Wealth - Financial Perspective from Northern Trust

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	Winter 2009 Bubbles Through Time The recent real estate and commodity bubbles are just the latest incarnations of an investment phenomena that first occurred centuries ago. Following a prudent investment strategy can help you weather the fallout when a bubble bursts. Happy New (Tax) Year The start of a new year is the ideal time to engage in tax planning with your financial team. Use these tips to plan your tax strategy for 2009 and beyond. To minimize your tax bill for 2010, you might need to start sooner than you think. Wealth Transfer Fundamentals Behind every successful wealth transfer, there are three key documents — a will, power of attorney and revocable trust. Thoroughly understanding these documents is the best way to ensure that your wealth transfer plans will be executed properly. Information Exchange Jim Rauh and Doug Regan discuss how Northern Trust’s Family Advisory Services can help families manage their wealth. Wealth Management Perspectives Shundrawn Thomas shares his thoughts on Northern Trust’s groundbreaking “Wealth in Black America” survey. Inspired Living A recent trend in travel blends tourism with volunteerism. Learn about a few organizations that coordinate vacations for tourists on a mission. News & Notes Recent developments and activities at Northern Trust.

	Fall 2008 Understanding Wealth Transfer Planning Wealth transfer planning is important at any age, level of wealth or stage of life. Yet despite the importance of understanding the process, for many people, the fundamentals often remain unclear. This is the first in a four-part series about creating a legacy based on Northern Trust’s book, “Legacy: Conversations About Wealth Transfer.” Investing in a Volatile Market While the market may be fluctuating wildly, your portfolio will likely perform better if you hold steady and follow your investment strategy. We look at why making big changes in response to volatility can hurt your portfolio’s performance, and why you should maintain a level head despite the market’s ups and downs. Managing Life’s Transitions Whether you’re facing a transition, want to simplify your life, are pursuing a new goal or just want to improve how you function, you might benefit from working with a life coach. Here’s how — and when — they can help. Wealth Management Perspectives Northern Trust’s Steven Schoenfeld helps investors size up exchange-traded funds as an investment strategy. Information Exchange The federal interest rates used to value certain gifts are at near historic lows. That makes these wealth transfer strategies even more appealing. Inspired Living A professional image consultant can not only help you project the image you want, but also stay on top of current fashion trends without ever leaving your home. News & Notes Recent developments and activities at Northern Trust.

	Summer 2008 The Evolution of Socially Responsible Investing Socially responsible investing is no longer considered a fringe strategy. Its growth now provides investors a host of vehicles for smart long-term investing. Whether you are interested in screening out certain types of investments or following a broad sustainability approach, you can find a vehicle that meets your needs. Teach Your Children Well As parents of young adults, you may want to continue working with your children to provide them opportunities to develop their financial acumen and gain the experience they need to feel confident managing their eventual inheritance. Wealth in America Survey 2008 Now in its third year, Northern Trust’s annual Wealth in America survey provides insight into how the nation’s millionaire households feel about the economy, the stock market and their financial advisors. We reveal what’s changed and what’s remained stable since last year’s study, and what those findings can tell us about the year ahead. Information Exchange Northern Trust’s Chief Technology Officer, Nirup Krishnamurthy, talks about trends in financial technology. Wealth Management Perspectives A roundtable discussion offering advice for business owners seeking private equity funding. Inspired Living Americans spent $43 billion on their pets last year. Grooming products, organic food, designer duds and even trusts — nothing is off limits for our furry friends. News & Notes Recent developments and activities at Northern Trust.

