This Summary describes provisions of the Act that seem most applicable to our clients as individuals and business owners...

Kim Kamin, Gresham’s Chief Wealth Strategist, has been elected to the American College of Trust & Estate Counsel’s governing …

Gresham named the 2020 Best Wealth Planning – Other Organizations firm by Family Wealth Report’s panel of industry experts, after…

This Alert highlights four advanced wealth transfer planning techniques that benefit from depressed asset values and low interest rates, and…

We provide our observations regarding the global economy and capital markets, the death of “dumb” value investing, and…

Gresham’s Chief Wealth Strategist, Kim Kamin, recently co-authored an article in Estate Planning that is based on the authors’ presentations at the 44th Annual Notre Dame Tax & Estate Planning Institute.

This article describes planning considerations and strategies for modern families who do not necessarily match the profile of past generations.

Kim Kamin, Gresham's Chief Wealth Strategist, recently authored an article in Trusts and Estates describing wealth planning developments in 2019 and strategies for 2020. 

This article addresses impacts of tax law changes that become effective in 2018 and some recent cases affecting wealth transfer strategies. It also cautions wealth owners and their advisors to be alert to substantial tax law changes that are being proposed in this election year.

Kim Kamin, Gresham’s Chief Wealth Strategist and also editor and co-author of Tools & Techniques of Estate Planning for Modern Families, presented …

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented Wealth Planning Considerations for Modern Families at the National Association of Personal Financial Planners Event, which was held on October 2, 2019, at the Hyatt Regency McCormick Place in Chicago, IL.

Wally Head, Vice Chairman, led a panel on Pre-Transaction Planning and Kim Kamin, Chief Wealth Strategist, was a panelist at …

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, participated on a panel, moderated by David H. Lenok of Weakthmanagement.com; along with R. Hugh Magill of The Northern Trust; and Martin M. Shenkman of Shenkman Law, on Collaboration When Working With the Contemporary Family, which was held on September 26, 2019, at Notre Dame University, South Bend, IN.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented on different approaches for modifying irrevocable trusts at Gresham’s 2019 Annual Client Event, which was held on September 19, 2019, at The Ivy Room, Chicago, IL.

Ted Neild, Gresham’s President and Chief Investment Officer, explained investment strategies we are pursuing to address …

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, participated on a panel, along with Wally Head of Gresham Partners, LLC; Tom Bonnel of BonnelQuest Advisors; and Randy Schwartz of Faegre Baker Daniels LLP, on Pre-Transaction Planning to Improve the Likelihood of a Liquidity Event, at The Gleacher Center in Chicago, IL on September 11, 2019.

Wally Head, Gresham’s Vice Chairman, explained how profits interest structures can be used by family offices to enhance …

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, moderated a panel, which also consisted of Mutassem Daaboul, Canex Aluminum; Mary Galeti, Tecovas Foundation; and Lauren Thurin, Flat World Partners, on Leveraging Your Voice – Rising Gen Empowerment in Family Philanthropy, Business and Trust Matters, at The New School in New York, NY on July 26, 2019.

Sean Warrington joins Gresham Partners as Principal and Senior Investment Officer leading Gresham’s private investment activity.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented Estate Planning Considerations for the Modern Family at the FOX Family Office Forum, which was held on July 17, 2019, at the Swissotel in Chicago, IL.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, co-presented in a live webinar with David C. Blickenstaff of Schiff Hardin LLP, on Attorney-Client Privilege in a Team Environment, which was broadcast on July 10, 2019.

Gresham Partners proudly sponsored for a seventh consecutive year The Community Table fundraising event for Greenhouse Scholars …

Modern families take many forms, and estate planning professionals must advise them all. Part 1 of these materials described some of the distinct issues faced by a modern family. This Part 2 describes considerations
in drafting for flexibility and includes some sample language.

Benjamin Graham said that “The essence of portfolio management is the management of risks, not the management of returns.” We agree.

Our 2019 Annual Letter celebrates our coming of age (21) and describes our commitments to creative destruction, reinvention and ...

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented Estate Planning for the Modern 21st Century Family at the ALI-CLE Planning Techniques for Large Estates, which was held on April 4, 2019, at the Hilton Resort & Villas in Scottsdale, AZ.

Gresham has been named the "Best Multi-Family Office Between $5B and $15B AUM/AUA" by Family Wealth Report’s panel of industry experts

Modern families take many forms, and estate planning professionals must advise them all. This outline describes some of the distinct issues faced by a modern family. Given the wide range of configurations of the modern family, there may be more considerations than one may realize.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, participated on a panel, moderated by Charles A. Redd of Stinson Leonard Street LLP, along with Professor Jeffrey A. Cooper of Quinnipiac University School of Law, and Pamela Lucina of The Northern Trust, at the American College of Trust and Estate Counsel Annual Meeting, which was held on March 24, 2019, at the LaQuinta Resort & Club, LaQuinta, CA.

We assess the opportunities and risks we see as the investment environment changes throughout the world …

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented Planning Considerations for Modern Families at the Family Office Exchange Senior Management Council, which was held on March 1, 2019, at the W Fort Lauderdale Hotel in Fort Lauderdale, FL.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, co-hosted a live national audio webcast with Wendy Goffe of Stoel Rives LLP, on Estate Planning for Modern Families: Flexibility and Other Considerations for the 21st Century, which was broadcast on January 30, 2019.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, participated on a panel, along with Miriam Wogan Henry, Jones Walker LLP; and Daniel S. Rubin, Moses & Singer LLP, on Playing the Disclaim Game: Accessing Optionality in Planning and Problem-Solving at the 53rd Annual Heckerling Institute on Estate Planning, which was held on January 17, 2019, at the Orlando World Center Marriott, in Orlando, FL.

Gresham Partners, a nationally recognized* independent investment and wealth management firm, has been ranked #4 in Barron’s 2018 Top 100 Independent RIAs.  Gresham moved up to the #4 ranking from #9 in 2017 and #13 in 2016.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented Trust Structure for Investing and Fiduciary Considerations in Portfolio Construction, along with Ted Neild, President and Chief Investment Officer at Gresham Partners, LLC, at the South Dakota Trust Association Fall Forum, which was held on October 16, 2018, at Augustana University, Sioux Falls, SD.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, participated on a panel, along with David Handler of Kirkland & Ellis, moderated by Susan Lipp of Wealthmanagement.com, to law students at Northwestern Pritzker School of Law on October 2, 2018 in Chicago, IL.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented Estate Planning Considerations Under the New Tax Act at Gresham’s 2018 Annual Client Event, which was held on September 26, 2018, at The Ivy Room, Chicago, IL.

Gresham believes that the opportunity set for investment in U.S. businesses has declined within public equity markets while it has increased in private equity markets.  This shift may justify a reassessment of asset allocations between public and private investments.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented Estate Planning for Modern Families at the American Law Institute-Continuing Legal Education Estate Planning in Depth Summer Program, which was held on June 25, 2018 in Madison, WI.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented Bringing It All Together – Case Studies at the Family Office Exchange Trustees & Beneficiaries Workshop, which was held on June 20, 2018 at the Metropolitan Club in Chicago, IL.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, co-presented at the Illinois Institute for Continuing Legal Education, 61st Annual Estate Planning Short Course, on the topic of Estate Planning as a Team Sport: Attorneys, Accountants and Other Advisors Working Together – Are Your Communications Privileged?

This year’s Annual Letter provide an update on our firm and shares thoughts regarding various topics, including our 20^th Anniversary as an independent investment and wealth management firm and the reasons for that notable accomplishment.

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, moderated a national webinar on behalf of The American College of Trust and Estate Counsel, for ALI-CLE titled "Attorneys and Other Advisors Working Together: Are Your Communications Protected?"

Kim Kamin, Chief Wealth Strategist at Gresham Partners, LLC, presented "Wealth Planning Considerations for the Modern Family" at the Private Wealth Management Summit, which was held on March 15, 2018 at The Venetian in Las Vegas, NV.

We share our views on how investors should act in the face of expected changes in global central bank policies and current elevated asset prices.

Here is the letter Ted Neild, Gresham’s chief investment officer and president, sent Gresham clients and other friends highlighting this year’s Annual Outlook.

Gresham enjoys keeping a low profile, so it was a departure for Ted Neild, our president and chief investment officer, to participate in a conversation with the chief investment officers of two other financial advisory firms for an article published in The Wall Street Journal this past December titled Where to Put Your Money in the Next Year.

One version of the American Dream is to create a successful family business that leads to a multigenerational family legacy supported by that business or its economic value. It has been our experience that trusts can help achieve that dream or, with inadequate design or improper administration, they can hinder or even prevent its achievement.

How are investment risks and potential returns changing in India? Are investment opportunities there comparable to those in other developing markets?

Gresham ranks #9 in Barron’s 2017 Top 100 Independent RIAs listing based on assessments of assets, revenue and quality of practice, not explicit investment performance or actual client experience.

Gresham named "Best Multi-Family Office Above $3 Billion AUM/AUA" by independent panel of industry experts assembled by Family Wealth Report.

Gresham addresses:  What legal standard of responsibility and conduct should apply to firms and individuals who provide advisory services to investors?

Dean Daniel B. Rodriguez, of the Northwestern University Pritzker School of Law, recently announced that Kim Kamin, Gresham’s Chief Wealth Strategist and one of its Principals and client Advisors, has been awarded the 2016/2017 William M. Trumbull Lectureship. Since it was established in 1977, there have been only 11 past recipients of this honor.

Ms. Kamin started teaching at the Law School in 2003. She has taught Advanced Trusts and Estates, Fiduciary Income Tax, and for the past three years, Estate Planning in a course through the LLM in Tax Program that is cross listed for law students.

Dean Rodriguez thanked Ms. Kamin and others who were appointed to named professorships for their hard work and commitment to the Law School’s core teaching and research mission. The chair to which Ms. Kamin was named was established by the estate of William M. Trumbull who was a member of the Law School’s faculty from 1952 to 1965.

Prior to joining Gresham, Ms. Kamin was a partner with a large Chicago-based law firm where for many years, she advised clients on a wide array of entity restructuring, succession planning, trust and estate administration, asset protection, and philanthropic issues. Ms. Kamin received her BA from Stanford University and her JD from the University of Chicago Law School.

At the beginning of the year in our Annual Outlook, we noted that subdued economic growth, low inflation and easy monetary policy were likely to continue for the foreseeable future. Additionally, divergent policies across the globe would create volatility and investment opportunity for flexible investors unbound by traditional investment constraints.

We assess how elevated valuations, Fed tightening and oil price declines impact a range of investment themes.

Gresham’s new Chief Wealth Strategist, Kim Kamin, was recently selected by her legal peers for the inclusion in The Best Lawyers in America© 2015 both in (1) Trusts and Estates, and (2) Litigation – Trusts and Estates for the fifth consecutive year. While Kim is no longer practicing law in her role here and we expect such accolades in the legal arena to taper off in future years, Gresham is nonetheless pleased to have her experience and skill sets recognized in this way and available to our clients as a resource.

https://issuu.com/bestlawyers/docs/chicago-best-lawyers-2015

In our 2015 Annual Outlook: Divergent, we predict that an increasingly desynchronized world will likely lead to more volatility and investment opportunity, we assess where caution may be warranted and opportunity may present itself, and we look at the impact of declining oil prices. We also discuss what investors should do in the current environment.

October 2014, prior versions previously published 2007, 2010 and 2012.

October 2014, prior versions previously published 2012 and 2010.

September 2014, prior versions previously published 2010 and 2012.

Kim Kamin was honored by Francis W. Parker School Alumni Association on June 5, 2014, for her 15 years of leadership. The Chicago Alumni and Friends Event hosted at Leonard Goodman’s home honored Ms. Kamin, outgoing Alumni Association president and a dedicated leader in the group, which seeks to actively engage the alumni community and promote lifelong relationships with one another and with the school. Ms. Kamin is a Principal at Gresham Partners, LLC where she serves as Chief Wealth Strategist and a Client Advisor. She helps lead Gresham’s development and implementation of estate, wealth transfer, philanthropic and fiduciary planning activities, and advises clients. Ms. Kamin is also actively involved with various professional organizations and writes and speaks on topics related to wealth planning and management. Francis W. Parker School is an independent school in Chicago that serves students from junior kindergarten through high school. The school, based on the educational philosophies of John Dewey and Colonel Francis Wayland Parker, emphasizes education for character, community and citizenship.

April 2014, prior versions previously published 2009 and 2011.

In this year's Annual Outlook, we assess the relatively anemic global economic environment, review capital markets' accomplishments in 2013, and discuss our expectations and strategies for 2014 and beyond. We also explain why we believe it is time for investors to revisit their long-term asset allocation guidelines and be prepared to withstand the inevitable market corrections ahead.

