Mistresses, Mister-esses and Accountants

How to deal constructively with messy situations.

By Anthony Glomski and Russ Alan Prince

The terms “mistresses” and “mister-esses” tend to have negative connotations, as they refer to out-of-marriage emotional or sexual relationships. All too often, wealthy individuals with a paramour (illicit partner) open themselves up to potentially very messy and costly situations.

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Family relationships are commonly impacted. For example, the matter of what assets become the property of the paramour can be especially problematic without the implementation of certain wealth planning strategies.