Avoidable Mistakes For The Suddenly Wealthy
It’s not unusual for Joe Farren and his team of financial experts to occasionally come across clients who have suddenly inherited a windfall and are not equipped to manage the influx of money.
Getting a bead on wealthy clients’ spending habits — and why it matters
It's a dilemma almost every high net worth financial advisor has faced — being blindsided by a client's big-ticket purchase so large that it limits their investable funds.
Shipping Billionaires Race To Invest Pandemic-Era Fortunes
Many of the fortunes forged during the pandemic have long since crumbled. Yet a $95 billion boom among a small group of wealthy shipping tycoons has prevailed, spurring a mad dash to invest and diversify even as they face a comeuppance.
Millennials May Not Inherit As Much As They Expect, Financial Execs Say
Although the amount of money millennials are set to inherit from their baby boomer parents over the next decade is measured in the trillions of dollars, many individual millennials probably will inherit less than they are anticipating, according to a money manager for wealthy families.
Rising Wealth Demands Vigilance Against Fraudsters, Cyber Security Execs Say
As the number of millionaires in the world grows, so does the available targets for fraudsters, said the owners of a firm that focuses on assisting high-net-worth clients and family offices.
Rich Wall Streeters Face Shock Tax Hike While Rest of Wealthy Escape
Wealthy Americans, who were girding for the biggest set of tax increases in three decades just a year ago, now look mostly safe from higher levies for years to come.
Proposed end of carried interest would mean tax hike for rich Wall Streeters
The tax deal in the Senate would eliminate the tax break used by private equity and hedge fund managers.
Why Excel isn’t always excellent for tracking financial data
Excel has been a mainstay for those in the financial profession for decades now. Since its release in 1985, and the introduction of competing applications such as Google Sheets; spreadsheets have come to serve as essential and powerful analytical tools. They are widely available, inexpensive, and can be quickly customized and made to work across a variety of situations.
Paying Domestic Help Free Of Taxes Just Got Trickier
New IRS rules mean high-net-worth clients may not be properly accounting for Social Security or workers comp when paying their domestic help—especially if they use certain payment methods.
Tax Changes Could Spell Trouble For Clients Who Pay Domestic Staff
New IRS rules require reporting income for some transactions of just $600 or more, down from a much higher previous threshold. Wealthy clients who routinely pay domestic help and other workers could get tripped up in tax reporting.