Through a century of work with affluent clients, the Anchin Private Client team knows that most wealthy families are not living a “carefree life of luxury” – at least not without time being spent to manage their personal financial lives. In the pursuit of meaningful prosperity, many entrepreneurs, executives and innovators find the road to success quite demanding. In some cases, once the wealth is created, family members ultimately become consumed with managing a growing range of professional and personal responsibilities. While focusing on the day-to-day minutiae, families often overlook critical tax, accounting and estate planning opportunities. Facing these challenges alone adds to existing complexities, making it harder to find time for family, friends and finances – let alone pursuits of passion and philanthropy.
There is a solution. High-net worth families need someone at the center of it all with the perspective and experience to identify tax saving opportunities, manage processes, oversee third-party relationships and streamline operations. For many families, the Anchin Private Client team assists in bill payment, lifestyle management, and provides guidance on matters relating to art and other precious collections. Often, Anchin Private Client serves as the “family CFO,” immersed in day-to-day financial matters and tasked with aligning long-term goals with advanced planning components. Whatever the challenge, an unbiased and objective approach allows Anchin Private Client to coordinate with third-party financial managers, attorneys, insurance and other trusted advisors.
Relying on proven methods and a conservative approach, Anchin Private Client delivers effective coordination of financial and tax planning components. This allows our team to consistently achieve exceptional results and avoid the missteps that often prevent families from converting financial success into lasting wealth. Anchin Private Client measures impact not by assets under management, but by the ability to enhance the overall quality of life of our clients.
Find more time for the things that matter most. Contact Anchin Private Client at email@example.com for additional information or materials.
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WORK. LIFE. BALANCE SHEET.SM
Every ultra-wealthy family has a unique situation. The intricacies of everyday life, personal finances and philanthropic interests defy diagrams or demographics. With only complexity in common, each client needs a solution that is specifically tailored to family objectives and resources. Whether the situation calls for a dedicated “family CFO” to handle day-to-day personal financial matters, the creation of a family office structure to capitalize on potential tax benefits, or the outsourcing of critical tax and estate planning components, Anchin Private Client stands ready to assist. Supported by a team of more than 350 professionals under one roof with highly specialized industry and service groups, our team brings stability, foresight and discretion to advanced planning and business management processes.
Delivering value to our clients starts with our Work. Life. Balance SheetSM approach and a commitment to helping clients better manage tax, estate planning and wealth transfer strategies. Anchin Private Client combines experience with a talent for innovation to create customized solutions that fit each family’s distinctive situation and vision for the future.
The ability to seize opportunities and proactively address challenges is something that our clients and their professional service providers have come to expect. Our team is able to coordinate and oversee vital services and third-party relationships to ensure that our clients get the best possible results from their team of advisors. Anchin Private Client is able to provide an integrated financial strategy, encompassing Tax Planning and Compliance, Family Office Support and Business Management, Accounting, Trusts and Estates, Philanthropy, Art, and Matrimonial Advisory services.
Tax Planning and Compliance
In these times, it is an absolute necessity for every business to have the best tax advisors available.
The implementation of complex investment or estate planning strategies without consideration of potential tax implications is like carrying water in a leaky bucket. Large-scale liquidity events bring asset preservation and transfer possibilities that can greatly enhance family wealth. Anchin Private Client offers high level tax consulting and preparation of gift, individual, fiduciary, partnership, corporate and foundation tax filings.
Through years of experience and extensive training, our highly specialized partners and staff allow Anchin Private Client to keep pace with domestic and international filing requirements. Our service offerings include:
- Tax planning and compliance
- Trusts and estates
- Gift tax
- Private foundations
- International taxation
- Tax controversy
Family Office Support and Business Management
Anchin Private Client addresses often overlooked aspects including bill pay and household payroll as well as balance sheet and cash flow analysis reporting. Because each client situation is unique, the Anchin Private Client team is reinforced by organizational knowledge earned from a century of service to high-net worth clients. Solutions are enriched by a deep network of centers of influence and a firm-wide dedication to privacy and discretion. Our service offering includes:
- Business Management
- Payment of Bills and Vendor Liaison
- Cash Flow Management and Forecasting
- Payroll and Compliance for Domestic Employees
- Integrated Financial Strategies
- Coordination of Client Advisory Team
- Net Worth and Cash Flow Analysis
- Banking – Needs Assessment and Advisor Introductions
- Financing – Structuring and Resource Introductions
- Risk Management*
- Life and Disability Insurance
- Property and Casualty Insurance
- Personal Security
- Recordkeeping, Appraisal and Protection of Collectibles
- Process, Technology and Internal Controls*
- Internal Controls Review
- Information Technology – Networking, System Integrity and Applications
*These services are provided in coordination with Anchin affiliates or third parties.
