We have 25+ years of practical experience working with high net worth individuals and their families relating to: income tax planning, asset protection options, gift and estate tax structures, formation of numerous legal entities, real estate purchases, leases, sales and 1031 exchanges, selection of investment advisors, review of investment options, and handling sensitive and confidential matters for the family.
Individualized Family Risk Management Analysis
Q. What exactly is Family Risk Management?
A. Most successful families face many risks on a daily basis. Most of them are, in theory, protected by one or more forms of paid insurance. However, many people find out after they have a big problem that they were under-insured. Worse, some find out that they have no insurance coverage at all.
WE ARE NOT TRYING TO SELL YOU INSURANCE FROM ANY BIG INSURANCE COMPANY. The basic idea is to do an individualized Family Risk Management Analysis.
Q. What services are being offered to families with some amount of wealth?
A. Our goal is to sit with the family leader(s) and determine exactly what risks are being faced. Next, we help the family leader(s) think their way through the options available to them.
That might suggest raising certain insurance coverages. In that situation, the family’s insurance professional(s) should be brought into the discussions.
Q. What areas are examined to identify potential future risks?
A. We look at many areas, including:
- estate tax planning for potential IRS “Death Taxes”
- income tax planning
- charitable planning
- charitable gift planning
- real property tax planning
- reviewing the possibility of future frivolous lawsuits
- family management issues
- pre-divorce planning for both parents and their children
- dynasty trust concepts
- life insurance requirements
- general insurance needs
- asset protection planning
- cross- border real estate transactions
- using limited partnerships
- using trusts and/or corporations
- use of professional money managers
- when and how to use outside trustees
Q. What does this Family Risk Management Analysis cost?
A. The answer depends on how much time and energy the family’s financial leader(s) want to put into the project. It also depends on our role in helping with follow-up.
Call today (310) 266-0506
to set up an initial consultation.