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Morgan Stanley Private Wealth Management saw a spike in demand for its family office resources and 'lifestyle' advice during the pandemic, advisors say.
The so-called 1031 like-kind exchange rule was created a century ago to aid family farmers. It has evolved into a beloved tool of property moguls, Fortune 500 companies and real estate trusts that can use it to create a daisy-chain of tax avoidance.
The increasingly acrimonious split has led the CEO Mark Suzman to tell employees he’s in talks to strengthen “the long-term sustainability and stability of the foundation,” including possibly bringing in outside directors.