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Aug 1, 2005 12:00 PM
Eyes Wide Open
While modern corporations practice the art of risk management, this is not common among family enterprises, not even the most sophisticated. While wealth owners embrace formalized risk management, the focus of that endeavor tends to be on a single dimension: financial security. Of course, almost all “financial families” (those with multi-generational wealth) practice risk management informally; for example, they carry property insurance, create complex trusts and monitor investment performance. But strategically managing risk can, and should, go beyond investment and insurance to incorporate many other types of risk that can damage long-term wealth, the family legacy and intra-family relations.
To help families identify these risks, Family Office Exchange LLC (FOX), a Chicago-based for-profit network of ultra-affluent families, family offices and their advisors, developed an inventory of common threats to financial families, identifying more than 75. (See www.familyoffice.com for the complete listing.) Most of these risks fall into one of eight categories:
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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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Topics of Interest
| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
E-Newsletter Signup
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