As you are aware, the unconventional campaign and surprise election resulted in Donald J. Trump being elected the 45th President of the United States. In addition, the Republicans will retain control of both chambers of Congress, providing the incoming President with significant influence over tax policy beginning with tax year 2017. Both Trump and House Speaker Paul Ryan, historically the party’s “tax wonk” since the Republicans retook the House of Representatives in 2010, have made proposals throughout their respective campaigns on how to overhaul the current tax code for both individuals and businesses. While the plans differ slightly in substance, there are many major similarities that we should look to see enacted into law early in President-Elect Trump’s first term.
Category: Insights
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U.S. Presidential Election Update
Donald Trump’s surprise victory will cause volatility in the equity markets, though it may be temporary. Markets do not like surprises, and this was certainly a surprise. In addition, Trump ushers in more uncertainty than Clinton would have since he is an outsider with an agenda for change. In Trump’s victory speech, he stuck to the script, honored his opponent, and talked about leading all Americans, suggesting temperance as a starting point which is welcome. Much will be learned in the coming weeks about Trump’s governing priorities as he appoints cabinet members.
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Personal Excess Liability Insurance
With all insurance, one wants to make sure that the essential levels and coverages are in place, not necessarily excessive levels and coverages. Excess liability insurance, commonly known as “umbrella” insurance, is somewhat of a misnomer and could easily be renamed “sleep at night coverage”. This coverage is a safeguard from which all individuals, whether considered high net worth or not, can benefit from and we have recommended adding an umbrella arrangement to many clients’ current insurance profiles. Most individuals consider themselves careful investors when it comes to considering risk. These same individuals typically have general property and liability policies, but not everyone has an umbrella policy. Umbrellas are reasonably priced and should be worth a second look. Umbrella policies can be offered and acquired through professional organizations (such as trade or business affiliations), your current place of employment and your current insurance carrier/broker.
The investment management landscape continues to evolve and become more multifaceted with intricate investment options and solutions for investors. Yet, as the wealth management industry has become more complex, transparency – as it pertains to underlying investments, terms and fees – has rapidly declined. In 2008, stress and volatility in the markets tested the wealth management industry; many investors awoke to the harsh realization that their investments were not liquid or they could not immediately access their funds. These communication failures, and their sometimes severe consequences, left many distrusting their advisors and wealth managers. In a post-2008 and post-Madoff world, we believe that the need for transparency is paramount. Wealth managers must be honest and open about your investments – whether it relates to fees, performance, or transaction and portfolio decisions. By focusing on and enhancing communication and the language and tools we use to work together, we strive to be better equipped in making smart decisions and establishing appropriate asset allocations, taking into consideration your goals but more importantly, your risk budget.
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Workers’ Compensation
Chilton Trust’s Family Office Bulletin seeks to provide general commentary and guidelines on timely and relevant topics for clients and their families. While each situation is expected to vary based on each client’s individual situation and needs, the topics and discussion herein are intended to encourage thoughtful analysis. A Chilton Trust representative is always available if the observations or guidelines presented in this piece warrant additional attention and a follow up conversation regarding your particular circumstances or situation. Our mission is first and foremost to keep you informed and in a position where you can understand and evaluate your next steps.