Family Office Services

It is our mission to help families define and achieve their personal and financial goals. Our Family Office Services practice offers customized services tailored to your needs.  Typical clients include families with substantial assets, busy lifestyles, or those who would rather concentrate their talents and energies on their personal interests.  Families who do not wish to maintain their own office can have access to "Best in Class" services through MGA Family Office Services.

Our Family Office Service experts offer confidential management of these elements, helping plan your legacy, including:

• Bill Paying
• Day to day cash flow management
• Budgeting
• Bookkeeping for ease in tax reporting
• Education savings
• Retirement planning
• Trust and Estate planning
• Control and succession planning
• Intergenerational wealth planning
• Altruistic services
• Preparation of monthly financial statements
• Project management
• Coordinating with your other professional advisors as directed
  

Effective financial coordination and management is the ultimate work product of a successful family office. Planning and follow through - short-term and long-term - can improve a family's overall financial welfare and maximize the advantages of its assets.

The greatest value of a family office is to coordinate all of the various professional disciplines necessary to manage the financial affairs of a family. The assets of the family are much more efficiently and effectively managed by one overseeing organization. The determination of an appropriate asset allocation and investment management strategy is done with a complete understanding of the family objectives and financial situation. Since the family office pays the bills, manages the insurance, and prepares the tax returns, it can more effectively manage the cash and earmark tax related items as well as properly and timely insure assets of value. Since it manages the investments, it can more efficiently liquidate assets for spending taking into consideration the specific tax consequences of each family member. The family office with its complete knowledge of the family and its objectives enhances the estate planning process and can act as an intermediary between the family and estate planning attorneys. The best asset for each particular estate-planning vehicle can be effectively selected, since the family office manages all of the liquid and illiquid assets of the family.

As illustrated in the graphic below the full service family office performs, coordinates, and manages all of the professional services required by high net worth families.

Reasons For a Family To Join a Family Office

• Sale of the Family business generates substantial liquid assets
• Family's financial assets grow to a level that requires full time professional management
• Time required by family member/s to manage family's personal assets is detracting from effective running of the business
• Family member/s want to separate management of their personal financial assets from those of the business for purposes of confidentiality
• Family has become multi-generational; expertise/involvement of founding patriarch/matriarch is no longer available; next generation not willing/capable of taking on asset management responsibility
• Needs of growing number of family members, requiring increasingly diverse asset management services, can no longer be effectively met by family's existing resources

Let Miller Grossbard & Associates work with you to evaluate the specific benefits for your circumstances.  If you would like more information on the Family Office Services offered by Miller Grossbard & Associates, please email Russell Miller by clicking HERE or calling 713-622-3960.