By Jonathan G. Blattmachr, Kim Kamin & Jeffrey M. Bergman

One of the most versatile tools estate planners have at their disposal is the power of appointment. Despite its wide use, the benefits and limitations of the power of appointment are not widely understood. This Article discusses those benefits and limitations, and instructs how to use the power of appointment to achieve the intended disposition of the donor or testator, including drafting techniques for both general and special powers of appointment either exercisable presently or in the future. Finally, this Article discusses how to use powers of appointment to “decant” trust assets from one trust to another, reducing the tax consequences of trust dispositions.
(RPTE Law Journal, Winter 2013 Vol. 47, No. 3)

The world is awash in a sea of liquidity, as all four major central banks of the developed
world are synchronized in their aggressive implementation of easy money policies. Despite
this liquidity, the global economic recovery remains the slowest on record, still hindered by
the excessive leverage built-up prior to the financial crisis four years ago. While these easy
money policies have produced some positive outcomes, little money is currently making its
way into the real economy, but is now spilling over into capital markets, distorting prices
and increasing risks to investors. While we believe many areas of the capital markets
remain attractive, investors must be cautious in deploying capital to ensure that they are
adequately rewarded for the risks they are taking.

The world continues to ride the same train of global imbalances. While short-term solutions have
allowed us to arrive at the next station, few are attempting to address the long-term issues. We believe
that capital markets will continue to assail the weakest links in the financial system, which, hopefully,
instills the required discipline for policymakers to make needed, but difficult, decisions. Unfortunately
for long-term investors, this suggests that we will continue to encounter a series of market crises,
leading to continued market volatility that can test investor resolve. During this period, it is important
that investors are cognizant of the risks in their portfolios and remain alert for the opportunities
created. While current markets continue to be driven by governmental policy rather than underlying
fundamentals, we do see several powerful secular trends and risks that should shape the foundation
of a portfolio for the long term.

The biggest surprise of the year was how well asset classes performed. U.S. equity markets were up 15% and bond markets were up 6.5%, both of which are reasonably good by historical averages.

Policy makers in developed economies are likely to remain accommodative, as domestic employment and growth concerns will dominate our trading partners’ concerns regarding the debasement of the U.S. dollar. The very solutions aimed at solving the crisis, may be accelerating many of the secular changes that guide our long-term investment activity. We remain concerned about the wide divergence of inflationary expectations, the potential debasement of the dollar and the long-term secular shift of global economic growth to a series of emerging economies away from developed nations largely responsible for driving economic growth over the last fifty years. In this environment, which may possibly last for a number of years, we expect market volatility and the potential for extreme market outcomes to remain higher than usual.

The credit crisis continues to erode the global economy at an accelerating pace. Governmental authorities are responding aggressively in an effort to thaw credit markets and avoid a severe and prolonged recession. While we are seeing signs of the banking system stabilizing and market volatility subsiding, we still face the question of whether these efforts will ultimately succeed. The range of possible economic and market outcomes remains wide, mandating a cautious approach for risk conscious investors such as ourselves. During this difficult period, we remain focused on limiting losses and protecting against permanent impairment of capital.

ABA Trusts and Investments, September 2008.

The second half of 2007 provided a stark example of the reasons we have felt that the risk/reward equation for investment markets was uninspiring. In particular, it confirmed and perhaps exceeded our expectations that credit markets would likely constitute Ground Zero in any financial upheaval. We can now say with much greater confidence that the problems in credit markets have spilled over into the general economy. However, we are fortunate that the credit crisis began at a time when global economic and business trends were relatively good, providing some cushion to the expected economic downturn. While the debate over whether the U.S. economy is headed for, or already in, a recession has become more of a technical exercise for economists, there is no debate that corporate profits, particularly those in the financial and consumer discretionary sectors, are slowing and general business conditions are weakening.

Broad U.S. stock market indices increased slightly, up a little over 1% during the first quarter. Smaller companies did slightly better but the real disappointment was in the very largest companies, as the top 50 declined almost 2%. The best performers were in the mid-cap range, which advanced by a little over 4%, in part because that is where the merger and acquisition boom is centered.

For the year 2005, U.S. stock markets appreciated modestly, as shown in Exhibit 1 to the right. Within sectors, energy was the star performer, up 32%, followed by utilities, up 16%. Otherwise, it was hard to find broad areas of support. Other sectors provided lackluster to down results, as market leadership was narrow. Discretionary consumer goods brought up the rear, down 6%, which includes the very poor performing auto and related companies.

Stock markets enjoyed an above average year in 2004, thanks to a surge in the fourth quarter. For the year, stock markets were led by energy and basic materials companies, reflecting a surge in oil and commodities prices, and industrial companies riding the profit expansion. Many larger, high-quality, consumer-oriented companies disappointed, especially the drug companies, as did technology.