	Spring 2008 Planning a Successful Wealth Transfer Creating a comprehensive wealth transfer plan gives families peace of mind. But making sure it functions as you intend demands frequent updates and expert advice. The Thirsty Investor The world’s growing demand for fresh water sanitation, conservation and innovation is quickly gaining the attention of seasoned global investors. But will the supply meet the demand? Taking Steps for Inheritance Success Hugh Magill, chief fiduciary officer and national director of trust services at Northern Trust, shares some advice on how families can prepare their children for a successful inheritance. Deal or No Deal For many business owners, the most important consideration when selling their business isn’t the money. Whatever their goals, these entrepreneurs are more interested in suitors with the right fit. Wealth Management Perspectives Explore the wide array of learning opportunities available through Northern Trust. Inspired Living: Swing Time Whether you're a beginner or a seasoned player, when you’re ready to take your golf game up a notch, you have many different options. News & Notes

	Fall 2007 Family Ties The ability to work through conflict is critical to a family business's success and longevity. Goal Getters A look at three nonprofit organizations that are changing their approaches to funding, and achieving their goals. Planning for Partners Whether you've chosen not to marry for personal reasons or because you're in a relationship the law doesn't acknowledge, carefully crafting your estate plan is critical. Without the protection offered by law to married couples, you need a plan to ensure that your assets are transferred without being subject to undue taxes. Getting Active Municipal bonds have much to offer investors, including a steady stream of tax-free income and portfolio diversification. Investing through an active management strategy can amplify those advantages. Wealth Management Perspectives Reintroducing Volatility: Understanding the Roots of an Overdue Correction Information Exchange From sudden geo-political events and volatile swings in the economy to a host of other uncertainties, investors can face myriad risks with costly consequences. Michael Leon, managing director of Northern Trust's Alternative Solutions Group, explains why risk management is more important than ever in today's environment. Inspired Living Like gourmet food or fine wine, fly-fishing is an experience to be savored. News & Notes

	Spring 2007 On the Board Accepting a seat on the board of a nonprofit organization is an honor, and a serious commitment. Understanding your responsibilities and how the board operates can help ensure a good fit. Suddenly Single Finding yourself unexpectedly alone can leave you facing a multitude of financial decisions at a time of emotional stress. Fortunately, a number of strategies can help you navigate this difficult time. Coming of Age: A Fresh Look at Emerging Markets Allocating a portion of your international investments to emerging market equities can offer more diversification and strong long-term return prospects. Planning From the Inside Out A guide to using your estate plan to create a value-based legacy for your family. Market Outlook Reintroducing Volatility: Understanding the Roots of an Overdue Correction Information Exchange Mary Boehler, division manager of Northern Trust’s Family Business Division, shares her insights into successful business succession planning. Inspired Living Like gourmet food or fine wine, fly-fishing is an experience to be savored. News & Notes

	Winter 2007 Rising Dragon The ripples from China’s booming economy are being felt around the world. Investors may want to position their investment portfolios to benefit. A Pivotal Role Women and men approach philanthropy in different ways, and women’s higher levels of giving and growing economic status are changing the face of philanthropy. The Generation X Factor Self-directed and investment-savvy, the next generation of wealthy investors is looking beyond stocks and bonds at a new class of investments. In doing so, they are changing the market. Safeguarding Your Identity and Your Wealth Identity theft is a growing problem, and high-net-worth individuals are particularly vulnerable. Learn what you can do to safeguard your identity and your wealth. Market Outlook The Housing Trough. What has the Fed usually done in this situation? Information Exchange Paul Kasriel, director of economic research at Northern Trust, recently won the Lawrence R. Klein Award for Blue Chip Forecast Accuracy. He discusses his approach to economic forecasting. Inspired Living Membership in a destination club can give you access to beautiful private homes around the world, with many of the services you’d expect at a hotel. News & Notes

	FALL 2006 Building on Shifting Sands With Congress still searching for a reform compromise, the fight over the federal estate tax remains unresolved. But regardless of what happens, you need to know how the changing situation will affect your estate plan. Preserving the Land Are you looking for a way to protect the land you love, leaving a lasting legacy that will benefit nature, your community and your family? A conservation easement may be the solution. Wealth in America Northern Trust’s landmark study provides insight into the changing views, concerns and plans of affluent families in the United States. Health and Wealth The rising cost of healthcare is a concern that has even affluent families worried sick. Taking a holistic approach to health and financial planning can help keep healthcare costs from derailing your financial plan. Market Outlook This Goldilocks economy is in for a difficult correction. But that doesn’t signal that a bear market is looming. Information Exchange Daniel Lindley, President of the Northern Trust Company of Delaware, discusses some potential advantages of that state’s favorable trust laws. Inspired Living Elite concierge services offer members more than just access. News & Notes

