LOS ANGELES, CA--(Marketwire - Sep 18, 2012) - Convergent Wealth Advisors recently hosted a roundtable discussion at the Peninsula Beverly Hills entitled "Lessons from the Edge: Five Common Mistakes in Family Estate Planning & How to Avoid Them." Steve Lockshin, Convergent's founder & Chairman, and Sisi Tran, the firm's Director of Trust and Estate Planning, were joined by panelists from Arnold & Porter and City National Bank. The event was attended by a high profile group of Los Angeles-based business managers, bankers and CPAs who service high net worth families and entertainment clients across the country.
Panelists urged the audience to speak with their clients about taking advantage of the current estate tax laws -- a rare tax planning opportunity scheduled to be eliminated in 2013. Additionally, they highlighted common estate planning mistakes and offered recommendations of ways to avoid pitfalls in the following areas:
- Gifts of Illiquid Assets
- Trustee Selection: Individuals as Trustees
- Keeping Money in the Family: Protecting Assets from Divorce and Non-Family Members
- Illiquidity/Proper Funding of Estate Tax Liability
- Money as a Disabler
With the upcoming 2012 elections and the uncertainty of the outcome of the tax laws, financial professionals and attorneys are likely to get buried with requests at year end. Steve Lockshin concluded the program by urging attendees to tackle these issues with their clients now.
About Convergent Wealth Advisors
Convergent Wealth Advisors is a recognized industry leader in wealth management, advising on over $10 billion in assets (as of June 30, 2012). Convergent provides investment consulting services and customized wealth management solutions to ultra-high net worth individuals and family offices.
Independence by Convergent™ is a division of Convergent focused on servicing clients with between $500,000 and more in investable assets.
Convergent has offices in Washington, DC, Los Angeles, New York, and Portland, OR. Convergent is a majority-owned subsidiary of Convergent Capital Management, which is a subsidiary of City National Corporation (
Non-deposit investment products are not FDIC insured, are not deposits or other obligations of Convergent Wealth Advisors, are not guaranteed by Convergent Wealth Advisors and involve investment risks, including the possible loss of principal. In accordance with Treasury Regulations Circular 230, any tax discussions contained in this communication was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matter addressed herein.
- Estate Planning