For many families, travel is more than just a getaway—it’s an opportunity to create memories, explore passions, and connect with one another in meaningful ways. With spring break just around the corner, now is the perfect time to start planning your next adventure. Whether you’re organizing a relaxing beach retreat or an action-packed family escape, the latest technology trends can help make your trip smoother, more personalized, and more fulfilling. At TFO Wealth Partners, we understand that connecting your wealth and purpose often involves thoughtfully planned travel experiences. Here are nine tech tools and trends to consider for your next trip—just in time for spring break.

1. Personalized Travel Apps for Luxury Experiences

High-end travel apps, such as Inspirato, Black Tomato, and Prior, provide bespoke travel planning services. These platforms curate one-of-a-kind itineraries, exclusive events, and VIP access to premier experiences around the world. They’re designed to save time while ensuring your trips are tailored to your family’s unique preferences.

2. AI-Driven Itinerary Planning

Artificial intelligence (AI) has revolutionized the way travelers plan their journeys. Tools like ChatGPT, Roam Around, and others can suggest itineraries based on your desired travel style, interests, and destination. High-net-worth families can leverage AI to find exclusive experiences—such as private tours, hidden luxury accommodations, and personalized dining recommendations—ensuring that no detail is overlooked.

3. Private Aviation Technology

Advancements in private jet booking platforms like NetJets, XO, and FlyHouse allow families to secure private charters with ease. These apps provide real-time updates, offer personalized concierge services, and even allow for shared flights within exclusive networks.

4. Smart Luggage and Travel Accessories

Investing in smart luggage, such as Away’s tech-enabled suitcases or Rimowa’s connected bags, can add both convenience and security to your journeys. Features include GPS tracking, built-in power banks, and automated weight detection to streamline your travel experience.

5. Immersive Virtual Reality Previews

Virtual reality (VR) technology allows families to preview destinations and accommodations before booking. Platforms like Virtuoso or XplorIt offer immersive previews of luxury resorts, yachts, and vacation villas. This ensures your travel choices align with your expectations, offering peace of mind and confidence in your plans.

6. Health and Wellness Travel Tech

For families focusing on wellness, wearable tech like Oura Rings or Whoop Bands can track health metrics during travel. Many luxury resorts now integrate health data into their wellness packages, offering personalized treatments based on your preferences and needs.

7. Language Translation and Local Insights

Tech-savvy tools like Pocketalk or the Google Translate app are must-haves for international travel. These devices provide real-time translation for seamless communication with locals. Additionally, apps like Culture Trip and Eatwith connect you with authentic, local experiences curated for discerning travelers.

8. Private Travel Security Technology

Ensuring safety while traveling is paramount. Services like GeoSure provide real-time safety insights based on your destination, while technology like biometric identification (used at private terminals) ensures secure and seamless transitions during international travel.

9. Global Connectivity with Mobile Hotspots

Stay connected anywhere in the world with devices like Skyroam or Solis, which offer global mobile hotspots. These tools ensure uninterrupted access to emails, family updates, or digital resources no matter how remote your destination.

Conclusion: Traveling with Purpose

Incorporating cutting-edge travel technology into your plans doesn’t just save time—it enhances the quality of your experiences, ensuring they align with your family’s values and purpose. Whether you’re planning a cultural immersion, a wellness retreat, or a multi-generational vacation, these tech tools can help bring your vision to life with precision and ease.

We’ve been keeping you informed about the evolving requirements surrounding the Corporate Transparency Act (CTA), and we wanted to provide the latest update.

As you may recall from our previous communications, the beneficial ownership information (BOI) reporting requirement was initially enacted, then temporarily suspended. However, on February 17, a federal district court judge in Texas lifted that suspension, officially reinstating the reporting requirement.

The Financial Crimes Enforcement Network (FinCEN) has now extended the deadline for most companies. Businesses will have 30 calendar days from February 19, 2025, to file their reports, setting the new due date for March 21, 2025.

FinCEN has also announced a review of the BOI reporting requirements with the goal of reducing the burden on low-risk entities while focusing enforcement efforts on businesses that may pose greater risks to national security. While it’s still unclear which entities will qualify as low-risk, this evaluation is expected over the next 30 days.

For more information and official guidance, we encourage you to visit FinCEN’s website.

