As we move into the third month of 2024, I thought I would share some of the issues on the agenda for the first quarter meetings with the family offices I work with. What’s on your agenda and how can we help you plan? Retaining your key employees, safeguarding your business, and protecting your family!
1. Looking at deploying reserves gathered and held in 2023 into multi family and self storage investments in growth markets. (South Tampa/Bradenton-Sarasota metro)
2. Tax planning from an estate perspective. Most families are not willing to take the risk that the estate exemptions will NOT be reduced in 2026 and are looking at aggressive planning for completion EOY 24.
3. Creating estate planning and buy/sell agreements with G2 and G3 to facilitate a more flexible exit or buyout should a family member wish to exit the family business.
4. Retaining and rewarding key employees that are not family members. Employee compensation for non family members grew faster for family offices in 2023 than in the industries in general.
5. Using creative acquisition of custom designed life insurance strategies to fund and facilitate estate and business transition. Most of my clients view life insurance as an asset class vs a tool. This is a thought process that differentiates smart and sophisticated clients.
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