Nearly a century of experience as a premier accounting firm allows Anchin Private Client to provide a broad range of financial reporting services, treating family finances similar to those of an operating business. Reliable quarterly reports are client-customized and include cash flow transactions, consolidated net-worth statements and recordkeeping for personal properties. Bookkeeping assistance for businesses and for families, litigation support and succession planning are sought after services for Anchin Private Client; the group often provides recommendations to improve controls and operations. Our team is able to leverage industry specialized talent to provide high level accounting and reporting advice, allowing our clients to achieve their long-term objectives Our accounting service offerings include:
- Preparation of personal financial statements
- Outsourced accounting and bookkeeping
- Litigation support
- Review of internal control systems
- Consolidated investment reporting
Trusts and Estates
Even when appropriate planning is executed, estate tax can often be one of the largest expenses ever incurred by a family. Anchin Private Client provides tax planning for families, trusts, estates and beneficiaries. Our team overall first gains an overall understanding of the family picture before working on matters including trust formation, succession planning and other wealth transfer strategies. Our service offerings include:
- Assistance with development of long term and short term objectives
- Review of existing multi-generational wealth transfer strategies
- Financial modeling of alternative strategies
- Action plan to implement changes
Once families have created exceptional wealth, much of their energy can be focused on enhancing their charitable goals. The Anchin Private Client team has deep expertise in designing, implementing and maintaining sophisticated philanthropic strategies that help to establish family legacies. Our team understands issues involved with establishing a private foundation, how to structure a grant, and on a more global basis, how philanthropy intersects with estate planning considerations. The Anchin Private Client team understands the passion that families can bring to philanthropic goals and will work to help achieve them. Our experience shows philanthropy can unite multiple generations within a family. Our service offerings include:
- Structuring of personal giving programs
- Attestation services for established not-for-profit entities
- Foundation management
- Strategy analysis and grant implementation
Being an art collector, foundation or gallery comes with a unique suite of tax implications. Whether the issue is to mitigate the tax burden of collecting or selling art, or a family is looking to efficiently transfer wealth to future generations, it is critical to work with advisors with a comprehensive knowledge of the tax codes and legislatures governing the art and collectibles world. Under the umbrella of Anchin Private Client, Anchin’s Art Group offers high level, value added services solving a variety of needs and issues Our service offering includes:
- Art collectors and investors
- Tax strategies
- Wealth transfer planning
- Tax-free exchanges
- Asset tracking
- Art galleries
- Financial statement preparation
- Needs assessment and advisor introductions - banking and other specialists
- Specialized accounting requirements
- Artist endowed foundations
- Entity formation
- Governance and board development
- Family participation
- Staffing and foundation management
- Inventory control and monitoring
- Strategy analysis and grant implementation
Divorce may not always derail family finances, but it often impacts their lifestyle and long-term planning. Emotional aspects are further complicated when the well-being of children, businesses and investment assets are at stake. Anchin Private Client has the expertise to guide family members during trying times such as divorce or the death of a spouse and to help restore a sense of normalcy. Through long-term planning and the need for ongoing support, parties are more likely to regain the financial and emotional freedom needed to move forward in the next phases of lives and careers. Our service offering includes:
- Review of previously filed income and gift tax returns
- Assistance with data collection for financial affidavits
- Preparation of net worth statements
- Review of separation/divorce agreements for tax implications on proposed settlements
- Assistance with innocent spouse relief
- Assistance with locating hidden assets through forensic examination
- Assistance with determination of alimony/palimony requirements
- Personal budget preparation
- Assistance with the calculation of child support needs
- Post-divorce income and estate tax planning and compliance
- Bill paying and other personal financial services
- Analysis of retirement planning options
- Analysis of mortgage and debt
- Analysis of life insurance levels and types
- The First-Generation Family Office
Given the recent and continuing proliferation of wealth creators, family office services are in higher demand.
- Outsourcing Critical Family Office Functions
For some high-net worth families, several important and impactful decisions and events can occur concurrently, making life seem like an overwhelming juggling act.
- Archdiocese of New York
Anchin’s client discussed with the Archdiocese of New York an idea to help them increase their fundraising for the Parochial School System.
- Private Foundation
Anchin assisted a private foundation client with their idea to establish matching grant programs which leveraged their philanthropy by enabling the recipient charities to raise additional funds.
- Anchin Private Client Wins NYSSCPA Family Office Cup for Second Consecutive YearAugust 14, 2017
Anchin Private Client, the preeminent accounting, tax and consulting firm for high net worth individuals, families, and family offices has captured the New York State Society of CPAs’ annual Family Office Cup for the second consecutive year. Anchin Private Client, a specialized group within New York-based accounting firm Anchin, Block & Anchin LLP, developed the winning presentation based on the topic of “Family Legacy.”
- Art and Other Collectibles - Tax ConsequencesJuly 31, 2017
Question: Why do you purchase and collect artwork and other collectibles? At first glance, such a question may not seem to have any connection to filing your annual tax return. However, the answers you give will go a long way in determining how any income you receive and expenses you incur as well as any gains or losses upon sale or disposition relating to your collectibles are reported on your tax return. Consider which of the following responses apply to you. Then continue reading to see the tax consequences of your answers.
- What to Consider When Buying a BoatJuly 31, 2017
Enjoyment of boating and the life at sea is a passion that is truly timeless. Throughout history, advocates have spanned all ages, professions and tax brackets. While many find falling in love with boating to be almost automatic, making the decision to own a boat requires careful consideration.
- The Remodeling of the Luxury HomeJuly 31, 2017
The accumulation of wealth is often followed by the acquisition of more than one luxury property. Spending time and entertaining guests at a vacation or primary home becomes a source of pride and enjoyment for many families. To maximize their enjoyment in the time spent at each property, there is a trend of families reimagining the design of the luxury home, and remodeling it based on the latest trends.
- Haven’t Updated Your Estate Plan in a While? It’s time.July 26, 2017
Co-Leader of Anchin Private Client, Jared Feldman, discusses the financial complexity and emotional issues around estate planning.
- Will Millennials Be Ready for the Great Wealth Transfer?July 18, 2017
Co-Leader of Anchin Private Client, Jared Feldman, comments on the different approaches families take to educating their children about wealth and the importance of preparation.
- Utilizing a Roth IRA in Your Estate PlanJune 30, 2017
Roth IRAs have long been a popular tool for individuals to save for retirement, but how many people are aware that they can also be used as a key component of an estate plan?
- How to Minimize Estate IssuesJune 30, 2017
In recent years, the passing of pop culture icons has brought attention to the issue of estate matters. Michael Jackson’s death in 2009 posed an interesting estate valuation issue.
- How to Protect Your Digital Life After You’re GoneJune 30, 2017
With so much personal information stored online, it is crucial that families organize a coordinated and consistent strategy to ensure that their legacy and assets are preserved and handled as intended.
- Your Child’s Tuition Is Paid While You’re in TahitiJune 16, 2017
Co-Leader of Anchin Private Client, Jared Feldman, explains how high-net worth individuals can best manage their personal affairs while on extended vacations.
- Trends in Portfolio DiversificationMay 30, 2017
Real estate, private equity and hedge funds were once a main haven for investors who were looking to diversify their portfolios, but today’s high net worth families are also looking to other asset classes such as cryptocurrencies, farmland and timber to invest their money.
- The Pitfalls of Keeping the HouseMay 30, 2017
One of the most common questions during a divorce is “Who gets the house?” Though maintaining the ownership of the family home may be the desired result, there are potential financial burdens that should be considered before making this decision.
- When Pursuing Your Passion for Wine is a Good InvestmentMay 30, 2017
While art, comics, classic cars, and even film financing are all areas where an enthusiast’s investment could yield personal fulfillment as well as financial gains, wine continues to be among the most popular passion investment vehicles.
