Scam activity continues to rise at an alarming pace. According to the FBI’s 2025 Internet Crime Complaint Center (IC3), Americans reported over 1 million online scam complaints and over $20 billion in losses—a 26% increase from 2024.¹

These scams often target individuals with larger or more complex accounts, making it especially important to stay alert.

To help address this, TFO Family Office Partners has partnered with R.O.S.E. (Resources/Outreach to Safeguard the Elderly), a nonprofit focused on fraud education. We will be sharing fraud awareness resources to help you spot warning signs and better protect yourself from scams.

R.O.S.E. has  created an “Anatomy of a Scam” infographic that shows how most scams follow a similar pattern:

• Initial contact – an unexpected message, call, or alert
• A compelling story – urgency or pressure to act quickly
• A payment request – instructions that seem routine but are not

Scammers often impersonate trusted organizations, create a sense of urgency, and push for quick decisions. Recognizing this pattern can help you pause and avoid costly mistakes.

What you can do:

• Slow down—urgent requests are a major warning sign
• Verify requests using a known, trusted contact method
• Contact a member of your engagement team before sending money or sharing sensitive information

We will continue sharing practical resources and updates to help protect you. Supporting your financial well-being goes beyond managing investments—it includes helping you stay informed and protected from fraud.

To learn more about R.O.S.E., visit: www.roseadvocacy.org

¹ Federal Bureau of Investigation, 2025 Internet Crime Complaint Center (IC3) Annual Report.

Important Information:
This material is for informational purposes only and is intended to help raise awareness of fraud risks. It is not a guarantee against fraud or financial loss. References to third-party organizations, including R.O.S.E., are provided for educational purposes only and do not constitute an endorsement or affiliation unless otherwise stated.

If you receive a suspicious request involving your accounts or personal information, please contact our office directly using a known, trusted phone number before taking any action.

Staying ahead of tax changes can make all the difference when preparing for the year to come. That’s why we’re excited to share our 2026 Tax Reference Sheet—a handy guide that puts key tax figures for the upcoming year right at your fingertips.

From updated tax brackets to new contribution limits and other important information, this resource is designed to keep you up to date. If you have questions or need additional support, please reach out to your tax advisor.

Giving back can be one of the most meaningful and fulfilling parts of life. Whether it’s contributing to causes close to your heart or making a tangible difference in your community, philanthropy allows you to live your values and leave a lasting legacy.

But with so many causes, organizations, and opportunities out there, it’s natural to wonder: Where do I begin?

That’s where we come in.

At TFO, we believe that philanthropy should be a reflection of your personal journey, your passions, your experiences, and the values that define you. Whether you’re just starting to think about charitable giving or looking to refine your approach, we’re here to help you navigate the path with clarity and purpose.

A Tool to Help You Get Started

To support your journey, we’ve created a thoughtful and easy-to-use Philanthropic Discovery Questionnaire. This tool is designed to help you reflect on what matters most to you and identify the causes that align with your values.

The questions are simple but powerful. They prompt you to consider:

1. Which life experiences have shaped your worldview?
2. What issues or challenges resonate with you most deeply?
3. What kind of impact do you want to have?

Your responses can serve as a personal roadmap, helping you uncover ways to turn your passions into purposeful giving.

Why It Matters

Philanthropy is more than writing a check. It’s an opportunity to connect generations, strengthen communities, and support the people and causes you care about. When your giving reflects your true values, it becomes not just generous, but deeply joyful.

Ready to Begin?

Download our Philanthropic Discovery Questionnaire:

Start exploring what giving back looks like for you and your family.

Whether you’re hoping to build a family tradition of giving, leave a legacy, or simply find a more intentional way to support what you care about, this tool is a great first step.

Let your journey toward meaningful impact begin today.

Our recent webinar on the One Big Beautiful Bill Act (OBBBA) is now available to view on demand.

In this session, TFO Family Office Partners team members Mason Longstreth and Spencer Wright discussed:

• An overview of the One Big Beautiful Bill Act
• Key provisions and changes in the law
• General planning considerations for individuals and business owners.

We invite you to join us on Thursday, August 14 from 4:00 PM to 5:00 PM (Arizona time) for a webinar on the One Big Beautiful Bill Act (OBBBA).

