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Brent crude, the international benchmark, breached $85 per barrel for the first time in a month.
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Citation Capital has held a $1.2bn final close for its inaugural private equity fund, making it one of the largest first-time buyout vehicles raised in recent years despite a difficult fundraising environment for new managers.
The post Citation Capital closes $1.2bn debut fund as emerging manager bucks fundraising headwinds appeared first on AltAssets Private Equity News.
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Central organizations at nonprofits with local affiliates are now required to file a new form with the IRS to maintain their tax-exempt status.
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S&P 500 gains after light inflation data, bounce in chip stocks: Live updates CNBCKevin Warsh faces Congress for the first time as Fed chairman CNNCPI Report Live Updates: Inflation Cools to 3.5% Annually as Oil Prices Drop The New York TimesConsumer prices rose 3.5% annually in June, less than expected as energy prices eased CNBC
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Kevin M. Warsh, in his first testimony to Congress as chairman of the Federal Reserve, did not shed light on whether he supported higher interest rates to tame price pressures.
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Also in today's newsletter: companies turn to Chinese AI models to cut costs and Jane Fraser's ruthless remake of Citigroup
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It's no surprise that many people who inherit millions of dollars are uncertain about what to do with their newfound wealth. The possibilities of becoming a multimillionaire overnight can be overwhelming, especially during a period when most are grieving the loss of a parent or other loved one.
SEE MORE How Much of Your Estate Will Be Lost to Taxes?
I often work with people in many different age groups who have suddenly become wealthy as the result of a windfall inheritance. While there is a need to develop a comprehensive financial plan, it's not the first step. Instead, I try to determine each person's starting point with money. Many people fall into one of three categories:
They are anticipating how they will handle their wealth, but the money hasn't yet arrived.They have their inheritance — often several million dollars — but they are still grieving the loss of a loved one and are looking for guidance on next steps.
The inheritance has been in their bank account for a long period, but they still lack direction and can't make any decisions.
It is important to listen to each person's personal story with a windfall of money. Losing an important person in your life is difficult, and reflecting on the impact that person made is just as important. Many people express a desire to do something to honor a parent's wishes.
Figuring out how to make the best use of an inheritance
Here is how I generally approach these conversations to help a person make the best use of their inheritance:
Define their relat
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