The CARES Act was signed into law on March 27, 2020. The Act provides relief to individuals and families in the form of direct payments, relaxed restrictions on retirement accounts and new guidelines on cash donations to public charities.
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When developing a model coronavirus response plan, there are three areas family businesses and family offices should consider. In addition, it is important to have an FAQ communication for employees. A sample FAQ is provided, keeping in mind that each employer will have different answers to the questions asked based on its unique considerations and needs.
We hope you and your families are safe and healthy as we navigate this challenging time together. FOX stands ready to help you. As place to start, our Crisis Checklist for the Family Office identifies critical issues and actions your office may need to consider.
The Future of Wealth ManagementInnovation and disruption are the order of the day. No industry is unaffected – especially wealth management. Understand how it’s evolving so you can prepare for the future.
Take the Long-Term View How can you ensure your family’s long-term success? Our framework will help you transition from a business-centric to a family-centric enterprise.
Successful owners who choose to sell their business have many things to think about before beginning the process. Owners who are new to the process should consider not only the financial ramifications of selling their business but also how it can affect their life after the sale has finished. To make the selling of a profitable business much smoother, there are five things to consider. First, it begins with the question: What financial means do I need to support my current lifestyle?
Explore the good, the bad, and the ugly around succession and generational transitions of power and control within families of wealth. Hear from one Gen 7 family on their recent generational succession, what prompted the transition, and how they navigated the practical and emotional challenges.Nate Imfeld, Attorney, Foley & Lardner, LLPTorri Hawley, Windway Capital, NextGen
A new FOX study, “Capturing Opportunity and Managing Risk in the Next Decade,” is now available for members who are interested in taking a proactive approach to risk management across the enterprise. Complexity and risk are inevitable consequences of building and perpetuating wealth. Therefore, the issue at stake for families of wealth is not risk avoidance, but rather, risk management. Well-managed risk presents opportunities, but it takes a team operating as trusted partners to sort through the range of risks, helping families make the best decisions.
Major disruptions to the normal course of business are heading our way, and enterprise families will be uniquely challenged by unforeseen risks and opportunities. As trusted advisors to ultra-wealthy families and enterprises, our industry needs to understand how to have effective conversations to prepare clients for these looming disruptions. To address these challenges, FOX embarked on its 2019 Opportunities and Risk Study.
FOX Foresight keeps members up to date on the latest thinking on matters that affect enterprise families. It summarizes what we have been learning from our members and our subject matter experts over the last year. Please share it broadly within your family, your office, and your advisors.FOX Foresight is presented in 7 chapters: