Preserving Family Wealth

Is Our Top Priority

Family Office Services

At Legacy Trust Company, we understand that ultra-high net worth families have a range of needs beyond trust services.  With Family Office Services, you will find a group of dedicated experts that are here to help your family with its financial and non-financial requirements.  With a focus on the personal side of wealth, Family Office Services’ goal is simply to be your first call – no matter the issue.

A typical Family Office Services prospect is one with an existing office that the family no longer wishes to manage or a family that has experienced a significant liquidity event and needs the infrastructure of a family office to help support its ongoing needs. Outsourcing to Family Office Services means your family can enjoy the services and support of a family office without the ongoing administrative burden of owning one. Leveraging Legacy’s ability to scale its services as required, our Family Office Services team can provide this support on a more cost-efficient basis. Our highly experienced team, no administrative burden for the family, and a more cost-efficient model delivers strong value for our clients. 

Financial and Non-Financial Services

A Family Office Services client is supported by a three-person team including a relationship manager, an executive assistant, and an accountant. This team is constructed in such a way as to provide both technical and non-technical advice and support for each client.  Services range from creating consolidated cash flows and charitable giving strategies to calendar management. A more comprehensive list of services is below:

  • Cash Planning and Forecasting: Family Office Services can help families understand their cash inflows and outflows and create an annual budget.

  • Outsourcing: Your office can utilize the Family Office Service’s team for accounting services including bookkeeping and tax return coordination.

  • Charitable Planning: The team can assist by reviewing annual giving strategies to maximize tax efficiency in addition to Donor Advised Fund grant administration.

  • Wealth Transfer Analysis

  • Family Member Education

  • Tax Planning and Compliance

  • Administrative Services (such as calendar management)

  • Travel Coordination: This includes coordinating private and/or commercial flights, car services and hotel bookings.

  • Domestic Help Oversight: Family Office Services is experienced at hiring and/or replacing domestic works, negotiating employment contracts, scheduling and coordinating staff, and conducting payroll filings.

  • Bill Pay

  • Insurance Services

  • Consolidated Reporting and Accounting

“Our team is here to coordinate all aspects of our clients’ lives from financial forecasting and major purchase decisions to the upkeep of property and everything in between.” – Nickie Dupuis, CPA

    Family Office Case Study #1

    An example of the type of activity Family Office Services supports involves a client who recently decided to make a cross country move. Legacy Family Office was involved in each step of this process from the initial analysis to the final execution. Initial analysis included a comparison of the various income tax regimes and possible impacts to the family’s cash flows in addition to how the family might structure a home purchase by comparing trust originated debt versus a residential mortgage. Once the family decided to make the move, Legacy Family Office was heavily involved in the transition coordination including: identifying and hiring a moving company, interviewing and hiring a house manager, and the delicate process of locating a nanny in the new location. Our goal is to simply be your first call no matter the issue. We are ready and able to help. 

    Family Office Case Study #2

    Family Office Services was approached by a client who had been managing his family’s office with a small staff. With an eye toward retirement, this client asked Legacy to help devise a plan to prepare his office for his eventual retirement. Family Office Services devised a three-year plan that included moving from a paper-based filing system into a cloud-based digital one which allowed the client to reduce office space requirements, thereby saving money on future rent. The plan further called for converting the client’s accounting system from Excel-based to a modern, cloud-based bookkeeping system. Family Office Services has worked with the client’s team on each step of the plan including identifying a digital file storage vendor, negotiating a new office lease for an approximately 50% reduction in space, scanning, and providing bookkeeping support to upgrade the accounting services.   

    Nickie Dupuis, CPA

    Vice President of Family Office