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VOLUME 50 | WINTER/SPRING 2022
spectrum

FOREWORD

Welcome to the latest edition of Spectrum, a magazine created to share the current topics that matter to our clients. We understand what’s on your mind and we’re here to support you and help guide every step you take on your financial journey.

In this edition, we touch on important subjects, such as the value of wealth planning, building a sustainable and responsible portfolio, creating a powerful and educational relationship between trustee and beneficiary, how to create a more purposeful philanthropic journey and the importance of creating a business succession plan.

First Republic is committed to being your financial partner as you strive to achieve your goals, and I hope you find this issue of Spectrum insightful and inspiring.

Please feel free to reach out to us with any questions you may have.

It’s a privilege to serve you,

Bob Thornton
Executive Vice President and President,
First Republic Private Wealth Management 

Aligning Your Strategy With Your Goals: The Value of Wealth Planning

Identify your short- and long-term needs and goals.
Develop a customized road map to help you grow your wealth, plan your legacy and support your community.
Enhance your success with well-tested strategies including tax planning, estate planning and asset management.
Reevaluate your plans across life stages.
Authored by Advanced Planning, First Republic Private Wealth Management, in December 2021

What is wealth planning?

Wealth planning is a process; its goal is to develop a road map to help you meet your short- and long-term goals. Part exploration, part strategizing, planning encompasses all aspects of your financial life. By taking a holistic approach to your unique circumstances, wealth planning can help bring you peace of mind and enhance your success.

The benefits of wealth planning

Once you have a holistic view of your current situation and goals, you can get a better understanding of how your financial decisions — big and small — can impact your financial future. The wealth planning process provides many benefits, including:

  • Clarity about your goals, values and vision — for you, your business and your family
  • Confidence in your financial direction, especially during times of uncertainty and change
  • Guidance from an advisor or planner to help you explore major financial decisions
  • Perspective for a better long-term view of your financial situation and the range of possibilities
  • Measurable results that can help you adjust your course as you move toward your goals

How to get started

Wealth planning starts with gaining clarity about your needs and objectives. To help you think through areas of challenge and opportunity, here are 10 topics the wealth planning process explores.

Considerations
Issues Addressed
Cash Flow
  • Can I retire and maintain my current standard of living?
  • Can I spend more?
  • How much can I transfer to my children, grandchildren or charity without impacting my lifestyle?
  • Can I reduce my portfolio’s equity exposure?
Investments
  • Does my asset allocation reflect my tolerance for risk and still allow me to achieve my goals?
  • Is my portfolio generating the income I need, and is it tax efficient?
  • What’s the best way to liquidate a concentrated / low-basis position?
  • Are my current expenses reasonable for the services I’m receiving?
Estate Planning
  • How are my assets titled during my life?
  • How will my assets be distributed upon my death?
  • Will my assets be protected from creditors?
  • Where will the money come from to pay for estate taxes?
  • What happens if I become incapacitated?
  • Can someone make medical decisions for me if I am unable to?
  • Who will be the guardian for my children if my spouse and I should both pass away?
Life/Disability/LTC Insurance
  • Do I need insurance, and if so, how much insurance do I need?
  • What type of insurance should I buy?
  • Are my current policies still suitable?
  • Can I save money by exchanging policies?
Property & Casualty Insurance
  • Am I exposed to a substantial loss from theft, destruction, an accident or a lawsuit?
  • Do I have adequate coverage on my real estate?
  • Are my jewelry and collectibles covered? Is my coverage integrated?
  • Should I increase my deductible or have one provider for multiple policies to save money?
Education Funding
  • Can I afford to pay for my children’s/grandchildren’s education?
  • What are the funding vehicles, and which strategy is best for me?
  • Is my current strategy the best strategy for the future?
Wealth Transfer Planning / Charitable Giving
  • How much can I give away without impacting my lifestyle?
  • What’s the best gifting strategy for me?
  • How will my gifts impact my tax situation?
  • How can I equalize my gifts to my children?
Tax Planning
  • How can I reduce my current and future federal/state income and estate taxes?
Business Planning
  • How do I handle business succession planning, managing liquidity, establishing a qualified retirement plan, retaining/rewarding key employees, offering employee benefits and providing employee education?
“One-offs”
  • Should I pay for my new home outright or take out a mortgage?
  • What are the tax consequences for exercising employee stock options or when my restricted stocks vest?
  • Should I make an 83(b) election?
  • Should I convert my IRA to a ROTH?
  • Should I defer my compensation? What distribution election should I make?
  • What planning should I do for a special needs child?

What to expect

Once your long- and short-term goals are defined and topics and considerations are reviewed, the holistic planning approach generally includes:

  • Establishing or reviewing tax, retirement, legacy and business plans
  • Assessing your net worth, insurance and estate plans
  • Reviewing your investment allocation, asset protection and cash flow needs

Your wealth planning professional should then deliver a quantitative analysis that includes your net worth and projected net worth, insurance summary, cash flow and estate analysis and projections as well as strategic planning recommendations.

This essential information can help you get a clear view of what the next 5, 10 and 15 years will look like. If you’re anticipating a major transition or considering a large expenditure, that can be addressed as part of your plan as well.

Being intentional about your wealth means having a cohesive planning strategy for your finances — from accumulating it, to growing it, to putting it to work. It takes planning, patience and, in most cases, professional guidance. Establishing a strong relationship with a financial advisor can help you on your path to achieving your most important goals.

The team at First Republic is passionate about adding meaning and value to our clients’ financial lives. Connect with your First Republic advisor to learn more about our wealth and financial planning services.

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How to Build a Sustainable and Responsible Investment Portfolio

Sustainable and responsible investing (SRI) is a growing trend among investors who want their values reflected in their portfolio.
To align your capital allocation with your goals, you can adopt an inclusionary or exclusionary approach.
As is the case with most investing, a little flexibility and staying up to date with SRI developments can go a long way.
Authored by Investment Management Research,
First Republic Private Wealth Management

If you’re interested in making the most of your portfolio through sustainable and responsible investing (SRI), you’re certainly not alone. In 2020, individual investors in the U.S. had $4.6 trillion in sustainable investments, a 50% increase from 2018.1

Integrating SRI into your overall portfolio allows you to use your money for valuable investments that consider environmental, social and governance (ESG)2 issues, while still working toward the ultimate objective of growing your overall wealth. Here are some ways to do that.

Step 1: Determine what your SRI goals are.

Your investment dollars can be used in several ways for the greater good. It helps to understand what some common investment options are before diving in.

Choices include:

  • Climate change: Some larger businesses have been making climate change a goal of their overall endowment capital investment missions, and it’s certainly a noble issue to consider. For example, BlackRock and Vanguard were successful in introducing a resolution that requires ExxonMobil to issue an annual report addressing the impacts of climate change on its business.3 On the personal side, if climate change is an issue you care about, consider looking into investments that lower your fossil fuel exposure, invest more in green companies or engage with corporate management on climate issues of importance to you.
  • Gun safety: Gun violence is an issue that plagues many, and it’s easy to feel like your hands are tied. One way to make a difference is through your investing. As far as large companies go, the majority of shareholders of gun manufacturer Sturm, Ruger & Co. Inc. voted in favor of requiring the company to produce a report that addresses how it tracks violence with its firearms, what kind of research it is conducting related to so-called smart gun technology, and its assessment of the risk that gun-related crimes pose to the company’s reputation and finances.4 To do your part, consider investment solutions that screen out firearm manufacturers or focus on corporate engagement that supports common sense gun safety and new gun safety technology.
  • Diversity and inclusion: Investing in companies that celebrate and promote diversity and inclusion not only helps propel those companies forward in their mission, but companies that focus on diversity also create a business framework that improves problem-solving and creativity, thereby increasing their overall odds for success. For example, some evidence finds that firms with 10% more female directors on their board are associated with 6% more patents.5 Do some research on the policies and hiring practices of different companies before investing to focus on this objective.

Step 2: Align your capital allocation with your goals.

To incorporate your SRI goals into your portfolio, you’ll not only want to determine where your money will be best allocated, but you’ll also want to figure out where you might want to divert current investments from companies that don’t align with your goals. There are two ways to go about this. An inclusionary approach — or positive screening, as it’s often referred to — allows you to allocate investments toward companies that exhibit characteristics that align with your values. Examples include companies that promise to have a low carbon footprint, work with a diverse board (like having a certain percentage of women and/or minorities on their board) or focus on income inequality (e.g., CEO-to-median employee compensation).

Alternatively, an exclusionary approach — often referred to as negative screening — avoids allocating investments toward companies with characteristics that do not align with your values. These could include companies, for example, that derive large portions of their revenue from goods and services related to tobacco, firearms or private prisons.

Step 3: Stay informed.

As is the case with most investing, a little flexibility can go a long way.

More SRI-related investment funds are coming to market, and new investment technology is making it easier than ever before to make customization accessible to the average investor, thereby increasing the ease of SRI. Stay up to date on the developments in this field and take your time with your SRI goals.

As is the case with most investing, a little flexibility can go a long way. Let your established objectives be a guidepost for current and future investing, and you’ll be able to not only grow your portfolio, but also do so in a manner that aligns with your values. When you’re ready to start implementing SRI into your portfolio, our advisors are here to help.

1 “US SIF Biennial Trends Report,” The Forum for Sustainable and Responsible Investing, November 2020.
2 ESG (and/or SRI) investing can limit the number and type of investment opportunities available to a portfolio, and as a result, the portfolio can underperform other portfolios that do not invest in issuers based on ESG (and/or SRI) characteristics or that use different criteria when filtering out particular companies and industries.
3 “Financial Firms Lead Shareholder Rebellion Against ExxonMobil Climate Change Policies,” The Washington Post, Steven Mufson, May 31, 2017.
4 “Sturm Ruger Shareholders Adopt Measure Backed by Gun Safety Activists,” The New York Times, May 8, 2018.
5 “Why Invest in Companies That Focus on Inclusion and Diversity,” Seeking Alpha, November 7, 2018.

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Creating Learning Beneficiaries and Lasting Legacies With Generative Trusts

Generative trusts reveal how grantors can use trusts to establish a powerful learning relationship between the trustee and the beneficiary.
Through mentorship and education, the generative trustee can help prepare the beneficiary to receive their assets.
  • Generative trusts reveal how grantors can use trusts to establish a powerful learning relationship between the trustee and the beneficiary.
  • Through mentorship and education, the generative trustee can help prepare the beneficiary to receive their assets.

Creating Learning Beneficiaries and Lasting Legacies With Generative Trusts

Generative trusts reveal how grantors can use trusts to establish a powerful learning relationship between the trustee and the beneficiary.
Through mentorship and education, the generative trustee can help prepare the beneficiary to receive their assets.
Margaret Liu photo
Margaret Liu
Managing Director, Family Engagement and Governance, First Republic Private Wealth Management
Karin Barber photo
Karin Barber
Regional Team Lead, First Republic Trust Company

For many families with assets to pass through generations, trusts are integral components of their estate plans. People create trusts for multiple reasons, including minimizing taxes, maximizing exemptions and protecting assets from creditors. But can the trust structure also help educate and empower the beneficiaries? We think so.

A trust structure sometimes involves a trustee who executes on the minimum of what is legally required — administering the trust, investing and managing the trust assets, and making distributions to the beneficiaries on demand. However, trust administration has evolved as drafters recognize that trusts can be so much more than documents and structures that are difficult to understand and navigate. Generative trusts provide a prime example of allowing the grantor to encourage a strong trustee/beneficiary dynamic that enhances the growth and well-being of the trust beneficiaries. In addition to administration, the trust documents provide a framework to foster a positive relationship — with the trustee serving as an educator and mentor — and help prepare the beneficiary to be a good steward of the trust assets.

A relationship for the ages

The relationship between the trustee and beneficiary is a central factor of any trust — and it’s been that way for centuries. Hearken back to the time of the Crusades when a crusader asked the local bishop to hold and watch over his assets and home for his family while he was gone, primarily as a protectionary measure to ward off the lurking neighbor. If the Crusader returned, the bishop returned everything to him as the beneficiary. But if he didn’t return, the bishop turned the title over to his son when he attained the age of majority.1 No one had a conversation as to whether the Crusader’s son would be prepared to receive the assets, or whether the bishop would provide guidance. The local bishop likely held the Crusader’s assets while the Crusader was away and was only tasked with protecting and preserving them.

