Family Objectives Development

What are the family’s attitudes toward money? Where do they come from?
Do all family members have a Durable Power of Attorney for Healthcare? – Is it current and in the correct state?
Have you planned for the children’s physical and financial welfare (including coverage of essentials)?
Do all family members have an estate plan that describes what should be done with their assets?
Are you philanthropically inclined? Is your plan clear?
Do you have a plan if you inherit an operating business?
Do you know what you need in order to feel financially secure?
What are your attitudes toward the family business or family office?
Does the family understand the working relationship with your professionals? Financial advisor? Accountant? Attorney? Insurance consultant? Banker? Trust officer?
Have all of the above been adequately communicated to those who need to know?

Key Subjects To Address in a Family Meeting

What are the family’s core values? How important are they in planning for the future of the family and the business?
What are the family’s long-term and short-term objectives as a family unit?
What are the objectives of the family’s estate planning? Tax minimization, next generation, or dynasty?
What are the long-term and short-term investment objectives of the family?
What are the long-term goals for operating the business, both for the business and for the family?
What are the long-term goals for the family office?
Are regular family meetings important and if so, for what purpose?
How should future generations be educated about the family’s values and objectives and the family business?
How does philanthropy play a role in the family’s objectives?
What issues are the most important or urgent to the family?

Financial Statements: Review Cash Flow Analysis, Statement of Changes in Net Worth, Statement of Net Worth: Comparison of Market Value, Statement of Net Worth: Comparison of Cost Basis
Investments: Report on the Status of Investments, Review Asset Allocation Analysis, and Make New Investment Recommendations
Estate Planning: Review Existing Estate Plan and Tax Law Changes, Discuss Child Guardianship, Review Durable Power of Attorney for Healthcare Issues
Insurance: Review Personal, Property, Business, Life, and Medical Coverage
Operation of ABC Corporation: Management Issues, Financial Statement Reporting
Review of Tax: Review of Returns, Projections, and Positions Taken
Philanthropy: Discuss Site Visits, Review Grant Proposals, Decide on Contributions, Discuss Mission Statement