LOS ANGELES, CA — (Marketwire) — 09/18/12 — recently hosted a roundtable discussion at the Peninsula Beverly Hills entitled “Lessons from the Edge: Five Common Mistakes in Family Estate Planning & How to Avoid Them.” , Convergent-s founder & Chairman, and , the firm-s Director of Trust and Estate Planning, were joined by panelists from and . The event was attended by a high profile group of Los Angeles-based business managers, bankers and CPAs who service high net worth families and entertainment clients across the country.
Panelists urged the audience to speak with their clients about taking advantage of the current estate tax laws — a rare tax planning opportunity scheduled to be eliminated in 2013. Additionally, they highlighted common estate planning mistakes and offered recommendations of ways to avoid pitfalls in the following areas:
Gifts of Illiquid Assets
Trustee Selection: Individuals as Trustees
Keeping Money in the Family: Protecting Assets from Divorce and Non-Family Members
Illiquidity/Proper Funding of Estate Tax Liability
Money as a Disabler
With the upcoming 2012 elections and the uncertainty of the outcome of the tax laws, financial professionals and attorneys are likely to get buried with requests at year end. Steve Lockshin concluded the program by urging attendees to tackle these issues with their clients now.
is a recognized industry leader in wealth management, advising on over $10 billion in assets (as of June 30, 2012). Convergent provides investment consulting services and customized wealth management solutions to ultra-high net worth individuals and family offices.
is a division of Convergent focused on servicing clients with between $500,000 and more in investable assets.
Convergent has offices in Washington, DC, Los Angeles, New York, and Portland, OR. Convergent is a majority-owned subsidiary of Convergent Capital Management, which is a subsidiary of City National Corporation (NYSE: CYN), the parent company of City National Bank.
In accordance with Treasury Regulations Circular 230, any tax discussions contained in this communication was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matter addressed herein.
Maisie Short
310.734.5336
You must be logged in to post a comment Login