Family businesses will review exit strategies
Joshua Rubenstein, national chair of trusts and estates at Katten Muchin Rosenman, says one of the major challenges this year will be how, and even whether, to attempt to keep family enterprises intact.
What will 2016 be like for the private client industry?
I believe that the private client and wealth management industries worldwide are going to continue to see dramatic changes in several areas, such as rising tax rates and concerted tax enforcement efforts among countries. We will also see rapidly evolving social views of marriage, gender equality and family structure, as well as concerns for personal and physical security and protection of assets.
What challenges should the industry brace up for this year?
I expect changes to traditional choice of law principals for multinational clients. One of the major challenges will be how, and even whether, to attempt to keep family enterprises intact. Also, an important challenge will be finding out how to maintain privacy while giving up secrecy.