Insights

Demystifying Private Investments

In this episode of the Choate Family Office Services Podcast Series, Lanny Thorndike, President of Choate Investment Advisors, and Alison Svizzero, a Portfolio Manager and Head of Private Equity, explore the potential benefits of private equity investments for families looking to diversify their portfolios.

Save Your Receipts! How to document your charitable contributions to claim a tax deduction

In addition to helping nonprofit organizations perform important work, charitable contributions can be a great way to lower your income tax bill. To make sure that you can claim a tax deduction, it is important to follow several recordkeeping rules required by the IRS.

Treasury Releases Proposed Donor Advised Fund Regulations Addressing Taxable Distributions and Key Definitions

Following more than 15 years of anticipation, Treasury and the IRS have issued proposed regulations interpreting certain Internal Revenue Code (Code) provisions applicable to donor advised funds (DAFs).

Massachusetts Tax Relief Bill Signed Into Law

On October 4, 2023, Governor Maura Healey signed into law “An Act to improve the Commonwealth’s competitiveness, affordability, and equity.”  The Act makes key tax changes to the Massachusetts estate tax and short-term capital gains, and closes the "millionaires tax" loophole for married couples, in addition to other provisions.

Understanding the New Massachusetts Millionaires Tax

The new “Massachusetts Millionaires Tax” goes into effect on January 1, 2023 and will impose a 4% surtax, in addition to the 5% flat income tax, on those who domicile or reside in Massachusetts and earn over $1 million annually.

Search Funds Beware: Strategies for Avoiding PFIC Adverse Tax Consequences

Because Search Funds seek to invest in active businesses, searchers and their US investors are often surprised to learn that they may be subject to the Passive Foreign Investment Company (“PFIC”) rules for US federal income tax purposes.

Jessica Lambert and Lanny Thorndike named co-chairs of Wealth Management

Jessica Lambert and Lanny Thorndike join Brian Monnich leading Choate’s Wealth Management practice to oversee the group’s growth strategy, client experience, and talent development initiatives.

Choate Hosts "Fall Update: Pending Tax Changes and Timely Market Perspectives"

Choate recently hosted a discussion about the federal tax proposals currently under consideration, providing background and context on the infrastructure bills and the recently proposed framework for legislation, as well as the possible implications of these changes on individual taxes and the taxation of trusts.

Effective Planning for Realizing Capital Gains

In this episode of Choate’s Family Office Podcast Series, Lanny Thorndike, president of ChoateIA, and Erin Kerr, a portfolio manager at ChoateIA, discuss the basics of capital gains taxes and how to think strategically about incurring these gains periodically in order to enhance longer-term performance.