EXPERT GUIDANCE FOR THE PATH AHEAD
Wealthy Family and/or Family Office Risk Strategies
Many of our clients spend their lifetime creating a successful business that has rewarded them with personal financial wealth. Personal wealth often includes assets in many forms such as valuable real estate, autos, boats, aircraft, jewelry, art and collectibles, and so much more. Wealth that is consolidated across a family, through a family office, or simply through the family principle, creates unique needs and responsibilities.
Consider a family with a primary home, vacation home, expensive vehicles, personal watercraft and beautiful jewelry. How do they keep track of their belongings? What needs to be done to protect the belongings from damage or theft?
Or, perhaps, there are multiple families that share assets in the form of a family office. Multiply the number of expensive homes, exotic cars, beautiful jewelry, paintings, yachts, aircraft and all of the other desired belongings of the family. There are employees now who are more than domestic help and participate in the family dynamic at a much higher level. What risk is created when we structure the family entity? What risk surrounds minimizing tax liability and transferring the wealth? What about multi-generational family strategies?
In both cases and everywhere in between, usually without exception, families need risk management advice and counsel to address all the unique needs and more complicated risk profile.
Our professionals are experts in personal insurance for the family assets, commercial insurance for family owned business assets, employee benefits for the family employees including professionals such as accountants, lawyers or others that work for the family, and more.
Common issues that arise (but not limited to):
- Risk that exists but is not addressed via insurance or other strategy
- Disagreements between family members
- Misjudgment in managing financial resources or asset acquisition/dissolution
- Employment issues with the staff or professional advisors
- Executed agreements that are not in the family’s best interest or create additional risk
- Lack of coordination between professional advisors creating gaps or oversight
- Valuables and other assets are not inventoried or appraised correctly
RCP is able to develop a risk profile, offer advice, and counsel surrounding all of the assets and activities of the family or group of families. We provide a comprehensive insurance plan to help everyone sleep well at night.
This material is for informational purposes only and not for the purpose of providing legal or insurance advice. Insurance coverage, and the terms and conditions relating to such coverage, will vary. No representations or promises are made that any particular insurance coverage will be available to any individual or entity seeking such coverage. Risk Consulting Partners is not a law firm and does not provide legal advice. If such advice is needed, consult with a qualified adviser.