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Family Offices: Clients Want Their Own Wealth Team

Since 2017, the number of single family offices has grown substantially, with 3100 offices in North America. As the economy has surged, the number of families with millions in assets to invest has increased correspondingly. As a trusted advisor, you play an important role in managing the wealth of these families—and managing the risks associated with the recent downturn triggered by the coronavirus. But even families who are less wealthy can benefit from a team approach to the management of their estate and financial planning.

What is a family office?

A family office typically provides a variety of services to a very wealthy family, including but not limited to the following:

  • Investment management

  • Cash management

  • Risk management

  • Financial planning

  • Estate planning

  • Tax planning

  • Planning for charitable giving

  • Multi-generational planning

Single family offices are typically used by one ultra-high net worth family having $100 million or more in assets to invest to manage its wealth, and each one is designed to meet the unique needs of the family it serves. Such families are often interested in having the family office serve as their own wealth management business in order to oversee all aspects of their wealth. By starting their own family office, these ultra-high net worth families can retain control of their assets, maintain privacy, pursue the family’s long-term goals, and benefit from the combined wealth of multiple generations, which increases their buying power.

Multi-family offices provide similar services to a limited number of families typically having assets exceeding $20 million, but without as much overhead and responsibility for each family. The multi-family office offers integrated services, which are still customized to meet the needs of each family. The families served receive the benefits associated with a family office but do not have to run it as a separate business.

The team approach is best for every family

Family offices offer a multi-faceted approach to wealth management in which attorneys, accountants/CPAs, insurance professionals, and financial advisors all play a role. Although a family office typically has its own staff, unless the family is ultra-high net worth and able to afford a large staff, it may also utilize third-party advisors to minimize the costs associated with hiring a large team.

Other families, regardless of their wealth, benefit from a team approach as well, as it helps to ensure that all of their estate and financial goals are achieved.

A financial advisor helps clients to identify and understand their financial goals and investment objectives. These goals likely include a financial plan that will enable them to have funds sufficient to meet their own needs and maintain the lifestyle they want as well as pass an inheritance on to their loved ones. For high net worth clients, this often includes planning for multigenerational wealth transfers or charitable giving.

An estate planning attorney will help your clients with their legal affairs so that people they trust are authorized to make decisions for them if they are too ill to do so themselves and so their money and property are distributed in the way they wish after they pass away.

An accountant or CPA provides essential tax planning strategies to your clients, minimizing the taxes that your clients may owe, including the estate tax liability of your wealthier clients (for 2020, the federal gift and estate tax exclusion amount is $11.58 million for individuals and $23.16 million for married couples).

An insurance professional provides your clients with an analysis of their current and future insurance needs. Life insurance is a critical part of many estate planning strategies because it can be an important source of liquidity needed to provide for all of your clients’ beneficiaries. Insurance is particularly important for clients whose main assets are a business or valuable land or property that is difficult to divide between multiple beneficiaries.

Let’s Work Together for the Benefit of All Our Clients

Whether you are advising very wealthy families who could benefit from a single or multi-family office or families with more modest means, we can achieve a comprehensive solution for these clients by collaborating to ensure all their financial and estate planning goals are achieved. Please call us to discuss how we can work together for the benefit of our clients. We look forward to working with you.

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    • Are there other ways of leaving property to my beneficiaries other than through a will or a trust?
    • Are there things I can do to protect my existing business?
    • Can any attorney create a family wealth trust?
    • Can I leave my property to anyone I choose? 
    • Can I make provision in my will for my pets?
    • Can I specify that certain people, like a brother or sister, should never receive any of my property?
    • Can I transfer real estate into a family wealth trust?
    • Can I use my will to name a guardian to care for my young children and mage their property?
    • Can I use my will to name a guardian to care for young children and manage their property?
    • Can my power of attorney make or change my will?
    • Can trustees get help administrating trusts? 
    • Do I have to employ asset protection for all types of assets?
    • Do I need a financial power of attorney?
    • Do I need to name a trustee in my will?
    • Do we have to take account of minority shareholders’ interests and wishes in a family business?
    • Does a small business (subchapter S corporation give me the same protection as limited liability company (LLC))?
    • Does a will control all of my property?
    • Does all property have to go through probate when a person dies?
    • Does an executor (personal representative) get paid?
    • Does the person named in the will as executor (personal representative) have to serve?
    • How can a limited liability company provide me with asset protection?
    • How can an estate plan may things easier on my family after I die?
    • How can I leave specific items to particular people?
    • How can I make sure I will keep control of the family business if I get divorced?
    • How do I best protect my personal assets if I start a small business?
    • How do I get started with a succession plan?
    • How does a family wealth trust differ from a revocable living trust?
    • How does a revocable living trust avoid probate? 
    • How does trust administration differ from probate?
    • How is undue influence determined?
    • How long is a will valid?
    • How often should a succession plan be updated?
    • How often should my will be reviewed?
    • I want to start a small business with two partners. What is the best way to protect myself?
    • If I become incapacitated, will I need a durable power of attorney if I already have a living trust?
    • If I create a revocable living trusts, do I still need a will?
    • If I die owing debts, who pays my debts?
    • If I made a will, but lived in another state. Now I live in Florida. What should I do?
    • If I make a living trust, do I still need a will?
    • If there is a divorce in the family can we get shares back from an ex-spouse who is no longer a family member?
    • Is it possible that I may need more than one LLC?
    • Must I leave something to my spouse and children?
    • Should I avoid probate?
    • What are the benefits of a succession plan?
    • What are the signs of undue influence?
    • What are the uniform fraudulent transfer act (UFTA) and the uniform fraudulent convevance act (UFCA)?
    • What are trusts?
    • What benefits does a trust offer?
    • What does a guardian do?
    • What does a proper estate plan include?
    • What does if mean to fund a trust?
    • What does testate and intestate mean?
    • What happens if I become unable to care for myself? 
    • What happens if I die without a will?
    • What happens if you do not have a will or trust? 
    • What if become disabled and am no longer able to manage my affairs?
    • What is a bypass trusts?
    • What is a domestic asset protection trust?
    • What is a durable power of attorney?
    • What is a family wealth trust?
    • What is a fiduciary?
    • What is a health care power of attorney?
    • What is a health care proxy?
    • What is a living will?
    • What is a pour-over will?
    • What is a QTIP trust?
    • What is a registered agent?
    • What is a revocable trust?
    • What is a testamentary trust?
    • What is a testator and a testarix?
    • What is a trustee?
    • What is an A-B trust?
    • What is an executor (personal representative) and what does the executor do?
    • What is an irrevocable trust?
    • What is asset protection?
    • What is codicil?
    • What is estate planning?
    • What is incapacity or a lack of capacity?
    • What is included in my estate?
    • What is offshore planning?
    • What is personal residence trust?
    • What is piercing the corporate veil?
    • What is probate?
    • What is tenants by the entirety?
    • What is the difference between a will and a trust?
    • What is the difference between having a will and family wealth trust?
    • What is the difference between traditional estate planning and wealth planning?
    • What is trust administration?
    • What is wealth transfer planning?
    • What property does my will control?
    • What protection is available through a family limited partnership?
    • What will I still have control over my property if I have a living trust?
    • When does the trust administration process start?
    • When is the right time to begin estate planning for myself?
    • When is the right time to start succession planning?
    • When should an estate plan be reviewed? 
    • When should I review my existing will?
    • When should I start asset protection?
    • Who administers trusts?
    • Why do I have to be careful about fraudulent transfer rules?
    • Why should I make a living trust?
    • Will a family wealth trust avoid income taxes?
    • Would a living trust provide protection for my assets if I were sued?
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