Fast-forward to the present day and contrast the historical type of trustee/beneficiary relationship with one in which the trustee administers, invests and distributes trust assets in a way that involves and educates the beneficiary. The driving motivation is preparing the beneficiary to receive the distributions.2 This describes the generative trustee, who is someone who builds on the role of educator and mentor while balancing his or her legal duties. By establishing a multidimensional approach of integrating the legal, technical and mechanical framework in addition to educating and coaching to build competencies, these relationships can help create learning beneficiaries who are better prepared to receive the trust assets when the time comes.

Margaret Liu photo
Margaret Liu
Managing Director,
Family Engagement and Governance, First Republic Private Wealth Management
Karin Barber photo
Karin Barber
Regional Team Lead,
First Republic Trust Company

Cultivating the right dynamic

10 x 10 Chart

The labels describing the trustee and beneficiary relationship can range from productive to dysfunctional, collaborative to controlling, expansive to restrictive and everything in between. These polarities are understandable given that the trustee/beneficiary relationship is in some ways like an “arranged marriage.” Wealth management professionals have placed an increasing distinction between creating an estate plan and creating lasting legacies.3 Understanding the intersection between document drafting and relationship-based trust administration is foundational to these lasting legacies — this is how trusts become a generative (positive) influence on the lives of the beneficiaries.3 By creating experiences and taking advantage of opportunities for mentorship, coaching and education, a generative trustee can empower beneficiaries to think for themselves. They can help beneficiaries take responsibility for their life trajectories via the development of skills that help prevent the wealth traps of dependency and entitlement.

Developing core competencies

A beneficiary who develops key core competencies can be successful beyond the trust relationship.

Experts who solely focus on the quantitative aspects of trusts, such as tax law benefits and capital appreciation, may neglect the supportive needs of the beneficiary. By weaving in qualitative considerations, generative trusts can introduce the beneficiary to wealth in the family and allow the beneficiary to learn while the trust assets appreciate. A beneficiary who develops key core competencies can be successful beyond the trust relationship. Incorporating personal development frameworks gives the beneficiary opportunities to continue to grow and accumulate appropriate skills and competencies at each life stage.4

For instance, learning financial skills is one area that many focus on and is important because trusts often provide for discretionary or mandatory distributions. The process of requesting a trust distribution may feel burdensome. For example, beneficiaries may wonder why it is important to supply supporting documentation when making a request. While sometimes essential for the trustee to evaluate the beneficiary’s financial situation, it is also helpful to the beneficiary to review and understand. This is one way to keep track together. For beneficiaries who are young or require additional guidance, this is an area to work together to build skill and understanding.

At First Republic, we recognize that trusts can be far more than legal documents. As you consider your trusts, explore how a generative trust and trustee can support a learning beneficiary. Through coaching, mentorship and education, you can leverage your trust to cultivate the financial, human, intellectual and legacy capital that is important to you and your family.

1 Hughes, James E., Family Wealth: Keeping It in the Family, 1997.
2 Hartley Goldstone, “Family Trusts That Preserve Family and Preserve Trust,” The International Family Office Journal, published by Globe Law and Business, December 2017.
3 Warnick, John A., Trust & Estates, May 2018.
4 10x10 Learning Model. Authored by: Stacy Allred, MST, and Money, Meaning & Choices Institute: Joan DiFuria, MFT, and Stephen Goldbart, Ph.D.
The strategies in this document will often have tax and legal consequences. It is important to note that First Republic does not provide tax or legal advice. This information is provided to you as is, is not legal advice, and we are not acting as your attorney or tax advisor. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information herein. Clients’ tax and legal affairs are their own responsibility. Clients should consult their own attorneys or tax advisors in order to understand the tax and legal consequences of any strategies mentioned herein.

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3 Steps to More Purposeful Giving

Create a more purposeful philanthropic journey.
Discover what motivates your giving.
Make sure your personal and family values are reflected in your giving.
Anna Howard photo
Anna Howard
Head of Family Wealth Resources,
First Republic Private Wealth Management
Marka Karolak photo
Marta Karolak
Vice President,
Family Wealth Resources,
First Republic Private Wealth Management

Understanding the purpose of your charitable giving will help guide your decisions throughout your philanthropic journey. Most people find having a “north star” makes giving easier, more joyful and more exciting. To reach this understanding and lay your foundation, it’s useful to articulate your motivations for giving, reflect on your values and identify your goals.

