Family Office Planning

90% of the 21,000,000 U.S. small businesses are family owned. Only 30% of those family run businesses succeed into the second generation.

So What Should a Family Office Planner Do?

They should comprehensively address Asset Protection, Income Tax Planning, Estate Tax Planning, Business Succession Planning, Wealth Accumulation, Insurance Analysis (Life and Property & Casualty), Retirement Planning, Wealth Accumulation, and more.

What is the Process of Creating a Family Office?

One of the major obstacles to all planning is the failure to implement the plan. A good family office manager eliminates that obstacle by coordinating the work of the clients existing professionals

Developing and administering a family office plan encompasses virtually every area of a client's life, including ownership entities, business operations, succession planning, retirement planning, estate planning, wealth management, asset protection and risk management. To create a plan requires review and analysis of all of the client's business and personal information, including for each business, Articles of Incorporation, Articles of Organization, Limited Partnership Agreements, By-Laws or Operating Agreements, Shareholder Agreements, Buy-Sell Agreements, tax returns, financial statements, retirement plans, insurance policies and much more. On the personal side, the review should encompass tax returns, financial statements, brokerage and bank account statements, wills, trusts, powers of attorney, health care designations, retirement plans, life insurance and property and casualty insurance policies.

Why is Comprehensive Planning Important?

their planning is at best outdated, probably inconsistent, and may well contain landmines that will explode in the face of the client...

Try asking one of yourself when was the last time you were in a joint meeting with your business lawyer, personal lawyer, CPA, financial advisors and insurance agents? The typical client has a group of professionals who work independently to solve problems or do planning in their area of expertise. Unfortunately, those professionals don't work together, talk to each other, and often don't even know one another's names. That means that no one has read all of business and personal documents created over 20 or 30 years to see if they're current, if they're still legally effective, and if they work together to achieve what the client wants.

Who needs a Family Office?

Family office services benefit anyone with a total asset base of $5,000,000 or greater, and at that level, can access a multi-family office manager on a shared cost, cost effective basis.