After a rollercoaster of activity related to the federal Corporate Transparency Act (CTA), the US Treasury Department (Treasury) announced on March 2 that it will not enforce any penalties or fines associated with beneficial...more
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 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
Private foundations are a favored vehicle for many charitably inclined clients — particularly those who seek to take a hands-on approach to their charitable mission while establishing a lasting legacy for their families....more
9/22/2023
/ Art Collections ,
Charitable Donations ,
Court Approval ,
Disqualified Persons ,
Donor-Advised Funds (DAFs) ,
Estate Planning ,
Executors ,
Fair Market Value ,
Internal Revenue Code (IRC) ,
IRS ,
Private Foundations ,
Self-Dealing
The US Department of the Treasury and the Internal Revenue Service issued its most recent Priority Guidance Plan Joint Statement (the Plan) on November 4, 2022. The Plan details more than 200 priorities for the 12-month...more
Knowing who owns legal entities is essential to stopping terrorism, money laundering, and other sophisticated criminal enterprises. For entities formed in the United States there has never been a requirement to disclose...more
10/12/2022
/ Beneficial Owner ,
Corporate Transparency Act ,
Customer Due Diligence (CDD) ,
Disclosure Requirements ,
Final Rules ,
FinCEN ,
IRS ,
Money Laundering ,
New Regulations ,
Ownership Interest ,
Penalties ,
Taxpayer Identification Number