- Are you a member of the Sandwich Generation?April 28, 2017
Five critical steps for adult children to take when handling the financial affairs of their parents
- Staying Cyber Safe While Traveling Outside of Your NetworkApril 28, 2017
A guide for understanding criminal infiltration tactics, including methods to avoid potential breaches to help achieve safe, secure device usage
- Gray Divorce: The Financial Challenges and OpportunitiesApril 20, 2017
Mela Garber, Leader of Anchin's Matrimonial Advisory Group, explains why some older couples may separate and advises women who married young and may not have financial experience to work with a financial planner.
- Collectibles: Alternative Investing Beyond Private Equity and Hedge FundsMarch 31, 2017
Collectible items are also a type of alternative investment — and, like all the others — come with their own rules and considerations.
- When is it time to update your estate plan?March 31, 2017
Because it is implied that the documents are supposed to outlive the deceased, many people wrongly assume that they just need to create a set of documents one time and not review them again.
- How to Prepare to Care for a Sick SpouseMarch 31, 2017
At a time when people are at their most vulnerable, they are often expected to make some of the most difficult financial decisions. This is why putting a plan in place when all parties are healthy is so important.
- How Uncle Sam Factors into Your Wedding PlansFebruary 28, 2017
Couples will have to factor in how their taxes will be affected after they change their status from single to married on their tax forms.
- Preservation of Your Art CollectionFebruary 28, 2017
Art has become an increasingly popular investment vehicle in recent years and as with any investment, it must be protected.
- New Foreign Bank and Financial Accounts (FBAR) Filing DeadlinesFebruary 28, 2017
Those who have a financial interest in or signature authority over a foreign financial account may be required to report the account annually to the Department of Treasury.
- Bitcoin: It’s Not Just a Currency, It’s an Asset ClassJanuary 31, 2017
Individuals may know Bitcoin as a volatile digital-based currency that has been attracting headlines, but in the IRS’ eyes, Bitcoin is considered property. Commentators have noted that Bitcoin represents a new type of asset class. For investors and philanthropists, the IRS classification of Bitcoin as an asset class (and not as a currency) may provide unique gifting and estate planning opportunities.
- Protect Yourself Against Scams This Tax SeasonJanuary 31, 2017
Tax-payers are encouraged to be extra vigilant this year about IRS scams. Despite a raid in October 2016 in which 70 people in an international call center were charged with fraud, tax scams remained the most common type of scam last year according to a report by the Better Business Bureau (BBB).
- Make Sure Your Business is on the Path to Comply with PATHJanuary 31, 2017
In December 2015, President Obama signed the Protecting Americans from Tax Hikes (PATH) Act. The purpose of the legislation was in part to protect businesses and individuals from tax fraud by lengthening the time the IRS has to review claims. The law also extends some tax credits for businesses and working families.
- Avoid Letting Two Homes Become One Big Problem at Tax TimeJanuary 31, 2017
Having a second home can be a source of joy and relaxation, yet it can also increase stress, especially to future tax bills if households are not careful.
- The Value of Life Insurance if Trump Repeals the Federal Estate TaxDecember 19, 2016
A few things to consider before making any hasty cancelation decisions
- Planning with Charitable Gift Annuities: The Gifts that Keep on GivingDecember 19, 2016
Charitable annuities continue to be a valuable tax & financial option for many individuals.
- Planning Ahead by Looking Back and Using the Team of AdvisorsNovember 29, 2016
High net worth families must always have someone minding the store in order to make sure important items aren’t missed.
- Fourth-quarter tax strategiesOctober 31, 2016
Jared Feldman, Co-Leader of Anchin Private Client, points out some tax issues that may confront high earning individuals.
- Special Election Edition: Taxation and PoliticsOctober 14, 2016
Whether you are voting Democrat, Republican or this year perhaps not at all, there is a good chance that this November’s election results will have a significant impact on our country’s federal tax system.
- Top Considerations for Educational DonationsSeptember 29, 2016
A significant charitable grant can help create a legacy and example for future generations
- Wills Can Provide for Both Education and Starting out in BusinessSeptember 29, 2016
Planning for the education of your family should be a consideration as part of a will
- A College Savings Plan Is Also Great for Estate Planning Across GenerationsSeptember 29, 2016
A 529 plan can be an especially efficient vehicle for gift-giving to multiple generations with maximal tax efficiency
- Do’s and Don’ts of Investing in Private Companies September 20, 2016
Jared Feldman, Co-Leader of Anchin Private Client, advises on the danger of investing based on personal relationships.