	SPRING 2006 A Family Approach to Collecting If your vision involves passing your collection to your family, deciding early on how to do this is crucial. Creating the right plan can make the difference between creating a burden and realizing your dreams. Art or Asset? Even if you buy art because you love it and give no thought to its value, your collection can quickly become a significant asset. But determining how your collection fits into your overall financial portfolio isn't necessarily an easy task. Rules That Govern Giving Donating a collection to a museum can require extensive forethought and planning. Here’s a look at some of the key considerations if you’re planning to leave your collection to an institution. From Dabbling to Distinction While it may be tempting to go it alone, when it comes to art and collectibles, assembling a trusted and expert support team can go a long way toward helping you build a world-class collection. Market Outlook The Boiled Frog and the Fed? U.S. Economic and Interest Rate Outlook Information Exchange Four well-known and widely respected art dealers talk about current trends and what's hot in their respective fields. Inspired Living A visit with Stephen Steckbeck and John Price — two master collectors who reflect on their passion and share their insights with Wealth. News & Notes The latest updates from Northern Trust.

	WINTER 2006 Improving the World, One Investment at a Time With a wealth of socially responsible investing choices now available, balancing your portfolio's effect on the world and on your bottom line is more important than ever. Retire With Confidence Retirement isn't what it used to be. People are rewriting the rules for the next stage in life. Your retirement can be whatever you want it to be, as long as you prepare financially as well. Is a Family Office Within Reach? You may think that family offices are only available to families with extensive wealth. That's no longer necessarily true. Thanks to new options, family office support is available for more families today. Finding the Right Fit Due diligence can go a long way toward helping you choose which of the more than 1 million charities to support. Here's how to identify charities that are aligned with your personal interests and will spend your money well. Market Outlook Fall-off likely in consumer spending, housing prices. Information Exchange Marguerite H. Griffin, Northern Trust's National Director of Philanthropic Services, offers unique perspectives on philanthropy. Lifestyle Access to a private jet — for leisure or business — may be closer than you think. News & Notes

	FALL 2005 Defining Success In the past, defining success was easier. Success was all about power, comfort, flexibility and, obviously, money. But it is different today. Here, five leaders offer up their definitions. When More Is Not Better Investors today have access to more knowledge and data than at any other time in history. But when it comes to your investments, sometimes knowledge can be a dangerous thing. To be successful in the long run, you need the wisdom experience brings. A Foundation for Your Giving? Establishing a private foundation can help focus your philanthropy while increasing the amount of control you have over your giving. But setting up a foundation isn't right for everyone. Examining your philanthropic goals will help you make the right choice. Market Outlook Current climate favors equities, bond outlook remains uncertain. Information Exchange John Skjervem, chief investment officer for Northern Trust's Personal Financial Services Group, shares his views on the market and successful investing. Lifestyle Zahi Hawass, a National Geographic Explorer-in-Residence, gives us the story behind Tutankhamun's unveiling. News & Notes

	SUMMER 2005 Decisions Only You Can Make Your family business can be your legacy if you address succession planning issues early. Searching For Yield A new approach to fixed-income investing. Headline News With careful planning the events covered on the news need not derail your investment strategy. The Drive to Make a Difference For many, active involvement in a cause is its own reward. Market Outlook Slowing growth and continued business strength leave investors uncertain. Information Exchange Northern Trust answers questions about retirement. Inspired Living Despite the high cost of entry, high-end yachts have never been more popular. News & Notes

The views, opinions and investment information expressed are those of the individuals noted herein, do not necessarily represent the views of Northern or any other person in the Northern organization and are subject to change based on market or other conditions.The material is provided for informational purposes only and should not be construed as investment, tax or legal advice or a recommendation to buy or sell a security. Northern disclaims any responsibility to update such views. Northern does not guarantee that the information supplied is accurate, complete or timely and does not make any warranties with regard to the results obtained from its use. Northern does not guarantee the suitability or potential value of any particular investment or information source. You should consult your investment, tax, legal and accounting professionals before taking any action.

To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any tax information in this magazine is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.