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Aug 1, 2008 12:00 PM
Risky Business
Business-owning families simultaneously face the challenges of owning a business while planning for the future of the family and the management of family assets. Regardless of whether a family intends to maintain ownership of a business for generations to come, anticipates selling the company eventually or going public in the short-term, the ability to preserve wealth across future generations is a complex and challenging goal. While successful businesses benefit from disciplined operations and strategic planning, the management of family wealth is often eclipsed by the needs of the business and improperly delegated to trusted company executives. Ostensibly practical, this approach can result in a loss of critical long-term financial benefits as well as expose the family to unnecessary legal and privacy risks.
To examine how private wealth management decisions are made by a family that owns and operates a thriving business, Family Office Exchange (FOX), a Chicago-based research and education firm for the ultra-high-net-worth market, conducted a study to identify the key motivators influencing these decisions. Speaking with business owners across the country, a clear, three-stage pattern emerged in how business owners typically handle the management of personal assets over time (See “Growing Up is Hard to Do,” p. 54):
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| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
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Topics of Interest
| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
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