Hemenway & Barnes LLP Shares Guidance for Safeguarding New Wealth
BOSTON--(BUSINESS WIRE)--Hemenway & Barnes LLP, one of Boston’s most storied legal and fiduciary firms, today issued a new discussion paper, “The next cycle of earners: three keys to safeguarding new wealth” The paper explores ways for the new generation of top earners to maintain their wealth for future generations.
“A new generation of wealth earners is emerging from the software, biotech and pharma industries”
“A new generation of wealth earners is emerging from the software, biotech and pharma industries,” writes Brian Broderick, Partner at Hemenway & Barnes and author of the paper. “In order to safeguard their new wealth, earners should view options as compensation, diversify investments, and look for opportunities to move assets outside of the transfer tax system.”
Hemenway & Barnes advises earners to safeguard assets by:
- Putting assets to work: Options owners believe in their work, they believe in the organization, and they believe the value of their options will grow until their exit. Options holders should regularly exercise and sell a portion of vested options when the market conditions are favorable.
- Tackling taxes head on: Recognizing how the tax system works and taking proactive measures can mean the difference between passing on a sizable sum or losing a portion to state and federal estate taxes.
- Putting faith in a trust: Trusts have modernized to keep pace with those who need them most, and they help to ensure that new wealth survives beyond its earners.
About Hemenway & Barnes
Based in Boston, Hemenway & Barnes LLP has served for 150 years as trusted counsel to the region’s high net worth families, businesses, and nonprofit organizations. The firm is uniquely designed as a home for legal and financial expertise, with a focus on providing each client with services that are specifically tailored and results-oriented. Areas of expertise include estate planning, litigation, corporate work, and real estate. Its affiliate, Hemenway Trust Company LLC, is a New Hampshire based, private trust company offering a full range of wealth advisory and management services.