Concisely defined motivations, values and goals also help explain to the world why you give and help others understand whether your goals fit with their initiatives.

When it comes to giving, there are a world of opportunities you could pursue. Following this three-step process will help you weigh your priorities, ground your strategy and set you up for success.1

Step 1: Articulate your motivations for giving.

Your motivations for giving can stem from many places, including close relationships, your connections in your community, experiences that have impacted you, your perspectives and beliefs, and financial considerations.

Here are some examples of specific motivations to help start your reflection:

Close relationships

  • Instill charitable ethics in your family.
  • Honor a loved one.
  • Deepen relationships through the giving process.
  • Aid the next generation in developing core skills.

Community connections

  • Give back to someone who helped you or your family.
  • Get involved with your community.
  • Receive recognition
  • Build a legacy.

Personal experiences

  • Address a social issue you encountered when traveling.
  • Respond to a challenging life experience.
  • Reciprocate a pivotal educational opportunity.
  • Support another interest or passion project.

Perspectives

  • Reflect on your spiritual path.
  • Inspire others to give.
  • Make a difference in the world.

Financial considerations

  • Maximize the impact of your wealth.
  • Balance wealth with social responsibility.
  • Make use of tax benefits.

Articulating and prioritizing your motivations can help you assess whether they align with your current giving. It can also be helpful to discover if your motivations have changed over time — and if there’s something on the horizon that may change them again. Finally, it’s useful to articulate what you’d like your family or the organizations you support to understand about your motivations so they can help sustain your vision for giving in the future.

Step 2: Reflect on your values.

Values reflect our approach to life and shape our connections to one another. You may have a wide range of values, and prioritizing them can be challenging. Meaningful examination — which often involves thoughtful conversation — can help you come up with a list that is individualized and genuine.

Here are a few examples of value statements to get you started:

  • We value integrity and being open and honest in all dealings.
  • We believe in the importance of lifelong learning.
  • We have a strong commitment to fairness and equity.
  • We value health and the ability to choose between quality care options.
  • We believe in the importance of unity.
  • We have a strong commitment to effectiveness.
  • We value creativity and innovation.
  • We believe in the importance of working together for a shared purpose.
  • We have a strong commitment to security and peace.
  • We value diversity, both in terms of demographics and in terms of worldviews.

Once you’ve identified your top values, consider whether they’re reflected in your current giving. You may also want to explore how they differ from those who are involved in giving with you, and how your values have shifted over time. Thoughtful examination can lead to a more authentic and meaningful connection with loved ones and the organizations that you choose to support.

Step 3: Identify your goals.

A timeline can help you prioritize and determine your course of action.

What would you like to accomplish with your philanthropy? Examples of goals for giving could include working to achieve a clean energy future over the next decade, becoming more knowledgeable about the field of philanthropy over the next six months or bonding over deep discussions with your children. As these examples suggest, goals can be vastly different in both scale and timeline.

Here are some ideas to help you identify your philanthropic goals:

  • What do you hope to accomplish in the world?
  • Consider previous highlights and challenges from your charitable history as you contemplate this.
  • What do you hope to accomplish personally?
  • Remember to factor in your risk tolerance and your preferred level of involvement.
  • What do you hope to accomplish through the participation of others?

Think about who else you want to engage in your giving, now and in the future.

For all your goals, it’s helpful to have a timeline in mind. What would you like to achieve within the next year, the next three years and in the long term? A timeline can help you prioritize and determine your course of action.

The work of examining your motivations, values and goals as they relate to your philanthropy is ongoing; you’ll want to revisit and revise throughout your journey. In the future, you and others participating in your philanthropy can look back, recognize how your giving has evolved and continue to refine it.

If you’d like to explore these topics in more depth, please reach out to your First Republic advisor for our complete Philanthropy Workbook. We’d be honored to be a part of your philanthropic journey.

1 The three steps were adapted from exercises in the First Republic Philanthropy Workbook and designed to deepen your understanding of the purpose of your philanthropy.

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Business Succession Planning: Where to Start

Have you considered your business succession plan recently? Or at all?
Planning early is key.
Here are 4 easy steps to guide you on the development of a well-crafted business succession plan.
Jay Halverson photo
Jay Halverson
Senior Managing Director, Estate and Business Planning Specialist, First Republic Securities Company

As a business owner, what would happen if you unexpectedly didn’t show up to work tomorrow? What if you never came back?

