Advanced Planning
This is often the key starting point to understanding the family, their challenges, and their opportunities. This planning process starts with us investing a considerable amount of time in gaining a deep understanding of the family we serve. This investment is complimentary on our part as this process is how we best learn the values; the objectives and the areas we can make the best impacts on the families we serve. This process looks at the critical values the family wants to continue across the generations and the impacts the family wants to make on this and future generations.
We then look at what is currently in place from a fiscal, legal, and family outcomes perspective. The focus is to build on what’s working, fix what’s not, and make a significant positive impact on the families we serve. Making a positive impact across their family dynamics, financial, legal, accounting, risk management and other specific family needs.
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Financial Strategist
Often, the families we serve have significant resources that enable them to achieve a wide range of financial objectives that others don’t. Too often, there is an assumption that financial planning at each generation isn’t necessarily. Unfortunately, that not only misses opportunities to make greater impacts on the family across all the generations; this also misses a great opportunity to help the next generations learn valuable fiscal, legal and other crucial lessons. Lessons that are key to developing the future skills to be good stewards of the family resources so painstakingly earned.
As the financial strategist we work with every generation from the matriarch and patriarch to the children’s, grandchildren’s, great-grandchildren’s and future generation to help them establish appropriate financial strategies. Establishing strategies that help them not only best use the resources that the family wealth provides but to become great stewards of the resources for their children and future generations.
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Tax Strategist
We are always amazed at how little tax planning is done outside the family business. Often, tremendous opportunities are simply missed at the federal, state, and local levels that could lead to hundreds of thousands to hundreds of millions in tax saving. While this personal tax world is fraught with abusive tax schemes, there are solid well-established strategies that could have a dramatic impact on the family’s income.
Our team pays particular attention to identifying and seizing on those opportunities for the families we serve. More importantly, we help families vet and avoid the abusive strategies that can ultimately do significant damage to the family fiscally or reputationally.
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Estate Strategist
The families we serve are exposed to extensive federal and even state estate and gift taxes. Taxes that often make those federal and state governments the biggest beneficiaries of the family’s wealth. Taxes that can further interfere with the future success of the family businesses and family’s plans.
Beyond taxes, the family resources present a great opportunity for the current generation to have a positive impact on the future family, their community and the world around them. Unfortunately, a lack of planning and strategy here too often leads to squandered opportunity, undesired behavior in future generations and even destruction of the very family you are aiming to help.
Too often families ignore these impacts or fail to address them in time. Even families that have done extensive planning find themselves still exposed to these challenges not from a lack of planning but from a lack of proper execution or failure to manage and maintain these strategies over the years.
Our focus is twofold. The first is minimizing the impact of these taxes on the family and the family’s plans. The second is ensuring the family acheives a positive impact they are targeting.