FOXCloud: What’s on the Minds of FOX Members – February 2025

 

The following were the most talked about topics within the networks on FOXChat in February 2025:

Career Development and Performance Improvement Plans

We are looking for templates for career development plans and performance improvement plans for family office employees. Does anyone have any resources they are willing to share? (Source: HCAP)

  • Were you able to get your questions answered? If not, please let me know.
  • We are still looking for templates and would appreciate any resources you may be able to point us to.
  • What type of role will this be used for? The pathways can vary depending on the position. Are there specific technical requirements or soft skills you'd like to emphasize? I'd be happy to help you get clarity on this.

BACK TO TOP

Delaware Beneficiary Well-Being Trust

I would like to draw your attention to a rather important bit of content that appeared in the January 2025 publication of Trusts & Estates, a leading information source for our industry. The article in question is entitled: Delaware's New Beneficiary Well-Being Statute, by Todd A. Flubacher, Kristin Keffeler, Elizabeth M. Luk, and Jennifer E. Smith.  

The article speaks of a trust (i.e., a Beneficiary Well-Being Trust) that not only allows for, but also encourages the deeper, personal relationship between trustee and beneficiary. This innovative trust law is said to be the first of its kind in the U.S. Below you will find the link to the aforementioned content.

Delaware's New Beneficiary Well-Being Statute (Source: PTC)

BACK TO TOP

Family Council Strategic Plan

We are working on the development of a strategic plan/roadmap for our family council. Does anyone have an example that they could share or a framework that they have utilized in the past with success? (Source: FOPeer)

  • Likewise, we are setting up our family council and would benefit from being included
  • We've had great luck with our family council and I'm happy to email interested parties a handful of reference pieces. For anyone interested, please email and I'll respond with some attachments.

BACK TO TOP

Family Member Higher Education Funding

Have any families or family offices created some sort of funding mechanism or endowment to assist family members with the cost of higher education, whether through direct gifting or by creating a pool of funds where family members apply for assistance? If so, would anyone be willing to share information about how their program operates? (Source: FOPeer)

  • We would be interested in this information as well as we are currently exploring ways to create an education fund.
  • We're currently putting a similar program together but specifically for education from primary through high school. We're using a Health and Education Exclusion (HEET) trust structure, and the program is designed to provide each family member that is within the age of 0-18 access to a set amount of funds per year for their education and development.
     
    We plan to implement it this summer, but I’d be happy to share about how we've thought about it thus far.
  • We did this 25 years ago and it's still going, but I'm not sure what I have or what we did is super instructive. The six of us at our generation, in order to honor our parents' commitment to funding our own education a generation before, agreed to set up a new education trust for the members of the third generation.
     
    Philosophically, we agreed (some of which is in writing) that this was "off the top" of the family wealth, across family branches, and regardless of number of kids, what kind of schools were attended, etc. There was no fixed dollar amount and there was no true-up. One branch had three kids, and two branches had two kids. At the end of the day, everyone basically went to private school but had one G3 gone to USC and one to University of Illinois, so be it.

    We learned lessons along the way – what do you do if a child doesn't graduate for some reason? We also changed direction at one point and decided not to cover grad school. But it's been great, we fund it along the way, all of our G3 members know about it, how it came about, what a gift it is to them, how it honored the prior generation, and have expressed their interest in it continuing (there are no G4s yet).

    I know we have a written policy of sorts and are happy to talk through what we did or learned.

BACK TO TOP

Risk Management Framework

I have created an overarching strategic FO framework to identify, prioritize, and assign responsibilities and to proactively and routinely address all key areas. Although risk management affects virtually all areas, risk management is also one of my standalone big rocks. And while every family office is unique, I would love to learn from others who have been successfully anticipating and navigating this topic. (Source: FOPeer)

  • I would also be interested in receiving a copy, if anyone has one.
  • This is of interest to us as well and a high priority this year.
  • There's more behind this but a family office brought this topic and work to the last Forge gathering and it was very impressive work!

Due to the high interest in the Risk Management Framework topic, a Member Discussion call was held. For the key takeaways, please reach out to FOX.

BACK TO TOP

Member Referrals Requested:

This section includes service providers that members have recommended and/or are looking to hear about other members’ experiences.

Concierge Physicians

I'm looking for a recommendation on a concierge physician practice based in Orlando for a multi-generation family. Any recommendations or experience would be appreciated. (Source: FOPeer)

  • We have a long-standing partnership with Cleveland Clinic, and I do know they offer concierge health services in Florida. Happy to chat if needed.
  • They don't have a facility in Orlando yet but hopefully will soon. That would be an ideal solution.
  • I would recommend checking with this person. She handles concierge medical services in many states, and I believe FL is in her network.

BACK TO TOP

Family Member Personal Security

We are located in the Midwest and are interested in exploring personal security options for our family members while at home and traveling. Has anyone worked with (and liked) an individual or executive security/protection group that can provide a comprehensive plan for reasonable, but effective, measures to ensure personal safety? We are interested in everything from the newest and best home/vehicle security to executive detail at functions, etc. (Source: FOPeer)

BACK TO TOP

PEO for Family Office Employees

Our client is setting up a new family office and is looking for referrals for a PEO that specializes in serving family office employees (vs. household staff). Anyone else have clients using such firms that you would recommend? (Source: ADVPeer)

  • Try TEAM out of California. They have been wonderful to work with.