Join Mason Longstreth, Director of Tax and Partner at TFO, and Spencer Wright, Family Tax Strategist, for a discussion and summary of the One Big Beautiful Bill Act.

This webinar will offer a high-level overview of the OBBBA and highlight tax and planning implications that may be relevant to families and business owners.

Bring questions for a brief Q&A session at the end of the webinar.

Webinar Details:

When: Thursday, August 14
Time: 4:00 PM – 5:00 PM (MST)
Where: Hosted via Zoom

Summary of Legislative Activity

• Permanently extending or enhancing several TCJA-era provisions
• New deductions and tax-advantaged savings opportunities
• Meaningful updates to estate tax exemptions, small business income treatment, and family office planning tools

Note: This summary focuses on factual updates and forward-looking planning implications. It does not address the bill’s funding sources, budget scoring, or political dynamics.

Important Notes and Planning Implications

1. Permanent Extension of 2017 TCJA Tax Cuts

• The OBBBA permanently extends key individual tax provisions from the 2017 Tax Cuts and Jobs Act (TCJA)
• Maintains top marginal income tax rate at 37%
• Prevents sunset of TCJA provisions originally set to expire after 2025
• If these provisions had been allowed to expire, an estimated 62% of taxpayers could have faced a tax increase

Why this matters: Prior to the OBBBA, the Life-Time Gift and Estate Tax Exemption was scheduled to revert back to the pre-TCJA amount of approximately $7M (after adjustment for inflation) for individuals. The OBBBA makes permanent the $15 million exemption per individual and provides clarity for long-term gifting and trust planning.

3. QBI Deduction (199A) Enhancement

The Section 199A deduction for Qualified Business Income has been made permanent. For tax years beginning after Dec. 31, 2025, the income limitation phase-in will be increased from $50,000 to $75,000 for individuals (from $100,000 to $150,000 for joint filers). The enhancement also creates a minimum deduction of $400 for taxpayers with $1,000 or more of qualified business income (QBI) for material participants.

• Applies to individuals and certain trusts and estates

Why this matters: Reduces AMT exposure for trusts and high earners with large deductibles.

Additional Notable Provisions

Standard Deduction
Increased with additional inflation adjustment after 2025; $15,750 Single, $31,500 Joint, plus a temporary $6,000 increase (in addition to existing extra deduction already available to older adults) for eligible seniors through 2028.

Child Tax Credit
Raised to $2,200 starting in 2025, indexed to inflation thereafter.

529 Expansion
Covers homeschooling, licenses, certifications.

ABLE Accounts
Increased limits extended, 529 rollovers allowed.

Car Loan Interest Deduction
Up to $10,000 deduction (itemizers and non-itemizers) on new car loans through 2028 for U.S.-assembled vehicles; income limits apply

Repeal of Clean Energy Credits
Eliminates tax credits related to solar, EV, and energy-efficient home upgrades starting 2026.

HSA Changes
Eligibility expanded, catch-ups allowed, and new expenses (e.g., gym memberships) covered.

No Tax Overtime/Tips
All tips and overtime pay are still subject to income and FICA taxes and must be reported on the taxpayer’s individual income tax return. The OBBBA allows an income tax deduction (itemizers and non-itemizers) for moderate and lower income taxpayers to reduce their reported tip and overtime income.

Charitable Deductions
A floor of 0.5% on itemized deductions for charitable contributions (1.0% for Corporations). The OBBBA also creates a permanent up to $1,000 deduction ($2,000 for joint filers) for charitable contributions made by taxpayers who don’t itemize their deductions.

Itemized Deductions
Temporary changes to how itemized deductions were calculated, are now made permanent, including the limitation on personal casualty losses, elimination of miscellaneous itemized deductions for employee business and investment expenses, and the elimination of the Pease limitation (which reduced overall itemized deductions for higher income taxpayers).

Final Thoughts

The OBBBA introduces meaningful long-term certainty around wealth transfer, business ownership, and savings strategies. For families with complex financial lives, trust structures, or intergenerational goals, this bill opens new doors and reinforces the need for a coordinated plan.

We’ll continue to assess how these provisions interact with state-level changes and international considerations. In the meantime, if you have any questions, we encourage you to reach out to legal counsel or your TFO Engagement Team.

