Net worth 25 million .One individual. Age under 60 Married. Daughter 23 years old. What are the benefits and costs? What will a family office do that my bank and investment advisor will not do?
Dear Mr. Novell:
There are many law firms who could assist you with setting up and operating a small family office. Finding a firm that is truly competent and who is looking out for your best interest is more complicated. As to what the benefits would be to you would depend on what you are trying to accomplish, and also how the business/assets are presently allocated.
Although there are many competent bank officers and investment advisors around, a good tax and estate attorney is solely looking out for your family's interests. Qualified attorneys can give you the proper tax advice, not only in the current climate, but for planning into the future, including the proper way to pass on this business taking not only taxes but your personal family situation into consideration. Too often banks and finacial advisors have so many hidden fees and agendas, that even an astute investor cannot peel back the layers to see what he is really paying for these services.
I work directly with attorney Les Kushner, who would certainly be able to assist you, and would be happy to offer an initial complementary consultation for you to explore whether you feel his firm's services would benefit your family. Les is not only a busines/tax and estate planning attorney, but he is also a CPA with over 33 years of experience.
If you would like to arrange a phone conference and/or personal meeting with him, please contact my office and we can certainly arrange same at your convenience.
Best regards,
Cindy S. Vova
954-316-3496
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