A November 2021 article from the Financial Times claimed that “investors that may have previously confined themselves to public markets are now clomping all over the VC landscape.” They’re referring to high net worth individuals and family offices.
As new generations begin to manage their family’s wealth, they are exploring new investment strategies in SaaS, high tech and startups. This is only one factor contributing to the rise of family offices and our CPA firm’s decision to officially launch our Family Office Services. High net worth families have a multitude of businesses, trusts, and investments that require estate planning, tax strategy, wealth management, legal and insurance services. We are proud to announce that we are partnering with Heritage Family Offices to offer the full range of these services to families looking to generate more wealth in this lifetime, and successfully pass that wealth onto the next generation.
Estate planning to protect and pass down your wealth
Only 32% of Americans have a will, and only 40% of Americans know what’s in the wills of their family members. Most families realize they need to improve their long-term planning after a large exit of their business or once they have accumulated at least $5 million in wealth. At that point, it’s hard to self-manage that wealth and their existing staff and bookkeepers likely aren’t trained in tax strategy, legal issues and long-term financial planning. We help families define, organize and protect the components that make up their estate (investments, properties, businesses, etc.). Our Estate Planning Services include, but are not limited to:
- Legacy Planning
- Philanthropic Planning
- Asset Protection
- Passive Income Strategy
- Retirement Planning
- Wealth Accumulation
- Trust Setup & Management
- Real Estate Investments
Tax planning, preparation and strategy for your family members and businesses
Due to the Employee Retention Tax Credit announced during the COVID-19 pandemic, businesses can qualify for up to $21,000 in 2021 tax credits per employee – but so many aren’t taking advantage of this. Most high-net-worth families actively run or have sold a multitude of business ventures, properties and other investments, each with their own tax implications. Tax regulations change often, and keeping up with all of those changes at the state, federal and international level is what we love to do. We help our clients navigate the complex tax code and make strategic decisions to minimize their tax burden now and in the future. Our Tax Planning, Prep & Advisory services include, but are not limited to:
- Estate Tax Strategy
- Corporate Tax Strategy
- Income Tax Strategy
- Philanthropic Strategy
- Comprehensive Tax Planning
- Mergers & Acquisitions
- Tax Mitigation & IRS Audit Support
- Annual Tax Return Preparation
- Tax Consulting for New Ventures
- Bookkeeping and Accounting Services
Wealth management to put your money where it will become most valuable
According to Forbes, Texas is 4th in the U.S. on the list of states with the highest net worth individuals. We offer a comprehensive, experienced team of Certified Public Accountants (CPAs), Financial Advisors and Certified Financial Planners (CFPs) based in Texas to help you manage, maintain and grow your family’s wealth. We assess your existing businesses, investments and accounts in order to advise you on how to optimize and invest for future tax benefits and growth. Our Wealth Management services include, but are not limited to:
- Financial Planning
- Retirement Planning
- Investment Management
- Qualified Retirement Plans
- Social Security Planning
- Insurance Gap Analysis
- Income Planning
- Legacy Planning
- Cashflow Analysis
- Withdrawal Strategies
- Trust Setup & Management
Legal services to protect your decisions and businesses
Regulations and policies enacted during the global COVID pandemic have triggered “force majeure” clauses in contracts and leases across the U.S. Landlords, business owners, and so many more have had to make tough decisions aided by legal counsel. It’s a huge benefit to work with experienced attorneys like Ralph Nelson and Sean Greengard while providing most of our Family Office Services. Whether you need help preparing legal documents for new businesses, legal advice during M&A, representation for an IRS Audit or other, our team can help. Our Legal services include, but are not limited to:
- Asset Protection
- Asset Purchase
- Entity Structuring
- Contract Preparation
- Contract Negotiation
- Corporate Governance
- Business Agreements, Contracts & NDAs
- Mergers, Acquisitions & Business Sales
- Lease Agreements
- Investment & Equity Agreements
- Trust Agreements
- Charitable Entities
Insurance services to protect your family and wealth from loss and disaster
More than 450,000 insurance claims were filed after the devastating winter storms in Texas in February 2021. The estimates of losses totaled over $15 billion. Wealth and tax planning help you maximize your value, legal services help enforce your decisions, and insurance services make sure that unexpected events don’t derail your plans. We help our clients explore the insurance instruments, coverage and pricing to protect their family and wealth. Through our experienced, certified insurance partners, we offer a full spectrum of Insurance services that include, but are not limited to:
- Insurance Strategy & Advisory
- Life Insurance
- Business Insurance
- Healthcare Insurance & Concerns
- Private Placement Life Insurance
- Premium Financing
- Irrevocable Life Insurance Trusts
- Captive Insurance
How can David French & Associates help you manage, secure and grow the wealth you’ve built for your family and your future generations? Schedule an appointment today and we’ll tell you.
