Most valuation experts use data from the syndicated limited partnership (SLP) market to determine applicable valuations for family limited partnerships (FLPs) that hold real estate. However, in the past several years, there has been a noticeable...
From David Handler of Kirkland & Ellis LLP, we have this update: A general power of appointment over a spouse's revocable trust uses unified credit. The Internal Revenue Service approved a method for spouses to fully utilize their estate tax...
Joan Kroc made history when her will gave the Salvation Army $1.5 billion the largest known donation to a charity in history. For the Salvation Army, the gift, which became known in January, came as a surprise, and promised to cause serious...
The six graphs in Where the Money Goes, page 67 of the October 2003 Trusts & Estates, which accompanied the article Holistic Planning, by H. Allan Shore and Seth R. Kaplan, contained inaccuracies. The correct graphs, which chart how charity lead...
Three years ago Barton Biggs, the curmudgeonly chief global strategist of Morgan Stanley, said a hedge funds had gripped the United States and Europe and that a was inflating. Biggs allowed that he didn't know when the hedge fund bubble would...
Three years ago, at the height of the equities run-up, investors had little reason to be interested in hedge funds. The intervening years have brought with them some important lessons about diversification, and this has made alternative...
The rumors are proving true: The larger brokerage firms, including Raymond James and Wachovia Securities, are warming to the idea of letting reps dabble in more independent-minded pursuits. On March 1, Raymond James Financial announced its...
ARBITRAGE STRATEGIES Convertible Arbitrage: Managers invest in companies' convertible securities. Typically, they will be long the convertible bond and short the common stock of the same company. Positions are designed to generate profits from the...
If there's one way to inspire a rep to care about a process as esoteric and arcane as securities clearing, it's this: remind him that clearing innovations are what make many of his most creative services possible. Take, for instance, a situation...
When stocks plunged in 2000, dispirited fund investors looked enviously at hedge funds. By selling short or investing in mergers, hedge fund owners could make money even when the S&P 500 collapsed. But hedge funds are far from a perfect solution...
