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Scott Saslow
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Building a Sustainable Family Office: An Insider’s Guide to What Works and What Doesn’t
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Building a Sustainable Family Office: An Insider's Guide to What Works and What Doesn't
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“Paige Goepfert is a managing director of the Andersen Private Client Services team and works with ultra-high-net-worth families, family offices, business owners, and executives on tax planning and income tax compliance. Paige says that, “before considering the tax implications of a family office, family office principals are well served to think about the catalysts for and objectives of their family office. The structure, including how the management services are going to be provided and the type of entity formed for the management company, will determine the tax impact. “A common mistake I see is when families initially contemplate forming a family office solely because of the tax benefits they hope to obtain. While there may be tax benefits from a family office structure, anticipated tax benefits should not be the catalyst for setting up a family office . . . We [also] sometimes see families stuck in a certain mindset even when their goals and tax laws are constantly changing. For example, an older family member may feel like they have already given too much to the next generation or their grandchildren and, on principle, will not consider what they are leaving”
― Building a Sustainable Family Office: An Insider’s Guide to What Works and What Doesn’t
― Building a Sustainable Family Office: An Insider’s Guide to What Works and What Doesn’t
“family offices—taxes are treated as sort of a necessary evil of doing business that needs to be shrunk as small as possible. For many, having to pay a million-dollar tax bill (or greater) can feel outlandish. And while, indeed, it may be a lot of money, I think it wise to put the figure into perspective. How fortunate are individuals who have made so much money that they get to write huge tax checks to the government? Talk about doing one’s civic duty!”
― Building a Sustainable Family Office: An Insider’s Guide to What Works and What Doesn’t
― Building a Sustainable Family Office: An Insider’s Guide to What Works and What Doesn’t
“We proceeded under the thinking that passing highly appreciating assets was a smart estate planning move. Indeed it was—from just that one lens. However, the assets in question appreciated dramatically beyond our expectations, which resulted in a higher proportion of wealth at the younger generation than might be ideal as compared to the older generation. This imbalance has created some regret within the older generation (“giver’s remorse,” if you will). From a lesson’s learned perspective, what I’d say to other family office principals is to give thought to the range of outcomes when passing assets to the next generation. How would you feel if the asset went to zero? If it appreciated twentyfold? While a potential gift or sale may be tax efficient, does it align with your goals and desires for you, your children, and the larger family office? I”
― Building a Sustainable Family Office: An Insider’s Guide to What Works and What Doesn’t
― Building a Sustainable Family Office: An Insider’s Guide to What Works and What Doesn’t
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