If you have any questions about how this impacts your business or need assistance with compliance, please don’t hesitate to reach out to your TFO Wealth Partners team. We’re here to help ensure you stay informed and prepared.

Deciding whether your children or family members are ready to join or take over the family business is one of the most pivotal choices you’ll face as a business owner. It’s a decision that goes far beyond just qualifications—it impacts the future of your company, the dynamics within your family, and the legacy you hope to leave behind. Evaluating readiness takes careful consideration, introspection, and, often, conversations that aren’t always easy but are vital to ensuring long-term success for both the business and the family.

Assessing Personal Interest and Commitment

The first and perhaps most important consideration is whether your children or family members truly want to be part of the family business. Interest and passion are foundational elements of success. Without genuine enthusiasm for the work, they may struggle to remain engaged or to weather the inevitable challenges of running a business.

It’s also essential to evaluate their commitment. Do they understand the demands of the role they’re stepping into? Joining or leading a business often requires long hours, difficult decision-making, and a willingness to put the needs of the company first. These are not responsibilities to be taken lightly, and their willingness to embrace them can be a strong indicator of readiness.

Ask questions like:

• Are they willing to work their way up, or do they expect to start at the top?
• Do they have a long-term vision for themselves within the business?

Open conversations around these topics can clarify not only their intentions but also whether their motivations align with the business’s needs.

Evaluating Skills and Experience

While personal interest is crucial, it must be paired with the right skill set and experience. Consider whether they’ve acquired the tools necessary to succeed in their role. Have they pursued relevant education? Degrees in business management, finance, or industry-specific areas can serve as a strong foundation.

Experience, particularly outside the family business, can be even more valuable. Working in other companies allows them to develop new skills, build professional confidence, and gain perspectives that can benefit your business. Many family businesses encourage the next generation to spend a few years working elsewhere before joining. It gives them the chance to establish themselves outside the family dynamic and learn how businesses operate in a variety of environments.

Once they’re ready to join, creating a pathway for development within the family business is equally important. Rather than immediately stepping into a leadership role, encourage them to take on smaller responsibilities first. This approach not only helps them gain hands-on experience but also builds credibility with other employees.

Understanding Leadership Qualities

For family members who aspire to leadership roles, assessing their ability to lead effectively is essential. Leadership is about more than just decision-making—it’s about inspiring and managing people, navigating conflict, and maintaining composure under pressure. Do they have the communication skills to build trust with employees? Are they decisive yet open to feedback?

Emotional intelligence is another critical trait. Leaders who can manage their emotions, empathize with others, and handle interpersonal challenges with grace are better equipped to lead a team and maintain a positive company culture. Pay attention to how they handle stress and resolve disagreements—these moments often reveal whether someone is ready to lead.

Compatibility with Family and Business Values

Family businesses are often built on shared values, and the continuity of those values is critical to sustaining the legacy. Assess whether the family members you’re considering share the core principles that drive your business forward. Do they understand and respect the culture, traditions, and practices that have contributed to its success?

This alignment goes beyond business strategy—it also extends to relationships within the family. Tensions can arise when personal values or goals don’t align, so it’s important to have open discussions about expectations, both for the business and the family.

Planning for Succession and Transition

Even if your children or family members demonstrate interest, skills, and leadership ability, stepping into a major role can be overwhelming without the right preparation. That’s why planning for succession is just as important as evaluating readiness.

A structured training program can ease the transition. This program might involve mentorship from senior leaders, formal training sessions, or shadowing you or other executives. By creating a clear path for growth, you can help them build the confidence and competence they’ll need to thrive.

A gradual transition of leadership is another critical step. Allowing family members to ease into their roles over time ensures they gain the necessary experience and trust of other employees. This approach also allows for knowledge transfer and minimizes disruptions to the business.

Seeking Objective Perspectives

Sometimes, it’s hard to separate your role as a parent or family member from your role as a business owner. That’s where an objective perspective can be invaluable. Consider bringing in an advisor, consultant, or mentor to evaluate readiness. These external parties can provide unbiased feedback on whether a family member is equipped to take on more responsibility or step into a leadership role.

Feedback from non-family employees can also offer helpful insights. Those who have worked closely with your children or family members may be able to identify strengths and areas for growth that you might overlook.

