You’ve just hired your nanny or other household employee. You’re thrilled, she’s thrilled, and you’re in the employer-employee version of a honeymoon. You can’t imagine that anything will ever go wrong. While in most cases, fortunately, that’s true, in other cases things can get contentious if your understanding of the details of your arrangement is somehow different than your employee’s understanding of them.
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Affluent clients often express a strong desire to remain in their home regardless of advanced age or a decline in health. However, given the significant cost of private staff to maintain a home and provide in-home care (which may range from $50,000 to well over $500,000 per year), that desire is often at odds with their children's interest in protecting their inheritance. For clients who are intent on remaining home for as long as medically feasible, a properly drafted trust may provide the...
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As the nation’s financial crisis makes headlines, many of your family’s more clear and present dangers may be flying under the radar. Wealth brings considerable attention and security exposure to families across the globe, and many take appropriate counter measures only after costly, disruptive, or embarrassing events unfold.
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Fueled by the rapid expansion of global wealth, the market for fine art and collectibles continues to climb – along with prices. The recent explosion of interest in the art and collections market creates new threats and complex challenges. This paper provides an overview of the changing state of the global collections market, describes the emerging risks, and offers advice on what the savvy collector can do to manage and reduce these increased risks.
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Are you prepared for an employee departure? "We've decided to let you go," or "I quit" is just the beginning of the termination process, one that can be rocky and laden with risks if you are not adequately prepared.
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The holidays are supposed to be the most wonderful time of the year, but for some, they're the most hectic and stressful! Tame your holiday chaos and prepare for next year with these tips!
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This article explores 10 issues often faced in passively-managed homes. As advisors to high net worth families on the efficient operation of their homes, we often encounter clients struggling to balance the need to manage their homes with the desire to enjoy living in them. For some, a large home is simply another collection of complex assets, and a private staff is another group of employees.
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The International Association for Private Service Professionals (IAPSP) is proud and delighted to announce the inaugural meeting of its new Chicago Chapter! IAPSP member George Mandas and other Chicago metro-area private service colleagues will convene on January 24th at the Peninsula Hotel on the “Magnificent Mile” for a meet-and-greet and behind the scenes tour of one of the world’s top hotels!
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