8/ INVESTMENTS:
The Illusion of Calm?
By Michael E. Lewitt
A stable global financial system is an absolute necessity—unfortunately, a stable financial system is precisely what we still don’t have. The world remains highly vulnerable to another crisis until appropriate economic and regulatory changes are instituted. Meanwhile, investors should insure their portfolios can be turned into cash quickly. Also, pay close attention to value measures such as price/earnings ratios and credit spreads for warning signs.

Michael E. Lewittis president of Harch Capital Management, Inc. in Boca Raton, Fla. and author of The HCM Market Letter.

14/ ESTATE PLANNING & TAXATION:
Arghhhhhh!
By Roy M. Adams & Stuart A. Weichel
We’ve been waiting for a real solution to the estate tax dilemma since 2001, but at press time we still didn’t know what would happen.

Roy M. Adams is a partner at Constantine Cannon LLP, in New York.
Stuart A. Weichel is an associate at Constantine Cannon LLP, in New York.

15/ VALUATIONS:
Discounts Under Siege
By Radd L. Riebe
In the family limited partnership arena, 2009 was a bad year for taxpayers who didn’t do things properly. The Internal Revenue Service challenged transfers of interests using the indirect gift or step-transaction doctrines, or the failure to meet the bona fide sales exception. Expect the focus on valuation issues in general and discounts in particular to intensify in 2010.

Radd L. Riebe is a managing director of the Valuation and Financial Opinions Group at Stout Risius Ross, Inc., in Cleveland.

18/ RETIREMENT BENEFITS:
The North Winds Howled
By Michael J. Jones
Retirement accounts took a hit last year, not only from the economic meltdown, but also because of swindlers like Bernard Madoff. Here are some practical ways you might help clients clean up this mess.

Michael J. Jonesis a partner in Monterey, Calif’s Thompson Jones LLP and chairs the Trusts & Estates Retirement Benefits Committee.

25/ PHILANTHROPY:
Rising to the Challenge
By Karen H. Putnam
Since personal and foundation portfolios nose dived last year, philanthropy has focused more on gifts that might have the most impact on charities, such as infrastructures and public-private partnerships.

Karen H. Putnamis director of Philanthropic and Family Wealth Stewardship Services at Bessemer Trust in New York.

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