Cornerstones of Our Relationship
As we develop a relationship, we seek to understand and protect a family’s capital – starting with the human capital found in its members. We appreciate that a family interested in preserving and growing its wealth for generations to come wants advisors who value the individual differences, capabilities and requirements of each member of the family. We study the intellectual capital of each family in order to understand how its members learn, communicate and make decisions. Furthermore, we seek to comprehend how the family develops its social capital through its engagement with society as well as its financial capital, i.e., its property.
A Guardian and Confidant to Your Family
We work with the family to ensure the existence of a shared vision for the future. We offer assistance in developing a mission statement that serves as a compass in decision-making and answers the larger questions about why a family is together and what it wishes to achieve.
Our professionals consider the most critical areas of risk to ensure effective communications within a family, effective ownership structures, appropriate diversification of assets and a continuous focus on minimizing exposure – financial and other.
Our family office structure is intended to offer a brain trust. We are a partner who helps cultivate ideas and guides family members seeking new opportunities in their careers and in life.
Strategic Wealth Management and Investment Planning
With an understanding of family goals, we are able to identify financial resources and objectives. As a member of your advisory team, we work with your legal advisors to develop an intergenerational wealth transfer plan. We then take the next step to coordinate with your other professional advisors to integrate and ensure the execution of your plan.
Many of our families have multiple investment advisors with no one advisor having the full picture of the family’s investments or asset allocation. We offer a personalized full picture for the family. With personal attention and careful monitoring of investments, we facilitate the flow of information through customized reports prepared on a regularly scheduled basis that suit the needs of the family in addition to its individual members. Offering customized reporting for specific family members ensures consensus when appropriate and, most importantly, an ongoing financial education that protects interests across generations. With an understanding of the investment goals of the family, we coordinate with financial advisors to ensure a cohesive strategy is accomplished.
Tax and Financial Planning
Comprehensive tax planning preserves wealth for current and future generations. Our professionals design tax-efficient strategies that maximize assets, minimize liabilities, assist with timing of capital gains or losses and ensure that philanthropic goals are achieved in a tax-efficient manner. Careful attention to the timing of transactions and maximization of deductions is an essential component of our service. As meaningful planning is continuous, we oversee the personal and business tax compliance services provided to the family from its accountants and review personalized financial plans with family members periodically.
Estate and Trust Planning
Estate plans should be monitored and revisited periodically. Working with the family’s legal advisors, we make recommendations in the design of estate plans tailored to the specific wealth transfer goals of each family member and offer an objective review of existing plans developed by a family’s advisors. Furthermore, we identify assets requiring special analysis, coordinate with an estate planning attorney to revise or create documents as needed and coordinate any asset titling changes required.
Our reviews of estate plans include paying careful attention to current gift and estate tax credits, limits and thresholds and other issues and items that are critical to an effective estate and gift plan. Additionally, we assist with the oversight of charitable giving strategies related to estate plans and any current business interests.
We monitor distribution requirements of trust agreements as well as compliance with other agreements related to estate planning vehicles utilized by the family. In addition to minimizing income tax obligations, we coordinate all annual trust administration matters.
Managing risk for a family and its property can be complex. Nonetheless, it is a necessary and integral part of any financial plan. DB Family Office Services has experience working with the premier insurance carriers and security providers who have extensive knowledge of and expertise in the needs of high-wealth families. Our advice is objective and independent without financial incentives tied to any one provider. We seek only the best solution for the individual family.
We can assist clients in mitigating the risks associated with high-net-worth and help clients protect themselves and their assets in many ways, including ascertaining insurance needs and requirements, evaluating existing policies and titling of assets.
To learn more about family office wealth management services at Daszkal Bolton, simply fill out our contact form, or call (561) 367-1040.