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Tax Services for Family Offices
Building a legacy with confidence
Establishing and operating a family office—or expanding the services of an existing family office—requires careful analysis and planning to properly manage, protect, and grow a family’s wealth.
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Establishing and managing a family office
Deloitte can help a family office from formation throughout the lifecycle of its operations. Protecting legacy: The value of a family office is designed to help wealthy families build on their current understanding of what a family office is, consider factors that have contributed to the success of other family offices, and formulate a plan that leads to the creation or expansion of their own family office.
Deloitte can help each step of the way, so the legacy a family has built sustains its interests in the future. For more than 100 years, clients and their advisors have looked to us for our knowledge, discretion, and commitment. Leveraging our global network, we offer an essential range of services—from tax advice and compliance to next-generation family governance—to help you build a legacy with confidence.
How Deloitte can help
Wealthy families have numerous options for obtaining personal and financial services. A key success factor in forming a family office is to engage the right people to do the right work. For long-term success, it is, therefore, important to establish and periodically reassess the balance between services performed in house by competent family office employees and those outsourced to qualified service providers.
For those activities that the family office chooses to outsource, the family office executive must build the right advisory team and choose the right third-party providers to deliver those services. Developing a network of resources who are specialists in the respective service offerings is key to putting an effective team in place.
Deloitte has discretely served high net worth individuals, families, and their enterprises for more than a century. As a trusted adviser to many affluent families, family offices, and private trust companies, we offer significant integrated service capabilities and in-person experiences and integrated service capabilities. For example, Deloitte’s Private Wealth, Corporate Finance, and M&A Transaction Services professionals can assist with many aspects before, during, and after the sale of a privately-owned business. Family offices gain access to our global network of resources and extensive knowledge and experience tailored to the unique circumstances of each family office and the family it serves.
Tailored services for family offices
A sample of the services we offer to families and family offices to help them analyze and prepare include:
- The Family Office Transformation Lab: Helps focus, prioritize, and mobilize the family office's transformation efforts. Transformation may be brought about by a change in leadership or investment strategy, the sale of the family business, or a desire to examine current practices and efficiencies. Transformation labs often focus on family governance, the family office value proposition, alignment with strategic imperatives, and family office scope of services for current and future state.
- The Family Office Executive Transition Lab: Assists in transitioning executives into family office roles. These transitions may include onboarding a new executive or preparing existing employees for new roles with greater responsibilities. The lab's purpose is to help family office executives as they create a specific 180-day plan to prioritize their efforts and create achievable action items.
- Death of a Principal: Aids in anticipating the issues that will result from the death of a principal. These are bespoke exercises, but tend to focus on common themes including succession, governance, liquidity, asset disposition, and the related staffing needs (internal and external) that the family office should analyze.
- Audit Readiness: Aids in anticipating the issues that will result from an audit by a tax examining agency (income tax, estate tax, sales tax, etc.). These are bespoke exercises that address potential tax exposures and, wherever possible, seek to mitigate the implications of an audit by correcting identified gaps.
- Antifraud: Helps put in place effective controls, including fraud risk assessments, control environments, antifraud control activities, communications, and activity monitoring.
- Audits and Assessments to Address Organizational and Operational Risks: Assists in understanding and prioritizing process and operational risks for family members, the family office, and the entities it serves; designing and implementing risk management solutions; and assisting with ongoing management and improvement of the programs.
- Cyber Risk: Assists in the design and implementation of cyber risk management solutions, from strategy and governance and risk-prioritized controls to the ability and resources to identify harmful behavior, to incident planning, response, and recovery.
- Private Aircraft: Helps analyze the economic and tax considerations associated with flying private.
- Art & Finance: Helps address the complex tax-related issues of owning and investing in art in the global market.
Additional insights
Deloitte professionals are ahead of current industry trends, bringing you key insights to help your family office address relevant marketplace issues.
Access additional perspectives including:
- The
pre-mortem assessment: planning for certainty in uncertain environments - Tax reform pass-through impacts
- Family office thought leadership library
Deloitte family office events and programs
Deloitte National Family Office Forum
Our National Family Office Forum, held at Deloitte University in Westlake, Texas, brings together leaders from more than 100 of the most significant family offices in the United States, allowing family office executives from across the country to network and learn about topics relevant to family offices across the globe.
Recent themes included:
- 2018: The resilient family office
- 2016: Families impacting the future
At the 2018 forum, Deloitte hosted a series of breakout sessions on the family office value proposition to evaluate where single family office (SFOs) stand today, then brainstorm innovative ideas that might be used to define the value of the SFO going forward. In the family office value proposition, Deloitte consolidated the ideas and drew out the highlights—along with, we hope, a dash of inspiration for taking your own family office to the next level.
Deloitte also offers in-person local forums in the following cities:
Chicago, Cincinnati/Cleveland/Columbus, Detroit, Houston, Los Angeles, Miami, Milwaukee, New York, San Francisco, Orange County, Philadelphia, Phoenix, and Seattle/Portland.
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