==============================================================================================

ISSUE 32: 2017

President's Letter

A Message From Keith Banks

Photograph by David Hume Kennerly

» Click here to access your account and more insights.

» Not a client yet? Click here to find an office or have us contact you.

After perhaps the most divisive presidential campaign in American history, Donald J. Trump has settled into the White House as the nation’s new commander in chief. As for the executive mansion itself, the White House has not only been the official residence and principal workplace of every U.S. president since 1800, it is also home to a remarkable fine-art collection that includes as its cornerstone a full-length portrait of George Washington, painted in oil by Rhode Island artist Gilbert Stuart in 1796. Fittingly, the new chief executive and art are the focus of three articles in this issue of Capital Acumen.

In “New Administration, New Realities for Investors,” chief investment officer Chris Hyzy and other U.S. Trust thought leaders weigh in on what a Trump administration might mean for investors in terms of both opportunities and risks. Mitch Drossman, national director of wealth planning strategies, writes in “Reducing the Tax Bite by Postponing It,” of how a Trump presidency might affect IRS rules for wealthy individuals. And in our cover story, “Art in a New World,” Evan Beard, U.S. Trust’s new National Art Services executive, explains how collecting art, a deep passion for many of our clients, is evolving in a transforming world. That is, a world where online auctions proliferate and newly wealthy collectors, from China and elsewhere, are bringing a distinctive perspective to collecting: part passionate pursuit, part investment. Beard and others on our team of art experts detail ways that our National Art Services group can help clients, including leveraging art works as loan collateral and planning for the disposition of their collections after they pass.

Elsewhere in Capital Acumen, Chris Hyzy and other thought leaders take stock of “Brexit” and its potential ripple effects in Europe and beyond. Regular columnist Tim McGee brings his usual insight to the challenges of globalization. Philanthropic services executive Claire Costello parses the charitable practices and preferences of wealthy households as revealed in the 2016 U.S. Trust® Study of High Net Worth Philanthropy. We also highlight a source of great pride for all of us at U.S. Trust: Bank of America’s recent commitment to become carbon-neutral and fully powered by renewable electricity by 2020.

I hope you find the content in this issue interesting and useful. I would also like to wish you and your loved ones an energizing and fulfilling 2017.

Keith T. Banks

President
U.S. Trust, Bank of America Private Wealth Management

After perhaps the most divisive presidential campaign in American history, Donald J. Trump has settled into the White House as the nation’s new commander in chief. As for the executive mansion itself, the White House has not only been the official residence and principal workplace of every U.S. president since 1800, it is also home to a remarkable fine-art collection that includes as its cornerstone a full-length portrait of George Washington, painted in oil by Rhode Island artist Gilbert Stuart in 1796. Fittingly, the new chief executive and art are the focus of three articles in this issue of Capital Acumen.

In “New Administration, New Realities for Investors,” chief investment officer Chris Hyzy and other U.S. Trust thought leaders weigh in on what a Trump administration might mean for investors in terms of both opportunities and risks. Mitch Drossman, national director of wealth planning strategies, writes in “Reducing the Tax Bite by Postponing It,” of how a Trump presidency might affect IRS rules for wealthy individuals. And in our cover story, “Art in a New World,” Evan Beard, U.S. Trust’s new National Art Services executive, explains how collecting art, a deep passion for many of our clients, is evolving in a transforming world. That is, a world where online auctions proliferate and newly wealthy collectors, from China and elsewhere, are bringing a distinctive perspective to collecting: part passionate pursuit, part investment. Beard and others on our team of art experts detail ways that our National Art Services group can help clients, including leveraging art works as loan collateral and planning for the disposition of their collections after they pass.

Elsewhere in Capital Acumen, Chris Hyzy and other thought leaders take stock of “Brexit” and its potential ripple effects in Europe and beyond. Regular columnist Tim McGee brings his usual insight to the challenges of globalization. Philanthropic services executive Claire Costello parses the charitable practices and preferences of wealthy households as revealed in the 2016 U.S. Trust® Study of High Net Worth Philanthropy. We also highlight a source of great pride for all of us at U.S. Trust: Bank of America’s recent commitment to become carbon-neutral and fully powered by renewable electricity by 2020.

I hope you find the content in this issue interesting and useful. I would also like to wish you and your loved ones an energizing and fulfilling 2017.

Keith T. Banks

President
U.S. Trust, Bank of America Private Wealth Management