Conclusion

Evaluating the readiness of children or family members to join or take over the family business is a complex and deeply personal process. It requires balancing the needs of the business with the goals and aspirations of the family, all while preserving the relationships and legacy that matter most. By considering their interest, skills, leadership qualities, and alignment with family values—and by creating a structured plan for their development—you can make thoughtful decisions that ensure the continued success of your business for generations to come.

At TFO Wealth Partners, we understand the unique challenges and opportunities family businesses face. Our mission is to help families thrive by connecting their wealth and purpose. Whether you’re planning for succession or simply exploring options for the future, we’re here to help guide you every step of the way.

For many high-net-worth families, purchasing a second home is more than a real estate transaction—it’s an investment in lifestyle, legacy, and long-term value. Whether you’re considering a beachfront villa, a mountain retreat, or a city pied-à-terre, selecting the right location is one of the most critical decisions. Here’s what you need to consider when choosing the perfect area for your second home.

1. Define the Purpose of the Home

Before diving into property listings, ask yourself: Why do we want a second home?

• Recreation or Relaxation? A lakeside cabin or ski chalet may suit families seeking leisure and outdoor activities.
• Convenience for Work or Travel? Consider urban areas or locations near airports if the home will double as a base for business or frequent travel.
• Legacy for Future Generations? Proximity to family members or traditions tied to specific regions may guide your decision.

Clarifying your goals will help narrow down the best areas that align with your family’s vision and lifestyle.

2. Evaluate Accessibility

A dream home loses its charm if it’s difficult to reach. Assess how easy it will be for you, your family, and guests to access the property:

• Distance from Your Primary Residence: Is the area within driving distance, or will you need to rely on flights?
• Transportation Options: Ensure the location has reliable airports, highways, or rail systems.
• Seasonal Considerations: If you’re buying in a remote or resort area, think about how snow, hurricanes, or seasonal traffic could impact access.

3. Consider the Local Lifestyle

Your second home’s location should complement your preferred lifestyle and activities. Look into:

• Local Amenities: Are there restaurants, shops, or cultural attractions nearby?
• Outdoor Activities: If you enjoy hiking, skiing, or boating, prioritize areas that cater to your hobbies.
• Community Vibe: Do you prefer a quiet, secluded area, or would you like to be part of a vibrant social scene?

Spend time in the area before purchasing to ensure it aligns with your expectations.

4. Understand the Financial Implications

Beyond the purchase price, several financial considerations can influence the desirability of a location:

• Property Taxes: Tax rates can vary significantly depending on the state or country.
• Cost of Living: Will you need to account for higher utility, maintenance, or insurance costs?
• Home Insurance: In areas prone to hurricanes, wildfires, or flooding, insurance premiums can be significantly higher. Be sure to factor this into your decision.
• State Income Tax: Owning a second home in a no-income-tax state like Florida, Texas, or Nevada can provide an opportunity to reduce your overall tax burden if it becomes your primary residence. Consult with a tax advisor to explore the potential benefits.
• Rental Potential: If you plan to rent the property when not in use, research the area’s short-term rental market and regulations.
• Appreciation Potential: Choose areas with strong growth potential to preserve or enhance the home’s value over time.

5. Prioritize Climate and Environment

The location’s weather and natural environment will greatly impact your enjoyment of the home. Ask yourself:

• Do you prefer warm or cold weather?
• How will the area’s seasons affect usability? Ski resorts may be less appealing in the summer, while beach destinations may be crowded in peak seasons.
• Are there risks like hurricanes, wildfires, or flooding? A home in a high-risk area may require higher insurance premiums and advanced planning.

6. Assess Healthcare and Safety

For families with children or aging members, access to healthcare and safety considerations should be a priority:

• Medical Facilities: Are there reputable hospitals or clinics nearby?
• Emergency Services: Evaluate the availability of fire, police, and emergency services.
• Neighborhood Security: Research crime rates and the overall safety of the area.

7. Think Long-Term

Your second home should adapt to your family’s evolving needs:

• Generational Use: Is the location appealing to younger family members who may use it in the future?
• Exit Strategy: If you eventually plan to sell, ensure the area has a strong market for resale.
• Future Development: Research planned infrastructure or developments that could impact the area’s value or atmosphere.

