It is our belief that the efficient coordination and management of all your family’s financial needs is crucial to successfully maintain your assets.The family office services we provide include paying family bills, general wealth management, providing financial reporting for income and spending, coordinating with financial planners, reporting on closely held or family business performance, managing insurance and risk management, assisting in the gathering of tax information, preparation of tax returns, and coordinating philanthropic efforts.
What Can a Utah Family Office Service Help With?
Our family office services team assists you with the effective management of cash flow and the maximization of family assets. Our collective and comprehensive knowledge can assist a family in evaluating its estate plan and effectively act as the intermediary between a family and its estate planning attorneys, financial advisors and other professionals. We can also coordinate and implement a family’s philanthropic goals.
– We will review your current estate plan and work with your attorneys and other estate professionals to ensure that your long-term goals are effectively met. As your intermediary, we will help coordinate your estate plan with your tax, investment, risk management, and philanthropic goals to make sure that your overall goals are properly aligned. We can advise on appropriate trust estate entity structures and manage trustee services related to the entities created within your estate plan.
Financial Reporting & Management
– Our family office services team can provide a leadership role in coordinating and implementing the accounting and financial processes to ensure accurate and timely financial information to the family, lenders, taxing authorities, and other third parties. This includes paying the bills and helping find vendors for various special family services.
We can prepare comprehensive, consolidated reports to educate a family about the overall financial health of the family and customize reports for more specific needs and preferences. The use of consolidated reports is important in order to bring together all of the family’s financial information so the family can see its entire financial picture in one report on a regular basis.
– We can assist a family with the management of its assets including business advisory services for a family owned business, property acquisition and sales, management of outside vendors, negotiation assistance for contracts, leases, etc., and other special projects.
– A complete risk management strategy is necessary for a family to accomplish their overall goal. We can assist in the review of your existing risk management strategy and coordinate proper implementation and governance of your risk management strategy with your attorneys, financial advisors, and other professionals.
Tax Planning and Services
– As you have earned it, we will help you keep it. We coordinate closely with your attorneys and financial advisors to implement strategies that help legally and prudently minimize your tax liability. We will also coordinate with your attorneys and financial advisors to provide timely information for preparing all of the family’s tax returns.
– We believe that a family has more than just financial assets. Intangible assets include: family values/characteristics, experience/legacy, and gratitude/philanthropic assets.
Through the process of family strategic planning, we can develop a comprehensive plan to pass on all the family’s assets, tangible and intangible, to future generations. A family can have concerns arise on a myriad of issues, whether related to a family business, preparing the future generation, or the personal growth of a member of the family.
We can assist in developing a plan to educate future generations on the challenges they will face. We will work with you in structuring and implementing your transfer of wealth and business to them, ensuring that your overall goals for your children and grandchildren are achieved through this transfer.
– We can assist a family in establishing and achieving its charitable goals. With a comprehensive knowledge of your overall family goals and financial picture, we can assist in defining a charitable mission statement, determining the appropriate charitable vehicle, and assist in the appropriate administration of the chosen charitable vehicle.
Family Business Consulting Services Utah Advisors: