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Note From the Editor: April 2024

Editor in Chief Susan R. Lipp weighs in on the contents of this month's issue.

In previous articles in Trusts & Estates, we’ve covered the concept of Wealth 3.0. It refers to a new, more positive approach to family wealth advising, developed by James Grubman, Dennis Jaffe and Kristin Keffeler. According to those authors, Wealth 3.0 redefines the benchmark of success from a focus on creating and preserving wealth to an emphasis on creating conditions to thrive with wealth. It’s concerned with the quality of the family’s development and well-being rather than the amount of wealth in their lives. An article in this month’s issue, “Philanthropy and Wealth 3.0,” p. 44, by Sharilyn Hale follows up on this concept to discuss how Wealth 3.0 impacts philanthropy. Hale opines that it offers a more skillful view of philanthropy advice and its relationship to the broader advisory ecosystem, informing how we talk about philanthropy and how we advise families to practice it. Philanthropy and social impact can be meaningful avenues for discovery and skill development as well as service and connection to others.

Wealthy families often own artwork, and this month’s Art, Auction & Antiques Special Report provides insights on advising clients with art collections. For example, the art market falls squarely within the purview of the Corporate Transparency Act, and collectors and high-net-worth clients must comply with the new requirements, as explored in “The Impact of The Corporate Transparency Act on The Art Market,” p. 57, by Georges G. Lederman. And “Roadmap for Consigning Property at Auction,” p. 53, by Sherri Cohen provides guidance to fiduciaries tasked with managing the principal’s personal property, which the estate may need to sell at auction to create liquidity or as directed under the will or trust agreement.
Finally, the Committee Report on Insurance includes articles on options for irrevocable life insurance trusts given the possible sunset of the high estate and gift tax exemptions, a fresh look at generational split-dollar arrangements, the risks to look out for when advising clients on life settlements and a liability insurance review with an eye on asset protection planning.

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