8. Seek Professional Guidance

Navigating the complexities of buying a second home requires expertise. Talk to your TFO advisor, along with your tax professional, and real estate expert. Together, this group can help you evaluate the investment, structure ownership, and understand tax advantages.

A second home can serve as a retreat, an investment, and a place where family memories are made. By carefully considering the location and aligning it with your family’s goals and priorities, you’ll find a property that enhances your lifestyle and leaves a lasting legacy.

As always, if you are considering building or purchasing a second home, we are happy to discuss with you and how it fits into your overall wealth and purpose plan.

To help you navigate the year ahead, we’ve created the 2025 Tax Reference Guide, a comprehensive resource with:

• Key tax deadlines to mark on your calendar
• Updated tax brackets and thresholds
• New contribution limits for retirement accounts and HSAs
• Changes to estate and gift tax exclusions

Our guide is designed to simplify tax decisions and support you in making the most of 2025.

When a new son- or daughter-in-law joins the family, their presence not only brings joy and new perspectives but also prompts important considerations about integrating them into the family’s wealth and legacy planning. These conversations can feel delicate but are critical for fostering trust, shared values, and alignment on the family’s financial purpose.

Here are some thoughtful steps and considerations to guide this transition:

1. Define the Timing and Purpose of the Conversation

Before diving into discussions about wealth, determine the appropriate time to include your new family member in these conversations. This will depend on factors like the nature of their relationship with your family, their level of involvement in family decision-making, and how significant a role they might play in the family’s financial future.

Key questions to ask:

• How long have they been part of the family?
• Are they ready to understand and contribute to the family’s wealth plan?
• How will their inclusion impact the broader family dynamics?

Early conversations should focus on introducing the values and purpose behind the family’s wealth, rather than diving straight into specifics like balances or detailed financial arrangements.

2. Clarify the Family’s Core Values and Purpose

Sharing the why behind the family’s wealth is often more important than sharing the what. This conversation sets the foundation for understanding that wealth is a tool to support the family’s legacy, philanthropic goals, or entrepreneurial ventures.

Consider discussing:

• The family’s mission, vision, and purpose for wealth (e.g., philanthropy, education, or legacy-building).
• Expectations regarding stewardship and shared responsibilities.
• Examples of how the family’s financial decisions reflect their values.

This step can help a new family member feel aligned with the family’s goals without feeling overwhelmed by the specifics.

3. Gradually Share Financial Details

It’s important to gauge how much information to share and when. Start with high-level overviews and gradually build up to more detailed discussions as trust develops.

Initial disclosures might include:

• An overview of the family’s financial structure (trusts, foundations, businesses, etc.).
• High-level goals and expectations, such as charitable giving, intergenerational support, or investment strategies.

Hold off on:

• Detailed account balances or overly specific financial data until a relationship of trust has been firmly established. 

4. Establish Boundaries and Roles

A new family member may wonder about their role in financial decision-making. Setting clear boundaries early on helps avoid confusion or conflict.

Things to consider:

• Decision-making authority: Will they have a say in investment or spending decisions, or are they expected to act as a steward rather than a decision-maker?
• Access to family resources: How will they access family wealth (if at all), and under what conditions?
• Participation in meetings: Will they join family meetings about wealth management, philanthropy, or other related topics?

Encourage open communication about these expectations to ensure clarity and prevent misalignment.

5. Create a Path for Financial Education

Not everyone enters a marriage with the same financial background or expertise. Providing financial education opportunities can be a great way to prepare a new family member for these discussions.

Suggestions include:

• Offering resources about the family’s financial systems, such as trusts, investments, and philanthropic initiatives.
• Arranging for them to meet with the family’s financial advisor to understand the broader strategy and expectations.
• Providing access to courses or materials about financial literacy, wealth management, or estate planning.

This approach not only strengthens their confidence but also helps them understand the family’s wealth with greater context and respect.

6. Cultivate Open Communication and Trust

The ultimate goal is to create an environment where your new family member feels comfortable contributing their perspective while respecting the family’s established values. Regular communication fosters trust and encourages collaboration.

Practical steps to build trust include:

• Hosting family meetings where everyone has a voice, even if they don’t have decision-making authority.
• Sharing family stories about wealth-building and the lessons learned along the way.
• Being open to their ideas, while maintaining the family’s overarching mission and purpose.

