Family-Oriented Tax Planning
We are all aware of children from wealthy families who fail to thrive—who drop out of school or who never stick with a new job more than two or three years. Is traditional tax planning implicated in these failures? Conversely, can family-oriented tax planning help these children thrive?
Family-oriented tax planning focuses on the well-being on the younger generation, broadly conceived. It de-emphasizes maximizing a family’s financial wealth through tax minimization. It emphasizes the educational, psychological, and religious needs of the younger generation who will one day inherit the family fortune.
The traditional goals of tax planning, in contrast, focus mainly on the tax-efficient receipt of income and the tax-efficient transmission of wealth to the next generation, consistent with treating all children fairly.
This timely program from a diverse panel—a tax attorney, a psychologist, a two wealth managers—focuses on the tensions between these two approaches to tax planning.
You will learn to be sensitive to the trade-offs between tax minimization and the educational, psychological, and religious needs of the younger generation. You will also learn how some high-net-worth families—such as the family of Warren Buffet—have negotiated these trade-offs.
About the Presenters:
Attorney Morris N. Robinson, CPA, LL.M (Moderator)
Morris N. Robinson is a tax attorney who has performed tax planning for high-net-worth families for much of his professional career. He is Managing Director of M. Robinson Tax Law, a tax law boutique, located at the Landmark Building in the heart of Boston’s Financial District and President of the New England Chapter of the American Academy of Attorney-CPAs. Morris will lead the discussion and will discuss how families can negotiate the trade-offs between helping children thrive and minimizing taxes.
Coventry Edwards-Pitt, CFA, CFP
Coventry (“Covie”) Edwards-Pitt is Chief Wealth Advisory Officer at Ballentine Partners, in Waltham, MA. Her book, Raised Healthy, Wealthy & Wise describes the steps wealthy families can use to transmit their values along with their wealth to the next generation.
Dr. David Paradise, Ph.D.
David Paradise is the principal at the Family Business Resource Center, in Newton, MA, and a member of the Family Firm Institute. In his professional work he sometimes treats children of high-net-worth individuals who fail to thrive. He will bring his insights on how family-oriented tax planning can help wealthy children thrive.
Carrie Seligman, Esq., LL.M, CFP
Carrie Seligman is Managing Director, Wealth Strategies Advisor at U.S. Trust, Bank of America Private Wealth Management, and Program Chair of the Family Firm Institute–New England Chapter. She has worked with high-net-worth families throughout her professional career. She will share her anecdotal experience on how family-oriented tax planning can help families thrive.