Many ultra-high-net-worth individuals and families take great pains to surround themselves with top-tier registered investment advisors, certified public accountants, tax attorneys and other advisors that range from prominent art dealers to high-end insurance agents.
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.
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.
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.
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.
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.
Some estimates indicate as many as 50–80% of retired professional athletes go bankrupt within five years of retiring. The statistics vary somewhat, and they depend…
Different options are available, but all parties must be in sync… Patrick Gillotti | via WealthManagement.com Estate planning tools and property & casualty (P&C) coverages…