IMG_5125An Example of Family Office Services for a Multi-Generational Family

A large family with dozens of members across several generations engaged Daintree to lead their multi-family office, including their strategic planning and their investments. This family’s original source of wealth was money management and some family members continue in the investment profession today. The family patriarch was at an advanced age and knew he was nearing the end of his life. He had the pleasure of knowing he would leave behind not only a robust financial legacy but more importantly a healthy family life with remarkable unity around shared values.

Daintree helped the family to clarify their goals, refine their strategies and to coordinate and administer multiple trust and charitable vehicles for the family’s benefit.  Advanced planning saved taxes and enhanced the family’s large and ongoing philanthropic legacy. Open family communications helped the family not only to cooperate for common goals, but also to know when to separate trust and charitable vehicles for the sake of the different family branches. Daintree staff have been deeply engaged in the core issues of the family mission, values and goals, helping to develop and implement wealth and investment strategies for the family.

 

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Empowering, not demotivating– thinking about how much wealth to leave to children

One of our clients who inherited a significant amount of wealth at a young age, appreciated the lifestyle his wealth enabled him to lead, but shared with Daintree that he felt that it limited his motivation to achieve as much as he might have achieved. He and his wife have three children, and during the course of our conversations, it became clear that their primary goal was to empower their children to lead meaningful lives. They defined this as a life in which wealth would allow their children to pursue their individual interests and provide a safety net for them while not sapping their drive to achieve. In particular, knowing that their children were in line to inherit a substantial amount at their deaths, they were concerned about leaving such a large sum under their children’s direct control, regardless of their ages at the time of inheritance.

The clients also had strong philanthropic interests. Daintree helped them quantify the amount of wealth that they deemed appropriate for their children to receive outright and the amount they wanted to leave to specific charities upon their deaths. Daintree worked with the clients to establish a plan providing a tax efficient approach to funding their charitable interests. Additionally, in consort with their estate planning attorney, their estate plan was amended to cap the inheritance to their children, with any excess paid over to a donor advised fund, allowing the children to pursue their own philanthropic goals.