Handler Thayer, LLP Family Office 2010 Outlook

Apr 29, 2010, 10:47 ET from Handler Thayer, LLP

CHICAGO, April 29 /PRNewswire/ -- The Advanced Planning & Family Office Practice Group finds: 

  • Escalating grave concern at the prospect of greater U.S. government intervention and regulation
  • More extensive due diligence reviews and concomitant elongated lead times for financial managers and professional advisors to be engaged
  • Continued proliferation of all types of family offices: VFOs, SFOs and MFOs and increased collaboration among them
  • Increased focus on comprehensive risk management, particularly insurance coverage, captive insurance companies, premarital planning and asset protection planning
  • Additional emphasis on integrated tax management and securities compliance with the increasing globalization of families and their holdings

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As the family office industry continues to develop and mature, increasing resources are being directed toward achieving comprehensive risk management as a key component in long-term wealth management. This theme has been researched and introduced by the three major U.S.-based family office associations: Family Office Exchange, Family Wealth Alliance and Family Office Association.  Fundamental to the protection of the interests of affluent families is the thoughtful risk management of business operations, investments, tax planning, conduct and travel.  Premarital planning, asset protection planning and the establishment of "start-over again" funds are critical aspects of comprehensive risk management.

"Family offices have proliferated as families of means have endeavored to achieve greater security for their businesses, financial assets and loved ones," noted Thomas J. Handler, a partner in Handler Thayer, LLP and Chairman of the firm's Advanced Planning & Family Office Practice Group.  "Accordingly, in the last 20 years there has been an explosion of virtual family offices (VFOs), single family offices (SFOs) and multi-family offices (MFOs) focused on helping families achieve these goals."

In pursuit of best practices, sophisticated governance models, family constitutions, family by-laws and conduct protocols are being developed and adopted.  At the same time, an emerging advanced planning protocol has been created to facilitate the integration of family offices and their estate plans, tax positions, governance and succession plans focused on achieving best in class legal structures and optimization strategies.

The family office industry has a wide variety of educational conferences designed to introduce family members, family offices and family office professionals to a wide array of products and services developed for the family office marketplace.  Mr. Handler is a nationally prominent advanced planning attorney and a frequent lecturer at wealth management, advanced estate planning and family office conferences around the world.  He will be speaking at four upcoming family office conferences in the United States:  

  • Mr. Handler will be presenting Mitigating Legislative, Registration and Operational Risk in Single Family Offices at the Family Office Association Spring Global Summit in Greenwich, Connecticut April 29, 2010. 
  • At the Family Wealth Alliance CEO Roundtable and Spring Event held in Oakbrook, Illinois, Mr. Handler will be presenting New Regulatory Issues and Tax Legislation May 10-12, 2010. 
  • He will present Advanced Estate Planning in a Changing Regulatory and Economic Environment at the 2010 New Family Office Forum in Chicago, Illinois hosted by the International Institute for Research on June 15-17.
  • At the Opal Financial Group Family Office/Private Wealth Management Conference, Mr. Handler will be leading a panel presenting Defending Your Family Office in Newport, Rhode Island on July 21-23, 2010.

About Handler Thayer, LLP

Handler Thayer, LLP is one of the premier private client law firms in the U.S.  Its national and international practice, based out of Chicago, Illinois, utilizes interdisciplinary teams of advanced planning attorneys.  Handler Thayer, LLP is dedicated to providing distinctive, technologically-current and responsive services to affluent families, privately held businesses and family offices.  The firm's practice is concentrated in Corporate, Real Estate and Securities Law, Sports & Entertainment Law, Federal, State and International Taxation, Trusts & Estates and Financial & Estate Planning.  Firm clientele include foundations, multinational corporations, professional athletes, prominent entrepreneurs, celebrities and family offices.

SOURCE Handler Thayer, LLP