Family Office Services Explored
Because of the complexity and demands of running a family business, certain business formalities often fall by the wayside. Some patterns reoccur and common mistakes are made with family business owners who have either outgrown their existing set of advisors, have insufficient professional support, or are trying to DIY their legal, tax, or accounting work.
Avoid wasting valuable resources from tax exposure, personal conflict, professional confusion, and disastrous litigation by getting your family business teams, records, processes, and reporting in order!
Failure to do Wealth Transfer Planning Until It’s Too Late
Choice of Entity Mistakes
Failure to Maintain Business Ownership Records
Failure to Follow and Maintain Business Governing Documents
Failure to Upgrade Advisory Team
Insufficient estate liquidity or insurance
Inadequate buy sell documents
Family Office Advisor Solution
A designated family office advisor can help coordinate and identify planning advisors, lead proactive planning, and ensure that all of these time consuming but critically important tasks are handled.
Elyse W. Germack, Attorney, CPA and Family Office Advisor
Law Offices of Elyse W. Germack, PLLC