By Chuck Carroll
Chief Investment Officer

Investing can often feel like navigating uncharted waters, filled with uncertainty, risk, and endless opinions on what strategies work best. At TFO Family Office Partners, we believe a disciplined, evidence-based approach is key to long-term success. Chuck Carroll, our Chief Investment Officer with over 30 years of experience, shares the guiding principles behind TFO’s investment philosophy. From understanding risk and return to embracing diversification and minimizing fees, these insights provide a framework for making informed investment decisions that align with your financial goals.

1. Risk and Return are Related

History tells us that stocks have generally outperformed bonds, particularly over longer holding periods. Unfortunately, that fact alone doesn’t tell us how to invest, as those incremental returns aren’t a “free lunch”.

Stocks have also exhibited greater volatility than bonds, with the global stock market experiencing a decline in roughly 1 out of 4 years.

What’s the right mix of stocks and bonds for you? There’s no universal answer to that question but thinking about:

1. The purpose of your capital
2. Your time horizon
3. How you’d react to volatility

Keeping these three topics in mind can help you and your advisor build the right portfolio.

2. Combat Uncertainty by Diversifying

Some investors are surprised to learn that there’s no pattern to help predict which area of the market is going to outperform next. But that doesn’t stop them from making big bets and trying to win against the odds. A better antidote for the perpetual uncertainty of the markets is a well-diversified portfolio.

Although diversification is no guarantee of success, thoughtfully allocating capital across many different securities, sectors, and types of investments can help investors efficiently capture the returns that the markets provide so that your financial goals aren’t riding on a potentially misguided bet.

Annual Ranking of Asset Classes

3. Taxes and Fees are a Drag

Most investors think successful investing is about whether they should get in or out of the market, what stocks to pick, or finding the next superstar fund manager.

Unfortunately, they often overlook two elements that appear simple but can be tremendously impactful on their wealth: Reducing investment manager fees and minimizing taxes. Studies* have shown that the old phrase “you get what you pay for” doesn’t apply in investing. Instead, there’s strong evidence of the opposite: Lower-fee strategies generally produce better results for their investors. Similarly, embracing tax-reduction techniques such as minimizing portfolio trading, being aware of holding periods when trading, and strategic tax loss harvesting can have a dramatic impact on wealth. After all, it’s not what you make that matters, it’s what you keep.

A Hypothetical Example

4. Emphasize Academic Evidence

Old-school investors pride themselves on their supposed “feel” for the markets, and their hunches about what direction a stock might head. They might spend time reading company reports, or interviewing company management to try to form an opinion about the stock. But over the past few decades, academic research has played a powerful role in helping investors understand markets, and how to appropriately assess the odds of their investment decisions.

One important finding is that companies with certain characteristics, such as relative price (“value”), small capitalization (“size”) and high historical profits (“profitability), generally have higher expected returns than companies lacking these characteristics. While there’s no guarantee that past results will repeat, history seems to indicate that “tilting” a diversified stock portfolio toward companies with these attributes could potentially reward investors over the long-term.

Performance of Small/Value/Profitability “Tilted” Indexes vs. Broad Market Indexes

5. Embrace Discipline

The famous phrase “we have seen the enemy, and it is us”, is an unfortunate truth in investing. Staying the course with your investment strategy through market gyrations can be really challenging.

But gaining an understanding of market history and using it to shape our expectations can help us be more disciplined and avoid costly mistakes. For example, it might be surprising to learn that in most years the S&P 500 Index experiences a decline of more than 10% at some point in the year.

Despite those intra-year declines, the index has produced an average return of 13% in calendar years going back to 1980. Being disciplined becomes a little easier if we learn to expect stock market declines, and see them as a normal part of successful investing.

As the school year winds down and summer approaches, families everywhere are gearing up for travel and adventure. Summer vacations are more than just a break, they’re a chance to create lasting memories, explore new passions, and reconnect with loved ones. Now is the perfect time to start planning your next getaway, whether it’s a relaxing beach retreat, a cultural city tour, or an action-packed family adventure. With the latest technology at your fingertips, you can streamline your trip, personalize your experiences, and make every moment even more memorable.

1. Personalized Travel Apps for Luxury Experiences
High-end travel apps, such as Inspirato, Black Tomato, and Prior, provide bespoke travel planning services. These platforms curate one-of-a-kind itineraries, exclusive events, and VIP access to premier experiences around the world. They’re designed to save time while ensuring your trips are tailored to your family’s unique preferences.

2. AI-Driven Itinerary Planning
Artificial intelligence (AI) has revolutionized the way travelers plan their journeys. Tools like ChatGPT, Roam Around, and others can suggest itineraries based on your desired travel style, interests, and destination. High-net-worth families can leverage AI to find exclusive experiences, such as private tours, hidden luxury accommodations, and personalized dining recommendations, ensuring that no detail is overlooked.

3. Private Aviation Technology
Advancements in private jet booking platforms like NetJets, XO, and FlyHouse allow families to secure private charters with ease. These apps provide real-time updates, offer personalized concierge services, and even allow for shared flights within exclusive networks.

4. Smart Luggage and Travel Accessories
Investing in smart luggage, such as Away’s tech-enabled suitcases or Rimowa’s connected bags, can add both convenience and security to your journeys. Features include GPS tracking, built-in power banks, and automated weight detection to streamline your travel experience.

5. Immersive Virtual Reality Previews
Virtual reality (VR) technology allows families to preview destinations and accommodations before booking. Platforms like Virtuoso or XplorIt offer immersive previews of luxury resorts, yachts, and vacation villas. This ensures your travel choices align with your expectations, offering peace of mind and confidence in your plans.

6. Health and Wellness Travel Tech
For families focusing on wellness, wearable tech like Oura Rings or Whoop Bands can track health metrics during travel. Many luxury resorts now integrate health data into their wellness packages, offering personalized treatments based on your preferences and needs.

7. Language Translation and Local Insights
Tech-savvy tools like Pocketalk or the Google Translate app are must-haves for international travel. These devices provide real-time translation for seamless communication with locals. Additionally, apps like Culture Trip and Eatwith connect you with authentic, local experiences curated for discerning travelers.

8. Private Travel Security Technology
Ensuring safety while traveling is paramount. Services like GeoSure provide real-time safety insights based on your destination, while technology like biometric identification (used at private terminals) ensures secure and seamless transitions during international travel.

9. Global Connectivity with Mobile Hotspots
Stay connected anywhere in the world with devices like Skyroam or Solis, which offer global mobile hotspots. These tools ensure uninterrupted access to emails, family updates, or digital resources no matter how remote your destination.

Traveling with Purpose
Technology is revolutionizing luxury travel, offering high-net-worth families greater efficiency, security, and personalization. By integrating these cutting-edge innovations, travelers can increase their chances of enjoying seamless, stress-free experiences that enhance every journey. Whether flying private, booking exclusive getaways, or ensuring security while abroad, these advancements make luxury travel more accessible and we hope more enjoyable than ever before.

For business owners and leaders, having a clear structure and strategy in place can be essential to long-term success. In a recent webinar, we sat down with Jeremy Macliver, an Expert EOS Implementer, to explore how the Entrepreneurial Operating System (EOS) provides a structured approach to managing and scaling a business.

If you were unable to attend live, the full webinar replay is now available.

What We Covered
The Entrepreneurial Operating System (EOS) is a framework designed to help businesses improve organization and efficiency. During the discussion, Jeremy shared insights on:

• Defining a clear vision and aligning leadership teams
• Establishing structured processes to support operations
• Creating accountability within an organization
• Applying EOS principles to support decision-making

Watch the Replay
If you’re interested in learning more about EOS and how it may apply to your business, we invite you to watch the full webinar replay.

At TFO, we recognize the importance of thoughtful planning and strategic frameworks for business leaders. If you’d like to discuss these topics further, feel free to connect with our team.

Deciding whether your children or family members are ready to join or take over the family business is one of the most pivotal choices you’ll face as a business owner. It’s a decision that goes far beyond just qualifications—it impacts the future of your company, the dynamics within your family, and the legacy you hope to leave behind. Evaluating readiness takes careful consideration, introspection, and, often, conversations that aren’t always easy but are vital to helping work towards long-term success for both the business and the family.

Assessing Personal Interest and Commitment
The first and perhaps most important consideration is whether your children or family members truly want to be part of the family business. Interest and passion are foundational elements of success. Without genuine enthusiasm for the work, they may struggle to remain engaged or to weather the inevitable challenges of running a business.

