Setting Up a Family Office
6 Steps to a Sustainable Solution
By Gemma Leddy, CPA
Establishing a family office is a logical next step for many individuals and families who have accumulated significant assets. When implemented effectively, family offices can provide much-needed stability and peace of mind for families whose wealth management efforts have become convoluted or unwieldy.
A family office should be a proactive step for families who recognize a growing need for better oversight and protection of their wealth. Common tipping points that indicate a family office may be the right next step include:
- excessive complications during tax preparation
- redundant or disparate input from experts and advisors
- lack of relevant and reliable information needed to make informed decisions
- failing checks and balances
- privacy issues between business and personal affairs
- ineffective management of records
- issues with meeting the needs of younger generations
Please download the full article to read more.
Gemma Leddy, CPA
Partner-in-Charge
PKF O’Connor Davies Family Office
gleddy@pkfod.com | 914.341.7073