Tax Warrior Chronicles

Unprepared Heirs: Starting the Family Conversation About Wealth Transfer (Updated)

Posted on Thu, Nov 19, 2020

In these challenging and uncertain times, planning for generational wealth transfer is more important than ever.  We've updated this piece from 2018 to, again, help families discuss wealth among themselves and how it will successfully pass from one generation to the next. 

 

The reports differ from $30 trillion to perhaps only $9 trillion, but nearly all experts agree the greatest wealth transfer in history will happen in the next 25 years with a significant transfer of wealth happening in the next 10. Is your family prepared?

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Lessons from My Family Business

Posted on Tue, Feb 18, 2020

By: Elizabeth M.K. Witko, MAcc, MSF

 

Occasionally, we like to share some of our personal stories and experiences and how they’ve helped shape how we serve our clients.  In today’s blog post, I’ll share a personal story of lessons learned as the third generation of a family manufacturing business.

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Learn from The Tax Warriors® – Upcoming Events

Posted on Tue, May 01, 2018

Educating clients is among the most important parts of being a Tax Warrior.  We take pride in helping clients sustain and grow their wealth through Tax As A Business Strategy®.  To that end, here are a few upcoming events featuring Tax Warriors as speakers/educators.  Where available, links are provided for more information or to register.  We hope to see you at one of our programs.

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Selling the Family Business? Set up a Family Office First!

Posted on Tue, Aug 08, 2017

By Ashvini Chopra

 

Today, The Tax Warriors® share a recently published article on selling a family business from the Family Firm Institute’s (FFI) journal, The Practitioner.  We found it compelling enough to seek the author’s approval so you, too, could benefit from its message. The author, Ashvini Chopra, is senior vice president, family office at Bennet Coleman in Mumbai, India. His global footprint demonstrates that family business issues are virtually the same no matter the market. Many of his views in the article align with strategies Drucker & Scaccetti has espoused for decades.  If you are a family business leader, read this post and give us your feedback. Enjoy…

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The Importance of a ‘Sudden’ Succession Plan

Posted on Wed, Jul 12, 2017

By: Jane Scaccetti, CPA, MT, PFS

 

A few years ago, a long-time valued client met me for lunch to discuss various business and tax issues. As we concluded lunch, this 65-year-old man asked, ‘Scaccetti, if I die, promise me you are on the first train to NYC and you will run my business until my son can decide to run it or sell it.” Trained to be a  ‘trusted advisor,’  I immediately said, ‘Of course.’ But, prudence soon kicked in.

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“The Talk” – Part II - Getting Your Parents to Talk About Family Wealth

Posted on Thu, Jul 06, 2017

By: Rachel Kieser, CPA, MT and Jane Scaccetti, CPA, MT

 

In Part I of this two-part blog series, we discussed what parents should tell their children about their wealth transfer plans.  On the flip side, we will now address how children can get their parents to talk about it.

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“The Talk” – Part I: Talking to Your Kids About Wealth Transfer

Posted on Thu, Jun 29, 2017

By: Rachel Kieser, CPA, MT and Jane Scaccetti, CPA, MT

 

When you hear “The Talk,” you may not think the talk is about money.  However, many parents in high-net worth families find it difficult to discuss their wealth with their children -  particularly the amount of their wealth, their responsibilities for this wealth, and how it will be distributed once they pass on.  And they certainly don’t know the best age to reveal the “number” to their children, or if they should even tell them the value of their wealth at all. 

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