Private Air New York

Fall '18

Private Air New York Magazine

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Page 37 of 109 Private Air New York | Fall 2018 38 WEALTH MANAGEMENT 3 WAYS LEGAL ASSET PROTECTION PAYS FOR ITSELF MANY TIMES OVER A FAMILY'S LIFETIME By: Steven Abernathy H igh net worth individuals and families know legal asset protection is keenly important. Dynastic families who hold onto their wealth, generation to generation, often turn to family offices to provide counsel because they trust Family Offices to ensure their assets are legally protected first and foremost. While growth and investment strategy are certainly a priority, families that legally protect their assets are planting the seeds for consistent multi-generational wealth building. is is usually done with little fanfare—as many such families purposefully fly under the radar. ese three areas are vital when considering your family's asset protection plan designed to preserve the family fortune: Tax Planning It's often a mistake to think that tax planning merely happens around April 15th. Successful families and ultra-high net worth individuals are considering tax implications year-round and in real time. e tax code and regulatory requirements may change more often than once per year. And, there are many considerations beyond filing business and personal income tax returns which are best considered, well in advance when stress free decisions and planning can be embraced. When are there considerations? Anytime changes occur to assets, there could be tax implications. ese changes are likely to affect not only a family's financial goals, but, potentially could deliver a tax-impact on assets including: real estate holdings and receipt of income, businesses valuation, investment holding periods, and the valuation of the estate. According to Scott Mitchell, a Trust and Estates Attorney specializing in legal asset protection, at Pennsylvania law firm Saxton and Stump LLC, "Many clients create an

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