Family Office Group of BLPG

The Family Office Group at BLPG offers a complete range of legal and professional services to those seeking security for their business, individual and family wealth. We have experienced and knowledgeable attorneys, CPA’s, and consultants who specialize in wealth management for high-net worth individuals across the United States. The Family Office Group of BLPG can handle any matter of concern to high-net worth individuals. The Family Office Group has experience in the practice of law, tax and high-net worth consulting, and wealth management. The Family Office Group coordinates with our clients and calls upon the expert assistance Strategic Partners to handle issues in all areas of the Wealth Management Plan:

Advisor Coordination

One of the greatest challenges faced by families in the wealth management business is effectively managing the team of advisors who provide multiple financial services for family groups to ensure that the family’s goals are met. The Family Office Group identifies the responsibilities of each of the key advisors on the team an ensure that the work is coordinated and completed.

Tax Planning

Includes all aspects of business, personal, and estate planning; domestic and international tax issues; trusts; powers of attorney; gifting, estate and income tax reduction strategies; charitable foundations and supporting organizations and charitable trusts; family limited partnerships and limited liability companies (LLCs); life insurance trusts; foreign and domestic asset protection trusts; qualified personal residence trusts (QPRTs); grantor-retained annuity trusts (GRATs); intentionally defective trusts; and special-needs trusts.

Entity Formations

Includes partnerships; domestic and foreign corporations; limited liability companies (LLCs); limited liability partnerships (LLPs).

Business Transactions

Includes all aspects of analyzing, structuring, negotiating, drafting, and closing all types of business transactions.

Business Succession Planning

Includes shareholders’ agreements; employee stock ownership plans (ESOPs); leveraged buy-outs (LBOs); and other forms of buy-sell agreements. Also includes strategic planning for funding with various products and lenders for each type of succession plan.

Litigation

Includes coordination of representation for plaintiffs and defendants in personal and business litigation, including partnership disputes; tax and real estate controversies; contractual disagreements; and intellectual property litigation.

Philanthropic Planning

Charitable and philanthropic activities should be part of a carefully coordinated Wealth Management Plan. Our experienced professionals help clients choose the appropriate planning entities to enhance their charitable giving desires, often a charitable supporting organization, but may also include charitable not-for-profit corporations or trusts.

Real Estate Matters

Includes coordination and advice on, or sale of, family residences, vacation homes, or other real estate investment contracts with real estate agents, builders, engineers and architects; lender relationships; governmental entitlements; and land-use planning.

Employment Practices and Liability

Includes pre-employment screening; confidentiality agreements; employee arbitration agreements; employee handbooks; workers compensation and other employee liability insurance; at-will employment agreements; labor procedures; employee restraining orders; workplace violence prevention advice; independent contractor agreements; and separation agreements.

Investment, Insurance and Wealth Preservation

Includes access to institutional wealth management advisors for cash management, private equity placements, exchange funds, hedge funds and concentrated and restricted stock strategies. The Family Office Group tracks and coordinates all investment, insurance and wealth preservation activities. A client’s full investment, banking, insurance and wealth portfolio is pooled and updated daily, ensuring a complete and up-to-date financial picture at any given time.

Intellectual Property

Includes coordination of representation for worldwide copyright, trademark and patent development and protection

Aircraft and Watercraft

Includes tax-deferred exchange, purchase and sale; leasing; time-share; maintenance; and taxation.

The Family Office Group: Advisor Team Coordination

Because cooperation between, and coordination with, various professionals is critical to the overall success of our client’s Design Strategy and overall Wealth Management Plan, one of the primary functions of our Family Office Group Team is facilitating regular contact with our client’s other advisors. Whether our clients use advisor’s previously engaged or we assist in introducing new advisors to our clients, our Family Office Group Team ensures that this team of advisors achieves the goals and objectives of our clients.

Strategic Partners

Our Family Office Group works with carefully selected Strategic Partners who are professionals with years of experience consulting high-net-worth clients. They work with each family and individual family members coordinating in regards to the design, building and maintenance of the client’s Wealth Management Plan. Clients have access to key tax, risk management, investment and insurance industry professionals within our Group and outside our Group to ensure that a client’s wealth preservation and growth needs are continuously monitored and that key adjustments are made on a regular basis. Our Family Office Group works with the clients’ existing professional advisors or will research and recommend advisors who will contribute appropriate advice for our client’s overall Wealth Management Plan.

Attorneys

Attorneys are intimately involved in the wealth management process from the creation of entities to house different kinds of assets through the accumulation, preservation, and distribution phases of our client’s lives. Our Group’s attorneys, of-counsel, and national and international affiliate attorneys advise our clients regarding the structure of their operating companies, how to reduce taxes, how to protect their assets, how to gift interests with the optimal control and tax benefits, and more.

Bankers

The banker owns the understanding of the client's cash and credit positions. Our Family Office Group serves as a key coordinator for credit and lending management. Credit is an essential tool in managing the family financial acquisition and investment portfolios, and can greatly impact tax and estate planning. Credit management also has a direct relationship to cash flow management. The banker's role on the Advisor’s Team is to be aware of the client’s various credit and lending strategies, and to provide the proper products and services to meet those needs.

Insurance Providers

The Family Office Group manages the risk and liability of the client through an appropriate insurance coverage. They identify, evaluate and recommend the best way(s) to protect the family’s business, investment and personal assets. Insurance recommendations range from auto, home and life, estate and retirement strategies, to fine art and personal security. Our Family Office Group often serves as the intermediary between the family members and the insurance provider, assists with payment of premiums and monitors coverage, and evaluates other means of liability risk management. The insurance provider works in conjunction with the Group accountants, attorneys and/or investment strategic partners to employ creative uses of life insurance in the wealth preservation, transfer and estate planning process.

Brokers

Traditionally, our clients use a variety of brokers. On the Family Office Group Advisor’s Team, the role of the broker includes trade processing, custody of various assets, securities lending, and financing. Most brokers today offer services ranging from investment advice to online consolidated reporting. Our Family Office Group relies on brokerage firms to facilitate financing of the sale of an operating business, and then often use the broker to assist them in diversifying the resulting liquidity. Coordination between the Family Office Group and brokers is vital to ensure proper tax strategies are discussed and any resulting strategies that are executed fit in with the client’s Wealth Management Plan. Premier brokerage firms have invested heavily in their technology to allow them to offer clients flexible online reporting in a real-time environment. The Family Office Group has the ability to pool this reporting information into our client’s reporting service from multiple brokers and sources.

Financial Planners

Comprehensive financial planning for high-net worth individuals and families involves a systematic and disciplined process of communication, analysis and strategic planning. Financial statements, investment cost basis history tracking, income and expense projections, risk management profile, investment portfolio overview, tax status and estate plan all contribute to the Wealth Management Plan. The planning process allows the planner to work with the family group members individually and jointly to integrate the client's income and expense objectives, risk tolerance and financial flexibility with the investment strategy. Our Family Office Group coordinates the planning process in-house or with a client’s existing advisors to ensure that the client’s financial objectives are monitored, reviewed, and adjusted where necessary, on a regular basis.

The Family Office... What does it do?

  • A Family Office is a formal center for managing and preserving family wealth.
  • A Family Office exists to serve the financial and lifestyle needs of a family and its future generations.
  • A Family Office serves as the central coordinator of all business, investment and personal activities.