It’s also essential to evaluate their commitment. Do they understand the demands of the role they’re stepping into? Joining or leading a business often requires long hours, difficult decision-making, and a willingness to put the needs of the company first. These are not responsibilities to be taken lightly, and their willingness to embrace them can be a strong indicator of readiness.

Ask questions like:

• Are they willing to work their way up, or do they expect to start at the top
• Do they have a long-term vision for themselves within the business?

Open conversations around these topics can clarify not only their intentions but also whether their motivations align with the business’s needs.

Evaluating Skills and Experience
While personal interest is crucial, it must be paired with the right skillset and experience. Consider whether they’ve acquired the tools necessary to succeed in their role. Have they pursued relevant education? Degrees in business management, finance, or industry-specific areas can serve as a strong foundation.

Experience, particularly outside the family business, can be even more valuable. Working in other companies allows them to develop new skills, build professional confidence, and gain perspectives that can benefit your business. Many family businesses encourage the next generation to spend a few years working elsewhere before joining. It gives them the chance to establish themselves outside the family dynamic and learn how businesses operate in a variety of environments.

Once they’re ready to join, creating a pathway for development within the family business is equally important. Rather than immediately stepping into a leadership role, encourage them to take on smaller responsibilities first. This approach not only helps them gain hands-on experience but also builds credibility with other employees.

Understanding Leadership Qualities
For family members who aspire to leadership roles, assessing their ability to lead effectively is essential. Leadership is about more than just decision-making—it’s about inspiring and managing people, navigating conflict, and maintaining composure under pressure. Do they have the communication skills to build trust with employees? Are they decisive yet open to feedback?

Emotional intelligence is another critical trait. Leaders who can manage their emotions, empathize with others, and handle interpersonal challenges with grace are better equipped to lead a team and maintain a positive company culture. Pay attention to how they handle stress and resolve disagreements—these moments often reveal whether someone is ready to lead.

Compatibility with Family and Business Values
Family businesses are often built on shared values, and continuity of those values is critical to sustaining the legacy. Assess whether the family members you’re considering share the core principles that drive your business forward. Do they understand and respect the culture, traditions, and practices that have contributed to its success?

This alignment goes beyond business strategy—it also extends to relationships within the family. Tensions can arise when personal values or goals don’t align, so it’s important to have open discussions about expectations, both for the business and the family.

Planning for Succession and Transition
Even if your children or family members demonstrate interest, skills, and leadership ability, stepping into a major role can be overwhelming without the right preparation. That’s why planning for succession is just as important as evaluating readiness.

A structured training program can ease the transition. This program might involve mentorship from senior leaders, formal training sessions, or shadowing you or other executives. By creating a clear path for growth, you can help them build the confidence and competence they’ll need to thrive.

A gradual transition of leadership is another critical step. Allowing family members to ease into their roles over time can help them gain the necessary experience and trust of other employees. This approach also allows for knowledge transfer and minimizes disruptions to the business.

Seeking Objective Perspectives
Sometimes, it’s hard to separate your role as a parent or family member from your role as a business owner. That’s where an objective perspective can be invaluable. Consider bringing in an advisor, consultant, or mentor to evaluate readiness. These external parties can provide unbiased feedback on whether a family member is equipped to take on more responsibility or step into a leadership role.

Feedback from non-family employees can also offer helpful insights. Those who have worked closely with your children or family members may be able to identify strengths and areas for growth that you might overlook.

Conclusion
Evaluating the readiness of children or family members to join or take over the family business is a complex and deeply personal process. It requires balancing the needs of the business with the goals and aspirations of the family, all while preserving the relationships and legacy that matter most. By considering their interest, skills, leadership qualities, and alignment with family values—and by creating a structured plan for their development—you can make thoughtful decisions that may help ensure the continued success of your business for generations to come.

About TFO Family Office Partners:

TFO Family Office Partners is a wealth management firm based in Phoenix, AZ, specializing in helping families nationwide thrive by Connecting Wealth and Purpose®. Our experienced team offers comprehensive services, including investment advisory, estate planning, wealth planning, accounting and bill pay, family life skills, tax consulting and compliance, philanthropic planning, and family governance.