Strategies for a successful family office
Family offices have become a popular and convenient way for high net wealth families to manage their assets and financial interests. The use of a family office provides several benefits including convenience, control, preservation of family values, flexibility and tax savings. Whether it’s the establishment of a family office with little or no full-time staff, or the management of a growing, multi-disciplinary enterprise, the experienced tax attorneys of Thorn Law Group can be an integral part of the solution.
Our firm works with affluent clients from across the United States and around the world. Our asset protection and tax attorneys are skilled at assisting families set up and manage family offices. We are able to assist family offices in overcoming the legal, conceptual, administrative and financial hurdles that they often face. We start by listening and taking the time to understand the objectives for the family business (or businesses), and we treat our clients’ personal and business matters with the utmost confidentiality. Working alongside of investment managers, certified public accountant and other professional service providers, we can develop a customized plan to:
- Ensure tax compliance;
- Accommodate changes in generational priorities;
- Address the needs of a family’s multiple nationalities and residences;
- Manage investments with an eye toward reducing total U.S. and worldwide tax liability;
- Promote the family’s personal, professional and philanthropic goals;
- Protect assets from being targets of frivolous litigation;
- Defend the personal and professional reputation of our clients;
- Safeguard intellectual property and trade secrets; and
- Resolve internal and external disputes without resorting to litigation.
thorn law group – A SOLUTION FOR YOUR FAMILY OFFICE NEEDS
At Thorn Law Group, we offer a range of services that can benefit a family office. Drawing upon our years of experience representing high net-worth individuals and small businesses, we go beyond simple tax advice to become part of a client’s total risk management plan. Among the many services we can provide are:
- Designing family office organization, structure, policies and internal controls;
- Overseeing family office staffing and information management;
- Tax planning and compliance;
- Estate planning and administration for family members;
- Assistance in due diligence and fiduciary oversight of managers, advisors and officers;
- Formation of non-profits, foundations and charitable trusts;
- Creation of private trust companies;
- Advise on privately controlled ventures;
- Creation and implementation of private family trusts;
- Execution of legal instruments designed to safeguard the family’s wealth from excessive taxation and judgment creditors;
- Representation of the family’s interest in proceedings before the Internal Revenue Service, the United States Tax Court and federal courts.
To learn more about how a tax attorney from the Thorn Law Group can help you set up and manage a family office or assist you with other tax and legal issues, contact Kevin E. Thorn, Managing Partner, at firstname.lastname@example.org, or (240) 235-5096.