The impact of the SECURE Act of 2019 has created a game change for high-net-worth clients. The Setting Every Community Up for Retirement (SECURE) Act requires beneficiaries of inherited IRAs to withdraw all assets of the IRA account within 10 years in most cases. This can create a significant income event resulting in giving back most of the income tax benefits accumulated over the years. Additionally, post-death control and resulting lack of asset protection is greatly minimized.

America is the most litigious society in the world, and few thoughts strike more fear into the hearts of ordinary people than a protracted lawsuit and—even worse—enforcement of a monetary judgment. Outside of the nation’s capital, New York is home to the most lawyers per capita, so the dangers of litigation loom larger in that state than almost anywhere else.

As the financial markets flourish, there continues to be a strong focus on gift and estate planning opportunities available to hedge fund and private equity fund managers. The inherent compensation structure, including the “carried interest,” presents a unique opportunity for advisors to formulate wealth-transfer strategies for the fund manager’s future generations.