As we head full swing into the 2016 presidential election process, many family members are split over the candidates they support based on the family member’s generation. For example, I’ve read news reports saying that it’s the Millennials supporting Bernie Sanders who’ve helped close the gap between him and Hillary Clinton in the polls. Differences in the generations are also apparent when we look at family businesses. And, as our Committee Report on Family Businesses illustrates, these differences can often lead to conflicts that the practitioner must help resolve. For example, the issue may be dealing with an overly controlling senior family member who doesn’t let the next generation make any decisions (see “Working Effectively With Overly Controlling Clients,” by G. Scott Budge, p. 41). Or, it may be coming up with effective ways to bridge the gap with the Next Gen (see “Next Gen 2.0,” by Patricia M. Angus, p. 36). Conflicts among the generations can even come up when the family is considering the sale of the family business, as younger generations may be concerned about keeping their jobs or making sure that there’s sufficient succession planning (see “Preparing the Family Business for Sale,” by R. Jeremy Wilson, p. 45).
Our issue this month also includes our “Art, Auctions & Antiques” Special Report. Increasingly, practitioners are called on to help their clients with various issues concerning artwork or collectibles in their estates. Our report covers matters that planners may encounter, including the expanded use of freeports for storage of art, the murky world of commissioned artwork and the challenges involved when an auction house offers to guarantee a price for a piece of art. It also details the fascinating history and lessons from the court case about reclaiming “The Lady in Gold,” Gustav Klimt’s 1907 portrait of Adele Bloch-Bauer.