NEW YORK, Oct. 30, 2013 -- PwC US has released the latest edition of its Managing Your Wealth: Guide to Tax and Wealth Management, to help high-net-worth individuals, families, and business owners better understand and play an active role in growing and preserving their wealth.
The updated Guide incorporates the latest legal, economic, and legislative developments impacting wealth plans, including tax changes that went into effect at the beginning of 2013. New to this year's edition is a chapter on cross-border considerations, reflecting the international diversity of wealthy families and the global interconnectedness of economies and markets.
"Five years have elapsed since the financial crisis. For high-net-worth individuals and families, the biggest lesson has been that no one can afford to let their wealth management run on autopilot," says Brittney Saks, PwC's US leader for the Personal Financial Services practice and the Guide's editor-in-chief. "The tax changes that took effect in January, coupled with economic and political volatility at home and around the world, means that now more than ever, high-net-worth individuals need to be actively engaged in wealth management decisions."
Beyond tax law changes at home, there is also the complexity of navigating tax issues abroad. Tax and regulatory changes in other countries may affect a family's wealth management strategy. Globalization is therefore an increasingly important factor for family's to address in discussions with their advisory team.
"Cross-border investments and transactions may seem standard, but they could entail unforeseen challenges in tax reporting," explains Saks. "It's essential that international families, globally diversified investors, and other US taxpayers with interests in foreign entities thoroughly understand their reporting responsibilities."
Equally important is communicating wealth management strategies across generations to help ensure that the family's wealth is protected for the long term and viewed as a collective responsibility.
"Many of the issues discussed in this publication merit attention beyond tax season, such as business succession and family meetings," notes Saks. "Ideally, our readers will use the Guide year-round to foster trusted relationships with their advisors, engaging them in an open and informed dialogue about wealth management goals for the near and long term."
Available for free download at www.pwc.com/us/pfs, and through the recently launched PwC 365 app, this latest edition of 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.