Archive for high-net-worth

Ten Considerations to Maximize Year-End Gifting and Tax Planning for 2024

  Co-written by Meghann Smith Senior Analyst, LMC Family Office   Co-written by Faye R. Strobel, CPA, CTP Senior Business Manager, LMC Family Office   As the year draws to a close, family offices and high-net-worth individuals are focusing on optimizing tax efficiency. Strategic planning ensures fully leveraging…

Year-End Charitable Planning: Key Considerations for Maximizing Your Philanthropy

Written by Meghann Smith Senior Analyst, LMC Family Office As the year draws to a close, many families focus on charitable giving to fulfill philanthropic goals and optimize tax benefits. Successful year-end planning involves proper timing, understanding tax requirements, and choosing the right giving vehicles. With the 2024…

Wealthy Americans Enhance Estate Plans to Preserve Wealth Amid Potential Tax Changes

Written by David J. Neuman, JD Tax & Legal Manager   As the upcoming elections approach, many wealthy Americans are consulting estate planners and financial advisors to determine the best course of action to protect their assets from potential changes in estate tax laws. Significant changes were made…

Navigating New Challenges in Closely Held-Business Succession Planning

Written by David J. Neuman, JD Tax & Legal Manager   The recent developments in business succession planning have introduced new challenges that business owners must carefully navigate. Traditionally, many closely held businesses have relied on life insurance policies on their owners as a key component of their…

5 Keys to a Successful Family Office Partnership

Creating a family office is essential for managing and growing family wealth. To ensure that your family office is effective and successful, consider focusing on these five key areas for a successful family office partnership. These elements are crucial for achieving long-term financial success and stability.   Build…