Final Thoughts

Bringing a new son- or daughter-in-law into the family wealth conversation is about more than money—it’s about building continuity, trust, and shared purpose across generations. By taking a thoughtful, gradual approach, families can ensure that their newest members feel valued, aligned, and equipped to help sustain the family’s legacy for years to come.

If you’re navigating this process and would like guidance, we’re here to help facilitate these discussions and provide the tools your family needs to thrive by connecting your wealth and purpose.

As we head for the year’s home stretch, there is a host of planning items you should consider as well as some general information you should be aware of for the coming year.

PLANNING ITEMS

Wages and Payroll
Depending on the benefits that are offered through your employer, you may have access to an FSA, HSA, or both. Below are items to be aware of with each, be sure to check your benefits or consult your employer or your benefits handbook to determine what you have available.

Flexible Spending Account (“FSA”)
Look to use up your “FSA” funds before year-end. Depending on the plan, employers allow a carryover from 2024 to 2025 of “FSA” funds of up to $640. Some plans also include a 2 ½ month “grace period” that extends the balance of your “FSA” into 2025. Employers are not required to offer these extensions. Please check with your employer to determine if your “FSA” includes either of these benefits.

Goal – To use and not lose the money you contributed to your “FSA.” 

Health Savings Account (“HSA”)
Maximize your pre-tax “HSA” contributions. $8,300 is the maximum you can contribute to your “HSA” in 2024 for family coverage. $4,150 is the maximum amount you can contribute for self-only coverage.

Goal – To maximize pre-tax savings and save for future healthcare needs. You have until 4/15/2025 to make these contributions effective for the 2024 tax year if you are self-funding. If your HSA is funded via your employer, funding is typically limited to the calendar year. The statutory deadline for contributing to your HSA is through the un-extended deadline for filing your income tax return. Normally, that’s April 15th after the close of the tax year. 

There is also a $1,000 catch-up contribution for individuals aged 55 or older.  

401(k) Contributions
Maximize contributions to 401(k) plans of $23,000 and $30,500 if age 50 and older.

Goal – To maximize pre-tax savings and save for retirement. 

Also, the IRS just announced the 2025 contribution limits for qualified retirement plans. The employee contribution limit rises from $23,000 to $23,500. The catch-up contribution for individuals 50 or older stays the same as this past year at $7,500. Additionally, starting in 2025, individuals who are between ages 60-63 can make a catch-up contribution of $11,250. 

The defined contribution limit, which is the combined total between employee and employer contributions climbs to $70,000 which is an increase of $1,000. The employee compensation limit which restricts the amount of compensation eligible for calculating contributions is going up by $5,000 to $350,000. 

Year-End Tax Payments
If, while doing year-end planning, it is determined you have underpaid tax throughout the year, you can change your withholding for your last pay period or two.

Goal – To avoid underpayment penalties. Withholding is deemed to be paid evenly throughout the year, so by withholding a larger amount at year-end, you might be able to reduce or eliminate the underpayment penalty. 

INCOME AND PORTFOLIO PLANNING

Roth Conversions
If you/ your household is in a lower tax bracket for 2024 (due to business loss or other known changes) and you have an IRA(s), you may want to consider converting a portion or all of the IRA to a Roth IRA. Individuals should consult their tax advisor regarding their specific situation.

Goal – To pay less tax on the amount converted today vs. what you might have to pay someday in the future when you take it out. Roth accounts grow tax-free.    

Tax Loss Harvesting
If you have securities/stocks in a loss position close to year-end, consider selling them to realize the capital loss.

Goal – To use the capital losses to offset capital gains and if they are not fully used, carry forward indefinitely.  

Note – To avoid complicated tax rules (“wash sales”), it may be recommended that you reinvest the proceeds in something similar but not identical to the security/stock you sold, but not the same one.

Trust Distributions
Trusts reach their highest tax bracket of 37% at $15,201 of taxable income. Distributions from a tax-paying Trust shift income from the Trust to the Beneficiary. If you are in a lower tax bracket, you could reduce your overall taxes paid between you and the Trust.

Goal – Pay fewer tax dollars between you and a trust for your benefit. Distributions through March 6, 2025, can be counted for 2024 if elected. 

