John D. Rockefeller established the first family office in 1882 to manage his family’s wealth but much has changed over the last century. No longer are family offices and family office services reserved for just the ultra-wealthy. Rather, it is the goals and circumstances that dictate the need for family office services. You may ask yourself, “What exactly do family services offer?” and “How do you know if they are right for me?”

Family office services are a way of managing your family’s wealth that present a wide range of unique opportunities. These opportunities can offer wealth and legacy planning advantages beyond those found in traditional forms of wealth management. Typically, the strategies employed offer a greater degree of customization than other forms of wealth management. Investing, tax mitigation, estate planning, business interests, philanthropy and other forms of asset protection and wealth management are coordinated to meet the family’s short-term and long-term business, financial and lifestyle goals.

At Tax Saving Professionals, our family office services are for those who are ready to explore the offerings beyond our traditional tax saving strategies. We classify our services into two categories: alternative opportunities and advanced tax strategies. Introduction to strategies that may utilize securities-related offerings are offered to accredited investors through registered representatives of Green Vista Capital, LLC, a registered Broker Dealer and Member of FINRA and SIPC.

Alternative opportunities are strategies that may serve to illuminate additional sources of savings and wealth not yet identified. They are recommended for accredited investors or for those with annual incomes in excess of $1 million and may include:

  • Various real estate opportunities that qualify for tax incentives or provide tax benefits and provide unique opportunities for growth.
  • Qualified opportunity zones offering specific tax incentives designed to promote long-term investment into designated developing neighborhoods across the country. This strategy can provide a way to defer, reduce or even eliminate capital gains taxes.
  • Strategies offering unique structures designed to mitigate the impact of taxation on income by creating income tax deductions, providing tax-free supplemental retirement benefits and providing significant funds to charity.

Advanced tax strategies are strategies beyond our traditional tax saving strategies that may help high-net-worth business owners and individuals keep more of what they earn. They may include:

  • Roth conversions that take advantage of the lower tax rates provided by the 2017 Tax Cuts and Jobs Act (TCJA). Roth conversions may be paired with additional strategies to minimize the tax liability further.
  • Cost segregation studies may provide an opportunity to reclassify building components and accelerate depreciation. This strategy is ideal for buildings that cost more than $500,000 and have been purchased or rehabilitated within the past five years, as well as building purchases and renovations being contemplated in the current year.
  • Captive insurance is a form of self-insurance. With captive insurance, a business can create its own coverage or supplemental coverage that may provide protection for the business and financial advantages for the owner.

As with any strategy used to maximize tax savings or illuminate additional sources of wealth, the key is to understand the pros and cons of each strategy and to use those strategies that will have the best impact for you, both in the short- and long-term. Tax Saving Professionals can help you identify the strategies that will offer you the most tax savings and guide you through the strategies available to you to illuminate additional sources of wealth. To learn more, call us at (772) 257-7888.