Comprehensive Strategies And Protection For High-Asset Families
As the complexity of a family’s financial circumstances increases, support services become more important. The term “family office” is frequently used in estate planning circles, but less often defined. Without a widely recognized definition, so-called family office services can vary widely. At Lesser Lutrey Pasquesi & Howe, LLP in Lake Forest, Illinois, we use the term to define a broad array of management, administration and governance services that we provide to entities created by families with significant assets.
Family offices are formed to help families sustain assets over several generations. Guidance is sought to properly manage all of the entity’s financial affairs and to distribute assets to family members and charitable organizations.
There Is No Single Strategy For Effective Family Office Administration
It has been said that if you’ve seen one family office, you’ve seen one family office. The point being that each client has distinct needs and objectives. That is why our approach involves investing a great deal of time upfront to assist clients in identifying their concerns and prioritizing their needs. Our services in this area include:
- Development of tax-aware financial planning strategies
- Selection of the right business entity based on operations and objectives
- Analysis and management of cash flow, liquidity and capital sufficiency
- Document management and record keeping
- Development of optimum wealth transfer strategies
- Family member financial education
- Family governance
- Trust administration
- Dispute resolution
- Family support services
Our experienced estate planning attorneys take a proactive approach to assisting families with major financial decisions regarding taxes and asset management. We factor in life events, market conditions, legislative changes and all other pertinent information so you can make smart decisions in a timely manner.
We Don’t Just Serve This Community, We Live In It
We have served clients throughout the North Shore and elsewhere in Illinois since 1996. The firm sponsors a number of community events, and our lawyers are active in the community, both professionally and through civic groups such as local chambers of commerce, rotary clubs and bar associations.
Whether you have questions about forming a family office, or you are seeking new legal counsel for an existing family business or family entity, we invite you to schedule a consultation. You will discover from the first meeting how much we emphasize client service and sophisticated strategies that accomplish our clients’ objectives.