Managing the marriage penalty with 17 tax tips; private equity and AI — too much, too soon?
Financial Planning
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TAX STRATEGY: Financial advisors and tax professionals can help guide clients concerned about hits to their finances upon marriage by using an array of planning strategies. "We obviously want to encourage people not to let the tax wag the dog," said Liting Chuang , a certified public accountant who's the director of tax planning for Menlo Park, California-based Bordeaux Wealth Advisors.
Spouses-to-be may face even more tax issues than most people might imagine. Financial Planning compiled a list of 17 tax tips relating to the so-called marriage penalty by speaking with Chuang and three other experts.?
PRIVATE EQUITY: The private equity AI gold rush is on, with PE and venture capital firms pouring more than $10 billion into the artificial intelligence and machine learning sector in the first half of 2023 alone. Ultrahigh net worth individuals, families and family offices are playing a key role in this story. These investors place a large portion of their wealth in private equity, providing a significant share of the assets that are funding AI's development. In some notable cases, family offices are making a direct play on AI.?
But like any transformative technology, AI presents a mix of opportunity and risk — and comes packaged with its own unique challenges. As wealthy clients and families are increasingly drawn into this technological revolution, they must ask themselves: Is the race to invest in AI outpacing a full understanding of its risks??
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PRACTICE MANAGEMENT: More than three years removed from the moment when the entire world stood at attention, fewer eyes are on the subject of DEI. As time goes on, there is concern that the status quo will creep back in. Financial advisor Stanley Funches, CFP?, CEPA, ChFC?, CRPC?, MBA told FP that the passage of time also gives way to what he calls the "million dollar question" regarding the current state of industry DEI efforts: Is your firm truly committed to meaningful inclusion, long term? Or were they only in it for the moment?
New research released this week by Arizent, Financial Planning's parent company, aims to gauge the "realness" of DEI efforts across financial services, as well as highlight the business benefits that come with a proven commitment to inclusion.?
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???? It's important for individuals and couples to understand how their marital status can impact their taxes and to find ways to optimize their financial planning accordingly. ???? Additionally, the discussion on private equity's rapid adoption of AI raises interesting questions about the potential risks and benefits of this technology in the financial industry. ????