SCHEDULE A – MAXIMIZING ITEMIZED DEDUCTIONS 

Bunch Medical Expenses
If you and your family have incurred a large number (10% or more of your AGI) of medical expenses this year, make sure the majority, if not all, are paid before year-end.

Goal – If itemizing, this would maximize the amount you could deduct on your return. 

January’s Mortgage Payment
Make January’s mortgage payment at the end of December.

Goal – If itemizing, this would move more deductible mortgage interest to the current year. 

Investment Interest Expense
At year-end, if you are looking to pay down a line of credit or loan, make sure you are first paying off any accrued deductible interest. For example, accrued interest on credit lines or margin loans used for business or investment purposes. Any additional paydowns should be applied to the line of credit that has been used for personal purposes. Your CPA or financial advisor should be able to help you with that determination.

Goal – To maximize the tax deduction for interest paid. 

Charitable Giving and Standard Deduction Planning
If you donate to charities but notice on your tax returns you are not itemizing, you might want to consider “Charitable Stacking.”

Goal – Optimize your giving while utilizing the increased standard deduction. 

Cash Charitable Contributions
Contributions made to public charities are deductible up to 50% of AGI. This limit is increased to 60% of AGI for cash gifts and 30% of AGI for appreciated non-cash assets held more than one year. Contributions more than these deduction limits may be carried over up to five subsequent tax years.

Goal – To eliminate income tax liability in 2024 through cash gifts to charities. 

Consider a Donor-Advised Fund (“DAF”)
A “DAF” is a charitable investment account. From this account, you can direct the funds to go to the majority of public charities. If you donate cash to the donor-advised fund, you get a deduction of up to 60% of adjusted gross income. If you donate appreciated securities to the donor-advised fund, you can deduct up to 30% of adjusted gross income.

Goal – Help the charity(s) of your choice, lower income taxes in a high-income year, and excess contributions carry forward five years. 

Note – Talk to your adviser about possibly giving other appreciated assets like real estate, partnership interests, or private stock. 

Non-Cash Property – Need an Appraisal?
If you have made a contribution of non-cash property worth $5,000 or more, you will need a qualified appraisal (Does not apply to stock/securities that are valued on an ongoing basis).

Goal – Properly document large non-cash gifts so they will be deductible on your tax return. 

OTHER ITEMS 

Fund 529 Plans Before Year-End
If considering a 529 plan contribution in the coming months, make it before year-end. There are a number of states which allow a deduction or credit for contributions. Growth in these funds is also tax-free.

Goal – Save for educational expenses and get a state tax benefit. 

Estate and Gift Tax Exemption Sunset
The Estate and Gift Tax Exemption is set to sunset at the end of 2025. Currently, the exemption is set at $13.61 million per individual and $27.22 million for a married couple. Pending any additional actions from Congress, the exemption is scheduled to sunset to $5 million, indexed to inflation, on January 1, 2026.

Goal – Review estate plan and discuss ways to maximize the current exemption before the end of 2025. 

Corporate Transparency Act (“CTA”)
The Corporate Transparency Act (CTA) was enacted as part of the National Defense Act for Fiscal Year 2021. The CTA mandates that millions of legal entities are now required to report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FINCEN). The information within this act is most relevant to those who have ownership in a Limited Liability Company (LLC). Please visit www.fincen.gov/boi for additional details.

Goal – Complete LLC filing before 12/31/2024. 

As always, if you have any questions relating to the above year-end considerations, please contact your TFO Wealth Partners adviser. We would be happy to help.

As we said in the beginning, a picture is worth a thousand words, and when it comes to the impact of Presidential elections on markets and your portfolio (or lack thereof) below is a quick infographic we’ve created to recap our series along with a final conclusion.

In the last part of our series, we displayed how markets have risen regardless of who is President. The same is true over time regardless of which party controls congress.

It’s common for investors to seek a link between presidential election outcomes and stock market performance. However, nearly a century of data shows that stocks have generally risen regardless of who holds office. Why?

• Investors are essentially backing companies focused on serving customers and growing their businesses, independent of political leadership.
• While U.S. Presidents can influence market returns, other factors—like actions of foreign leaders, interest rate changes, oil prices, and technological advancements—also play significant roles.