Lifestyle

goals-based financial planning, including a financial balance sheet and capital sufficiency analysis
liquidity mgmt and reporting
risk assessment, including coordinating an insurance review
assistance with acquisition and financing of lifestyle assets
customized financial reporting

Expense Management

receive/post outstanding payables and track vendor payments
establish internal controls, including expense approvals and archiving
categorize and code expense transactions, including tracking transfers between entities
maintain/manage cash balances
facilitate detailed financial reporting, maintain trial balance and general ledgers for each entity

Taxes

federal, state & local income tax planning
charitable tax planning and structuring
tax planning for trusts & estates
closely-held business tax & coordination of planning
tax compliance services, including tax return preparation

Document Management

maintain document inventory, including entity organization/trust documents, tax ID documents, annual reports, minutes, etc.
maintain summary of major assets, ownership and key contacts
maintain investment documents, statements, financial reports and correspondence

Fiduciary

trust administration and management either as trustee or as support for third party trustee
fiduciary accounting and beneficiary communications
provide a complete infrastructure to meet the complex obligations of the trustee
provide liability support and advice for all trustees

Investments

investment Policy Statement for all accounts and/or legal entities
strategic asset allocation and investment strategy
investment due diligence, selection and monitoring
consolidated investment reporting

Education

family learning programs
next generation education
trustee & beneficiary mentoring
learning events

Estate

review and illustration of estate plan, including a flowchart, entity abstracts and analysis
creation & communication of wealth transfer objectives
annual estate plan review, recommendations & monitoring

Philanthropy

education on philanthropy
next generation involvement
shared values and giving interests identification
philanthropic mission statement development
foundation governance
charitable structure evaluation
strategic tax planning

Governance

family meeting facilitation
family mission statement development & implementation
family governance system development, including development of a family constitution
succession planning

Elements of a Family Office

The wealth management universe is vast but can be generally categorized into 10 distinct elements. GenSpring understands that these elements do not exist independent of each other; instead, decisions and actions in one can have dramatic consequences (good and bad) for others.