- Avoiding an Art Collection “Fire Sale”August 31, 2016
Some key planning factors to consider
- Skipping a Generation - Why and HowAugust 31, 2016
Leaving assets to grandchildren might make sense for some estates with multi-generational goals
- Structuring Life Insurance Correctly to Fit into a Buy-Sell AgreementAugust 31, 2016
How it can protect the business and the family
- IRS Proposed Regulations Target Gift and Estate Tax Planning StrategiesAugust 11, 2016
The IRS has released proposed regulations that would close so-called tax loopholes that many wealthy taxpayers have used to minimize transfer taxes (such as gift and estate taxes) when transferring interests in a closely held family business to relatives.
- High End Travel TrendsJuly 29, 2016
Many high net worth travelers are seeking unique experiences that educate, surprise and expand horizons – both abroad and domestically.
- Philanthropy: An Opportunity to Connect with the NexGen July 29, 2016
Growing in popularity among high-net-worth travelers are multigenerational vacations and trips with a philanthropic spin, also known as philantho-travel. Combining the two can be very powerful, both in terms of creating bonds, relaying values, and empowering the next generation.
- Mixing Business with Pleasure? July 29, 2016
Many business travelers are making side trips to explore personal interests or spend time with family members in a new place. The number and size of tax deductions will vary depending on the blend of business and pleasure. Here are a few tips to help avoid common pitfalls pertaining to tax deductions.
- Looking Beyond Brexit: Planning for What May Come NextJune 30, 2016
The chief challenge to consider is the heaping dose of uncertainty that has suddenly been thrust into the political and economic global scene. Uncertainty is unsettling.
- How to Talk About a Prenuptial AgreementJune 1, 2016
It’s hard to think of a good time to introduce a contractual component to unconditional love.
- How the Wealthy Teach Children about the Value of MoneyJune 1, 2016
Typically, parents would like to provide a secure future for the next generation.
- Thinking About “Death” Can Improve Quality of LifeJune 1, 2016
Estate planning is critical to generational wealth transfer and preservation strategies.
- Whaling Attacks Present a Larger Challenge for Businesses and Their OwnersJune 1, 2016
Phishing schemes have become increasingly clever and complicated. A new trend called Whaling Attacks has started to hit businesses and their executives.
- Family Financial Meetings Should Have a Place on Your CalendarApril 11, 2016
Mela Garber, Trust and Estates Services Chair, explains how parents can avoid estate issues with a letter explaining any distribution inequalities to their children.
- 5 Boomer Tax Traps to AvoidApril 6, 2016
E. Richard Baum, Tax Partner, touches base on various tax traps for baby boomers such as taxes on municipal bonds, the required minimum distribution and the income level for social security taxability.
- Stock(ing) StuffersApril 1, 2016
A Year-Round Strategy for Charitable Giving
- Why You May Need A PrenupApril 1, 2016
If a prospective couple plans to sign a prenuptial agreement, it’s wise to design the agreement with an estate plan in mind.
- Anchin Private Client appoints Jared Feldman as Co-Practice LeaderMarch 30, 2016
Anchin appoints Jared Feldman as Co-Practice Leader of Anchin Private Client, a specialty group devoted to working with affluent clients.
- NYS Art Collectors Under Scrutiny for Taxes on Shipped ArtMarch 2, 2016
Law enforcement and tax authorities have been closely investigating electronic records and tax returns for the buying and selling of art in New York State. Art collectors and intermediaries have come under close scrutiny as to whether they have been paying taxes, maintaining shipping records and providing invoices during the sales process.
- 7 Toxic Money Habits You Need to Quit NowJanuary 6, 2016
Mela Garber, tax expert at Anchin, advises how to break common bad money habits.
