the Capote actor died of a heroin overdose in February, he left the bulk of his estate to his partner, Mimi O’Donnell, and added the unusual request that their offspring be raised outside of Los Angeles. According to … Read More


Why Are So Many Parents Disinheriting Their Kids? Ask Anderson Cooper Who Knows the Brutal Truth of Losing His $200 Million Inheritance

Sting and Philip Seymour Hoffman are only the latest mega-millionaire parents writing wills that disinherit their children. While the stars may be pleased with their charitable impulse, advisors need to soothe multigenerational tensions now.

When news breaks that multiple celebrities within a three-week period are cutting their kids out of their estate plans, it’s not hard to see which way … Read More

TAMPs On Fire: New Data Shows Advisors Hot for More Managed Account Solutions

A few years ago, managed accounts had hit a wall. Now the top providers have all the new business they can handle – and early adopters are already reaping the rewards.

It took a little time, but now it feels like everyone in the advisory industry has realized that mere survival is a poor runner-up when you have a chance … Read More

Despite Extreme Wealth, Hillary Clinton’s Estate Planning Feels a Little “Working Class”

The Clintons have gone from White House to riches over the last decade but last year’s disclosures reveal nothing more sophisticated than a residence trust and a lot of cash. Truly well off families can do better.

Hillary Clinton stepped in a PR snake pit a few weeks ago by trying to distance her ultra-high-net-worth tax burden from the breaks … Read More

Boot Camps Show Advisors How to Land Large Accounts

You can’t fly with the eagles until you’re in fighting trim. Cutting-edge wealth training platform helps advisors shape up for the moment a new generation of clients comes calling.

The Center for Wealth and Philanthropy says about a trillion dollars will transfer between generations every year for the next 50 years. That’s a million million-dollar accounts, turning over every 12 … Read More

Scope and Specialization Battle for Trust Technology Crown

Wealth managers and family offices looking to scale are leaning toward platform-oriented tech partners, but in-house integration still has its fans. Either way, convergence is king.

Once upon a time, all the back office had to do was run well enough to keep all the accounts straight. From the look of the industry today, that’s a fairy tale now.

Modern … Read More

Get Ahead of the Industry Convergence Curve and Thrive

All the factors are coming together to reunite formerly isolated wealth management channels, approaches and office functions. Is your operation embracing the future or hanging back in a world of silos?

Once upon a time, money managers relied on the multiplication of niche markets and products in order to achieve scale and eventually, they hoped, operational efficiencies.

It was a … Read More

From Stradivarius to Rare Stamps, Collectible Assets Can Leave Heirs in IRS Lurch

Precious violin fails to clear the auction block while the pride of John du Pont’s estate took four years to sell at half the whisper price. Meanwhile the tax meter keeps running.

For the richest people on the planet, collecting art and rare objects is a time-honored way of making sense of what would otherwise be an abstract number of … Read More

Light My Fire: The Doors’ Royalties Never Seem To Burn Out 43 Years after Jim Morrison’s Death

Lizard king’s last living heir is 90 years old now, reopening questions of who will eventually inherit his image and share of a musical dynasty that currently generates millions of dollars a year.

Even when rock stars create more-or-less conventional families, the lines of dynastic inheritance can still break down within a generation or two.

In theory, Jim Morrison, made … Read More

20 Years After the Bronco Chase, How Did O.J. Simpson’s $5 Million Asset Protection Strategy Pay Off?

With an untouchable pension and around $14 million in assets still missing, the now-unemployable fugitive will probably never pay the ultimate losers: the Brown and Goldman families.

When O.J. Simpson’s house went on the auction block last year, some might have considered it a small bit of belated poetic justice.

But it also slammed the door on the chances that … Read More

Perfect Storm Brewing for Disney Descendants as Multi-Generational Family Bonds Fray

Nearly 50 years after Walt’s death, a $600 million slice of his entertainment empire is up for grabs as heirs and advisors square off for control.

Estate planners looking to build truly dynastic structures to protect client wealth need only look to recent developments in Walt Disney’s legacy for best- and worst-case scenarios.

The animation king made sure a network … Read More

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