PwC US Releases 2013 Guide to Tax and Wealth Management

NEW YORK, Oct. 24, 2012 /PRNewswire/ -- Today, PwC US ("PwC") released a new edition of its annual guide Managing Your Wealth: Guide to Tax and Wealth Management. As in previous editions, the Guide aims to help individuals, families, and business owners better understand and play an active role in their wealth management as they look to grow and preserve their wealth during this period of economic and political volatility. The updated Guide reflects the latest legal, economic, and legislative developments impacting wealth plans. New to this year's edition is content around global considerations, reflecting the international diversity of high-net-worth families and the cross-border factors affecting their wealth.

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"Tax policy in the US may shift in the near term, which stands to greatly impact the growth and survival of family wealth," says Brittney Saks, PwC's US leader for the Personal Financial Services practice and editor-in-chief of this year's Guide. "That, coupled with the impact of other governmental efforts to tackle federal and state deficits, will make it essential for families to evaluate their wealth management plans. While preparation amidst uncertainty can be challenging, we continue to counsel our clients that beginning the planning process early and asking the right questions of advisors will allow them to have a plan in place to capitalize on opportunities."

As high-net-worth families navigate the economic and political changes in an increasingly interconnected world, they recognize the need to view legacy matters as something to plan with the next generation, rather than something to plan for it. Sharing the understanding of wealth management across generations ensures that the ability to protect the family's wealth and steward it into the future does not rest solely on one person.

"Wealth planning should be a family enterprise," says Saks. "The success of a family business or the longevity of a family foundation will depend on the junior generations' understanding of geopolitical and economic dynamics around the globe and how they impact tax policy and regulation. Families should meet regularly to ensure that all generations are on the same page about the family's values, near- and long-term financial goals, and how the transfer of wealth will take place down the line."

The Guide also emphasizes the importance of the advisor relationship in family wealth planning. The multiple generations in a family must be aligned with each other first and then with their advisors, making sure to ask the right questions and regularly refine their wealth management strategy.

"We write this Guide each year to serve as a resource for families and to help them prepare for and adapt to evolving conditions," notes Saks. "We recommend that families invest time in developing a trusted advisor relationship and use the Guide as a basis for an engaged dialogue with their advisors, clearly communicating their goals so that their best interests are always at the core of their wealth management plan."

Available for free download at www.pwc.com/us/pfs, the new Guide explains complex wealth management strategies without resorting to technical language. Like previous editions, this year's Guide is supported by an online resource center, which allows users to download specific chapters or the full book, view video interviews with partners on important financial planning topics, and gain access to other PwC resources regarding personal finance and wealth management. Together, the Guide and the online resource center serve as a reference for overall wealth management planning, with particular focus on the following areas:

  • Effective tax planning
  • Managing your investments
  • Charitable giving
  • Estate and gift planning
  • Business succession
  • Family meetings
  • Family offices
  • Risk management

About PwC's Private Company Services Practice

Moving beyond tomorrow's uncertainty and growing your business matters to you, and to us. Experience what it is like to work with professionals dedicated to serving private companies and their owners. Working with you on both day-to-day and more-complex issues such as compliance, controls, cash flow, expansion, succession, and personal financial matters — this is PwC's Private Company Services.

You talk, we listen and share insight. We are proud to serve as advisors to more than 60% of America's Largest Private Companies(1), collaborating to help you achieve long-term success.

Experience the difference. Visit us online at pwc.com/us/pcs or email us at pwcpcs@us.pwc.com to start the conversation.

(1) 2011 Forbes America's Largest Private Companies List

About the PwC Network

PwC firms help organizations and individuals create the value they're looking for.  We're a network of firms in 158 countries with close to 169,000 people who are committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.com.

Learn more about PwC by following us online: @PwC_LLP, YouTube, LinkedIn, Facebook and Google +.

© 2012 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved. PwC refers to the US member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.

About the Guide's Author

Brittney Saks is the US Leader of PwC's Personal Financial Services Practice (PFS). Brittney also directly oversees the PFS practice in Chicago, where she is the lead engagement partner and trusted adviser to some of that city's largest and most complex family offices. 

Brittney leads a group of over 300 experienced tax and wealth management professionals, specializing in designing strategies to help business owners, corporate executives, and high-net-worth families build value, manage risk, and preserve and enhance their wealth. For over 20 years, she has advised clients on income tax, wealth transfer, and charitable giving, as well as helped them devise strategies for equity-based compensation, investments, business succession, and retirement planning. 

Brittney received both the Personal Financial Specialist accreditation and the Certified Public Accountant designation. She has a Bachelor of Science degree in accounting from the University of Illinois at Urbana-Champaign, where she graduated with highest honors. She also has her Masters in Taxation from DePaul University, where she received special distinction. Brittney is a member of the AICPA (Tax and Personal Financial Planning Division) and the Illinois CPA Society.

Brittney is the editor-in-chief of PwC's annual Guide to Tax and Wealth Management and has authored numerous publications over the years, all focusing on issues affecting high-net-worth families. Brittney is also regularly consulted and interviewed by the New York Times, Wall Street Journal, Chicago Tribune, and numerous other media outlets, such as the Fox Business channel.

Brittney recently completed a four-year term on the AICPA Executive Personal Financial Planning committee. In addition, she devotes her time to the United Way's Women's Leadership Giving Council and serves on the Corporate Board for the Boys and Girls Club of Chicago.

SOURCE PwC US



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