You may have a clear vision for how you’d like your business to run and your family to be provided for in your absence. However, that vision provides no benefit to your loved ones and successors if it remains only “between your ears.”

Without a clearly communicated plan, those around you may lack the legal authority to make timely decisions to keep the business operating. The uncertainty during a time of crisis may negatively impact your family, employees, clients and investors, putting the future of the business at risk.

A well-thought-out plan, communicated in advance, empowers those around you with the right information to make the transition as smooth as possible. It can help prepare your business for the future while providing financial security for your family.

Despite the positive impact of strong succession planning, nearly two-thirds of privately owned businesses in the U.S. lack a written plan.1 Now’s the time to make sure your business is not one of them. Read on to learn what succession planning is, what goes into a well-crafted plan and the steps necessary to start creating a succession plan for your business.

Jay Halverson photo
Jay Halverson
Senior Managing Director, Estate and Business Planning Specialist, First Republic Securities Company

What is a succession plan?

A succession plan is a written set of instructions that ensures the orderly transition of duties and responsibilities to continue running the business during your unplanned absence or untimely departure. Simply put, it is a step-by-step guide that those left behind can follow in a time of crisis.

A succession plan outlines your vision for how the business would operate in your absence. It also ensures that key stakeholders can act by outlining their new roles, responsibilities and decision-making authority. It should provide the legal authority to access secure information and have decision-making conversations with important contacts like your banker, suppliers, customers and professional advisors.

A succession plan may include references to shareholder or operating agreements that govern the buyout of ownership interest.2

When should you create a succession plan?

Now and not during a time of crisis. Planning early, and revisiting the plan often, is key to a smooth transition. Addressing succession planning early allows more time to think things through and provides time to change your mind. It also creates an opportunity for coordination between your overall estate plan to ensure they are in sync.

Where to start

1. Begin with self-reflection.

Begin the process of building your succession plan by asking yourself the following questions:

  • Who is best qualified to take my place if I’m not here?
  • Who would need to be informed and in what order?
  • Who would my ownership transition to?
  • Do my current documents reflect what I want to see happen?
  • Are there any debts or obligations that would come due immediately upon my death?
  • Can my partners afford to buy my family out if I pass away?

The answer to these questions will begin to paint a picture of what your succession plan should look like and provide guidance along the way.

2. Work with an advisor to architect your plan.

The best succession plans are concise and actionable. They may be only two to three pages, depending on the situation. Consulting a trusted advisor early can help ensure your plan truly reflects your wishes, communicates your intentions clearly and can be executed smoothly.

3. Create and communicate the plan.

Once you’ve laid out your vision, ensure it’s in writing and communicated to key stakeholders. Depending on the structure and nature of your business, you may need to vote to approve the plan at a board of directors meeting.

Not everyone in the organization needs to know the plan in detail, though you may consider reassuring employees, investors and lenders that you have a plan and that it is current.

4. Change your mind when you need to.

Succession planning is ongoing. As your business grows or priorities change, so should your succession plan.

Taking succession planning for granted can be costly and jeopardize your company’s future. There are many public examples of this happening. Investing a few hours with the right advisors can alleviate much of the risk and provide peace of mind.

1 “2021 Family Business Survey: U.S. Findings,” pwc.com.
2 “Prepare for the Unexpected – Reviewing Your Buy/Sell Agreement,” firstrepublic.com, Jay Halverson, Will Hendricks, First Republic Securities Company, May 14, 2021.

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This document is for information purposes only and is not intended as an offer or solicitation, or as the basis for any contract to purchase or sell any security or other instrument, or to enter into any type of transaction as a consequence of any information contained herein. Although information in this document has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness, and it should not be relied upon as such. The document may not be reproduced or circulated without our written authority.

Strategies mentioned in these articles will often have tax and legal consequences. First Republic Bank and its affiliates do not provide tax or legal advice. This information is provided to you as is, does not constitute legal advice, is governed by our Terms and Conditions of Use, and we are not acting as your attorney. Clients’ tax and legal affairs are their own responsibility. Clients should consult their own attorneys or other tax advisors in order to understand the tax and legal consequences of any strategies mentioned in this document.

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