- U.S. Supreme Court Decision in Obergefell v. Hodges Has Far-Reaching Tax and Benefits Implications for Same-Sex Married CouplesJuly 17, 2015
On June 26, 2015, there was a groundbreaking decision in Obergefell v. Hodges. Two years after the Supreme Court ruled Section 3 of the Defense of Marriage Act (DOMA) unconstitutional in United States v. Windsor, the Supreme Court declared that same-sex couples have a right to marry anywhere in the United States under the freedom to marry ruling.
- Why Your Spouse Should Be at the Center of Your Estate PlanningMay 27, 2015
If you’re wondering who’s going to make sure your wishes are met after you die, your spouse is likely the first person you should consider.
- How to Set Up a Trust Without Costing Your Children a CentApril 17, 2015
If personal finance was a teen movie, the trust would be the blonde, snotty rich kid who wins all the ski races and uses his flawless martial arts technique to sweep some working-class kid’s injured leg.
- Estate planning: How to leave IRA to heirsMarch 5, 2015
No one would accuse IRAs of being easy to understand. The retirement accounts seem fairly straightforward on the surface, but they can get complicated, especially after you die.
- The Art of Tax Planning - Part 3January 12, 2015
This is the third installment of an article about tax as it applies to the unique subject of art.
- The Art of Tax Planning - Part 2December 16, 2014
This is the second installment of an article about tax as it applies to the unique subject of art.
- The Art of Tax Planning - Part 1December 4, 2014
Fine art is increasingly making headlines as record breaking auction prices steal the attention of collectors, hopeful artists, and art market enthusiasts. At the same time, the perception of a rising art market has brought fine art to the attention of investors around the world, who now consider it an alternative asset class to be evaluated alongside real estate, hedge funds, and other investments.
- A Tax Victory for Art CollectorsOctober 7, 2014
In a decision on September 15, 2014, the Fifth Circuit reversed a 10% discount (previously applied by the United States Tax Court to a valuation of art) in favor of a more significant 47.5% discount. The careful consideration of evidentiary support provided by the art collector’s family, legal team, accountant and other experts in conjunction with the blatant randomness of the initial 10% discount yielded a very positive result that many think will help other art owners reduce taxes on their estates.
- New York State Gift, Estate and Trust Law ChangesMay 13, 2014
New York State recently enacted some significant tax law changes. Contained within the new budget are critical gift, estate and trust topics that should be addressed immediately by New York residents as well as beneficiaries of exempt resident trusts.
- Anchin’s Trusts and Estates Market UpdateMarch 26, 2014
Trust formation spiked in 2012, resulting in an increased need for formal (judicial) and informal accountings. The preparation of these formal (judicial) and informal accountings is a multifaceted process. Anchin’s Trusts and Estates Services Group provides expertise and in-depth knowledge essential to successfully prepare multistate judicial accountings.
- New York Non-Profit Revitalization Act of 2013January 27, 2014
The New York Non-Profit Revitalization Act of 2013 (the Act) was signed by Governor Andrew Cuomo on December 19, 2013. This act represents the first substantial reform to the New York Not-for-Profit law in more than forty years.
- The Art of Tax Planning: Federal Gift and Estate Taxes, Gifts and Bequests to Charities, and Art FoundationsJanuary 1, 2015
The Art of Tax Planning Fine art is increasingly making headlines as record breaking auction prices steal the attention of collectors, hopeful artists, and art market
- Anchin Private Client Presents: The Benefits of a Personal CFOJune 6, 2017
Anchin Partner and Private Client Co-Leader Jared Feldman discusses the complex issues that often accompany tremendous wealth for high net worth individuals and families, and the reasons why many HNW individuals and families choose to work with an outsourced accountant or a personal CFO.
- Gifting: How to Leverage 529 Education PlansJune 6, 2017
Anchin Partner E. Richard Baum discusses leveraging 529 education accounts, gift tax annual exclusions, gift maximums, the tax benefits of gifting in advance, and other important considerations.
- Valuation Discounts: Opportunities for Privately Held BusinessesJune 6, 2017
Anchin Tax Partner E. Richard Baum discusses valuation discounts and how older generations may gift interest in a business to the next generation at less than the full value through buy-sell agreements and cross-purchase agreements funded using life insurance.
- The Impact of a Potential Repeal of the Federal Estate TaxMay 22, 2017
Anchin Partner E. Richard Baum discusses the role of life insurance in planning for the federal estate tax and explores the potential repercussions, should these