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Do I need a Family Office?

`. Do I need a Family Office?. Michael J Perkins TEP Special Counsel, Diamond Conway. Structure, strategy or both?. Is there a collective vision for family wealth including:. Knowing your G oals Understanding your current R eality Evaluating O ptions

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Do I need a Family Office?

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  1. ` Do I need a Family Office? Michael J Perkins TEP Special Counsel, Diamond Conway

  2. Structure, strategy or both? • Is there a collective vision for family wealth including: • Knowing your Goals • Understanding your current Reality • Evaluating Options • Establishing a plan and the Will to act • Is there a collective wallet to manage?

  3. Are these risks relevant? 1. Personal and Family Representation and Succession 2. Family Continuity, Governance and Legacy 3. Wealth Preservation, Enhancement and Transfer 4. Business Ownership and Control 5. Financial Security and Compliance

  4. Key Problems for Trust Governance and Accountability • Family Accountability and member vulnerability • Property – equity within and across generations. • Offshore or Interstate Connections? • Wealth retention – ownership v. control – the great divide.

  5. Longevity • Capital demands increase as health declines • Management succession of wealth holding structures needs to reflect the needs of all generations served. • Be aware of the impact of longevity on capital endurance and superannuation strategies.

  6. How does your family work with its: • values, relationships, culture and social networks • Your relationship capital • property (in a legal sense) • Your financial capital • family, social and personal accountabilities • The primary source of attack on your estate • The needs you need to satisfy after your immediate support

  7. Family Administration Objectives • Affairs management • Wealth preservation • Wealth transfer • Family continuity • Legacy • Financial security • Business ownership, control and transfer

  8. Creditors and Predators… Bloodline Other Claimants • Ancestors • Spouse • Siblings • Domestic or civil partner • Children • Creditors • Grandchildren • Remoter issue • Contractual claimants • Promisees • Property co-owners

  9. What is family property ? Legally owned Beneficially owned • Founder is sole owner • Family or members • • Person is legal owner only • E.g. as trustee • Family as equitable owner • Owner of rights • As joint owner • Joint tenant • Tenant in common • As co-owner • E.g. partner or venture

  10. Identifying Liabilities and Risks Financial Risks • Debts • Financial • Guarantees & Sureties • Legal • Contingencies • Economic • Social incl. reputation • Key man dependencies • Market

  11. Do family offices give solutions for: • Affairs management - yes • By client • For client • Representation - limited • Wealth Preservation – sometimes • Wealth transfer – yes • Management Succession • Ownership Succession • Social and Community Contribution - limited

  12. Existing structures may do the job! www.diamondconway.com.au www.estplan.com.au www.step.org

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