VFO News Section
Original and Third-Party Content on VFO and Family Office-related Topics
How Wealthy Parents Address The Problems Caused By Their Over-Privileged Children
Over-privileged children have a strong sense of entitlement. Many are commonly narcissistic and tend to look down on those with less wealth. Because they have been in difficult legal situations from which their families have extricated them, many believe that the laws do not apply to them the same way they apply to other people.
The burgeoning number of wealthy families can best explain the reason for the burgeoning number of over-privileged children. With the explosion in overprivileged children, an expanding set of professionals are on call to help extremely wealthy families deal with problems when they arise.
Wealthy families have tremendous potential to veer off course, diminishing family fortune and causing severe intra-family conflicts. Many wealthy families are taking action to mitigate the possibility of family members distancing themselves and lessening the family’s financial position.
For various reasons, super-rich families with a net worth of $500 million or more choose single-family offices to coordinate and oversee critical aspects of their financial and personal lives.
Many entrepreneurs make various mistakes when selling their companies that may lessen the after-tax monies they receive. Three mistakes often front and center are a lack of pre-sale wealth planning, not adequately preparing the company for sale, and failing to negotiate the sale skillfully.
Comprehensive exit planning, which encompasses corporate and personal exit planning, translates into greater family wealth for successful entrepreneurs. However, not all exit planning professionals are alike. Read why that's important.
Defined benefit plans can be key in helping to reduce their taxes while building significant retirement wealth, but choosing the right one is critical to avoid leaving money on the table.
The benefits of using a private trust company that works solely for your family may be significant particularly if you own multiple businesses and complex wealth transfer concerns. It enables the family to put all the trust assets together in one structure.
As families grow, the value of the assets they control has to increase to maintain buying power. As the number of family members multiplies and there are more branches in the family tree, this becomes a greater issue.
What sets great wealth managers apart from the merely good ones is not common knowledge. Here’s what you need to know if you’re considering “upgrading” your manager.
The emergence of virtual family offices are offering elite-level services that were once limited to the wealthiest tier of the population and now at greater value.
