For family business owners there comes a time when you realize that you are not just a family that owns a successful family business. Your family is a business. Most members of the family are involved in business. The family wealth depends upon coordination and cooperation among family members. Many of the wealthiest families in the world have organized these efforts through a family office. A family office can be provide advice, opportunity, and a means to make sure that your family gets the most out of its opportunities.
Traditionally, family offices were for families with a net worth of $100 million or more. However, times are changing. There are many families within the $3 million – $50 million range in net worth that could benefit from family office services. The expense of setting up a standalone family office and hiring the necessary staff is not efficient at this level of wealth. That is where Redden Law can assist you.
Redden law provides family offices services without the need to create a formal family office for the family. Working with your current tax, investment, and other advisors, the firm is able to provide many of the services traditionally performed by a family office. For those in Minnesota, the firm will provide most required legal services for the family as a whole. Outside of the state, the firm coordinates legal services with outside counsel while supervising their efforts and looking out for the family’s best interests.
The firm also consults with existing family offices. Providing consulting and legal services to established family offices allows us to assist families who have already established family investment and business goals. We would be happy to work with your existing family office or provide services for your family if you do not yet have one.
There are many different levels of family office services that are available. For more information on this topic, please contact the firm.