Tax & Legal—Deloitte Private

Ongoing legislative and regulatory changes and an increased tax authority focus on high net-worth individuals create a demanding environment for private companies and owners seeking to understand their tax liabilities and risks. Deloitte Private is experienced in addressing the complex relationships among the private business enterprise, its owners, family offices, and employees of the business enterprise or family office. Deloitte Private helps clients evaluate the potential tax consequences of various business and personal wealth decisions, keeping tax, business, and personal objectives in mind. We can also advise on changes in the tax and economic climate and help resolve disputes with tax authorities.

Individuals and families with substantial assets often face difficult decisions associated with protecting and extending their legacy. Deloitte Private is experienced in addressing the many facets of wealth planning for private company owners and their families. Our professionals assist private business owners in exploring the issues relevant to wealth preservation and the transmission of wealth to future generations. Our estate tax specialists work closely with other professional advisers to address the complex issues involved in estate, gift, inheritance, trust, and charitable activities, and to develop and implement an estate plan tailored to their needs.

Increased mobility among high net-worth individuals and families has coincided with the broad expansion of a globally integrated economy—featuring greater cross-border trade and investment—to create an increasingly complex range of global tax issues. Our specialists work closely with clients to resolve questions of tax residency and domicile, and to assess the tax aspects of international investment opportunities. We provide multi-jurisdictional tax and estate advice, taking into consideration family mobility, wealth planning and preservation goals, the nuances of investing in specific countries and asset types, and the tax consequences to the family’s private business enterprises.

Effective family wealth management encompasses a range of issues relating to both business aims, and personal and family goals. Wealthy families may consider establishing a family office to manage their many investments, reporting, philanthropic, and financial planning responsibilities. Structuring and staffing a family office appropriately requires an assessment of tax and governance considerations, as well as a deep understanding of the family’s short- and long-range business and professional goals and objectives. Deloitte Private can assist with family office design and set-up, family education and communications, charitable planning and private foundations, and structuring business investments. Our approach addresses both the family office as a business and the private client’s family wealth as an ongoing enterprise.

Family enterprises face specific challenges, such as dealing with the complex interplay of business and investment decisions, ownership issues, and family relationships. Deloitte Private provides advice to families to help them navigate these challenges and organize themselves in a positive and constructive way. In addition, we can help foster harmonious working relationships and family and enterprise sustainability, especially when transitioning from one generation to the next. We offer a mixture of facilitation and advice centered on succession planning and family governance. A typical facilitation process could involve helping a family articulate their vision and values followed by designing a bespoke family governance structure via a family charter or family constitution. Deloitte Private’s goal is to help create clarity and alignment so that the family is a positive influence on their business or investment enterprise and vice versa.