The role of the philanthropic advisor and the search for impact Many families, especially those with high net worth, are deeply interested and involved with philanthropy. Over the last several years, such families have transformed their vision of philanthropy from giving to a number of charitable organizations to strategic philanthropy – funding particular projects for charitable organizations. One of the primary reasons for this transformation is that project-specific giving is more meaningful for donors and the impact of such giving is easier to measure. Donors increasingly want to know that their gifts are making an impact. For example, a few… Read more
Following the opening of the renowned art fair, Miami Basel, to blockchain in 2018, Miami Art Week 2019 featured several blockchain-related events. For many collectors, galleries and art dealers, however, the use of blockchain and technology in the art world remains a foreign concept. At its most fundamental level, blockchain is a public digital ledger. This ledger is decentralized – i.e., not controlled by any one individual or group – allegedly making it more secure and reliable. Blockchain is most widely known for its use in transfers of Bitcoin and other cryptocurrencies. Galleries are now experimenting with sales in cryptocurrencies,… Read more
Navigating Federal Aviation Regulations to find partners to share the significant costs of owning a private jet Owning a private aircraft is a wonderful time-saver and can be an effective business tool, but the cost of ownership can be significant or even prohibitive. Broadly speaking, aircraft costs can be categorized as either fixed or variable. Fixed costs are those that will be incurred regardless of the level of aircraft utilization, such as costs for hull and liability insurance, hangar space, maintenance tracking software and ad valorem property taxes, as well as periodic costs, such as engine overhauls and hot section… Read more
Structuring the finance for the purchase of an exotic or supercar Acquiring an exotic or supercar can involve a substantial financial commitment. As with any high-value asset, there are many specialist companies seeking to provide assistance, especially financial assistance. This abundance of resources can be beneficial for potential purchasers, who can take advantage of the breadth of choice and competition in a congested marketplace. Finance providers have developed new products with a host of useful features, but they also come with conditions of which purchasers need to be aware. One might think that owners of supercars don’t require the use… Read more
Navigating the potentially turbulent waters of yacht acquisition, ownership and financing Yacht acquisition entails many decisions, including how to finance and register the newly acquired vessel. Any owner must take various considerations into account, including the manner of documenting the yacht. For beneficial owners who are U.S. citizens, federal documentation through the U.S. Coast Guard is often the most favorable option, but there are alternatives. U.S. Coast Guard Vessel Documentation USCG documentation is based in the first instance on measurement of the vessel’s tonnage. Vessels under five net register tons are not eligible for USCG documentation. Vessels of five NRT… Read more
Already one of SGR’s fastest-growing practices, a recent merger with law firm Mazursky Constantine has given the Firm even more bench strength Most businesses work hard to provide their employees with the proper levels of compensation and benefits. Compensation comes in various forms, including regular wages, bonuses, incentive payments and deferred compensation. Benefits include items such as pension, medical, disability and life insurance, dependent care, health and wellness, and other plans. While these efforts are well intended, as the saying goes, “no good deed goes unpunished.” Trying to take good care of your executives and other employees through compensation and benefit plans necessarily brings into play a vast array of federal,… Read more
By MATTHEW OWENBY, Senior Vice President, Chief Human Resources Officer, Aflac When employers are flexible, receptive and communicative about the workplace benefits they offer, everyone profits When you think of innovative startups and millennials in the workforce, does your mind drift to ping-pong tables, free snacks and open seating? For years, these benefits have been highly touted by employers. But while fun, these perks ultimately have little impact on employees’ overall lives. And with unemployment at record low levels, the competition for attracting top employees is continuing to heat up. So, how can you continue to attract quality employees? Workers no longer look at their employers the same way they did 10 – or even five… Read more
When it comes to implementing a workplace wellness program, the options for employers are plentiful Workplace wellness programs are a multi-billion dollar industry in the United States, with thousands of vendors promising to help employers reduce health care costs and improve employee health and productivity. Although most large employers offer some type of wellness program, questions remain as to their effectiveness. A number of different studies have delivered conflicting results, with some showing savings and health improvements, and others warning employers not to expect any return on investment. Nonetheless, employers continue to embrace programs designed to promote the health and well-being of their employees. And there are good reasons to do so. Even studies that show dismal… Read more
The Tax Cuts and Jobs Act (TCJA), which passed in late 2017, and other recent legal developments have created new opportunities and challenges for executive compensation The changing landscape of executive compensation impacts a wide range of employers, from public companies, to startups, to not-for-profits. The TCJA and other recent legal developments create many new pitfalls, but they also open the door for some more flexible and tax-efficient compensation arrangements. Understanding these changes can be a critical part of designing an effective and compliant compensation program. This article highlights several of the most important of these developments. HOT TOPIC 1 CHANGES TO 162(m) DEDUCTION LIMIT ON PUBLIC COMPANY EXECUTIVE… Read more
Prepare in advance to make an IRS or U.S. Department of Labor review easier Nothing strikes fear into the heart of a qualified retirement plan sponsor like an audit notice from the Internal Revenue Service (IRS) or the U.S. Department of Labor (DOL). Although nothing can make an IRS or DOL audit entirely painless, employers can minimize the pain and cost by performing periodic “self-audits” of plan operations. This article discusses several aspects of plan operations that should be included in self-audits, because they are likely to be the focus of agency audits and are often undetected through regular plan processes and procedures. The article also discusses the… Read more