BACK TO TOP

Rabbi Trust

Does anyone have experience with a Rabbi Trust? We are contemplating setting up a Rabbi Trust to complement our deferred comp plan and would appreciate speaking directly to anyone who has done this or has knowledge on the subject. Please feel free to reply to this post or contact your relationship manager, so we may connect.(Source: FOPeer & HCAP)

BACK TO TOP

Strategic Planning Facilitator

Does anyone have recommendations for a strategic planning facilitator with deep expertise in multi-generational (G4 and G5) family enterprise issues and dynamics, including at the intersection of business and family? Specifically, we are looking for someone who can guide our family business through an extensive long-term strategic planning process that involves family and non-family board members, and family members not serving on the board. However, broader family enterprise issues may need to be addressed as well.

The ideal facilitator must be sensitive to differing generational philosophies. Our expectation is that upfront time will be necessary to understand our family enterprise, including our family business and its ownership and governance structures, before beginning the actual planning process.

If you have any recommendations, I'd appreciate your insights. (Source: FOPeer)

  • We've worked with The FBCG (Family Business Consulting Group). The person we worked with is excellent.
  • Our family is currently working with GenSpan. We are in the second year of a 2-year strategic planning process. Our contacts are based in North Carolina. They were co-founders of the Family Enterprise Center at the University of North Carolina. We have found them excellent to work with and they have related extremely well with both generations working on our strategic plan. If you would like contact information, I will be happy to provide you with it.
  • I highly recommend the Lovins Group at lovinsgroup.com.

    Lovins Group has been an excellent partner to our family office for many years. Our contacts navigate complex family and business dynamics with sensitivity and expertise. Their experience working with both family and family office stakeholders makes them well-equipped to facilitate meaningful and productive strategic discussions. Happy to share more details if helpful!
  • We have worked and had much success with Courage Partners. He and his partners are very knowledgeable and have a unique perspective on the intersection of family and family business.

    They also have a very global perspective, as they have worked with families in the USA, Europe, Asia and Latam. I don't know if this is relevant for your family but in our case, it has been a difference maker. I can give more details if needed, and/or make an introduction if you would like.

BACK TO TOP

Additional Topics of Interest Seeking Peer Recommendations, Feedback, or Insights

(Your comments can be submitted as a reply to the message on FOXChat or emailed to networks@familyoffice.com for FOX to post and share anonymously on your behalf.)

Corporate Transparency Act Privacy Concerns

Like many, we are following all the updates re: CTA. Does anyone have any thoughts on cybersecurity and privacy concerns if the injunction is lifted and reporting requirements are reinstated? Or what about those who have already submitted their personal information? Are the systems housing this information still truly secure? With the access that has been granted to various groups/individuals lately, we have some that are worried. Should we be concerned or do you think the data is still (relatively) secure? (Source: LC)

BACK TO TOP

EisnerAmper South Florida Contact

Does anyone have a contact at EisnerAmper you would recommend and share details? We're looking to outsource various financial roles and responsibilities. Our office is in South Florida. (Source: FOPeer & HCAP)

BACK TO TOP

Europe Real Estate Purchase

We have a client who is interested in buying real estate in Europe-primarily in Italy or neighboring countries. Does anyone know of a group that specializes in assisting U.S. citizens in navigating property purchases in Europe, particularly in EU countries? We are looking for experts who can help manage ownership-related complexities, including local regulations for the property purchase itself, as well as considerations related to the client's status as a U.S. citizen and taxpayer.

Please note that we are not looking for a tax professional who works with multiple tax residences but rather an expert in residential real estate. Any leads would be greatly appreciated. (Source: ADVPeer)

BACK TO TOP

Rising Gen Distribution Program

We are representing a mid-sized SFO serving a G3/G4 family who experienced a significant liquidity event in the past couple of years. We are updating our Rising Gen distribution program, and I was wondering if anyone here had any sample programs, related whitepapers, or best practices on the subject that you'd be willing to share. I am referring more to the presentation format rather than the actual payout structure. (Source: ADVPeer & FOPeer)

BACK TO TOP

Spinning Out Family VC Program Into a Fund

We have a large VC program stretching back a decade and a dedicated VC team focused on early-stage technology and health care opportunities. We are interested in spinning this operation off into its own fund independent of the family office.

I would like to speak with anyone who has done this before and learn what I can about the pros and cons of doing this as well as any other guidance. FOX can connect us. (Source: FOPeer)

BACK TO TOP

Trustee Comp

We are helping a client with Trustee comp benchmarking. They are likely to proceed with professional trustee (vs. corporate and/or individual). Does anyone have information they are willing to share? (Source: ADVPeer)

BACK TO TOP

Yacht Owner Benefits Analysis

Our principal is considering the possibilities of chartering out a yacht part-time and we are looking to further evaluate the pros and cons to determine whether it's worthwhile.

Has anyone evaluated the potential or is currently operating a yacht charter that has conducted analysis on overall business feasibility, allowable business tax deductions, the 50% business usage requirements for certain deductions, and possible exceptions to the entertainment facility tax rules? (Source: FOPeer)

BACK TO TOP

Software Reviews/Experiences

This section contains software platforms that members have recommended and/or are looking to hear about other members’ experiences.

ERP and Accounting Software with Payroll Module

We are evaluating several ERP accounting software that include payroll. We have seen SAP Business one, Microsoft dynamics, Oracle Netsuite, or simply Compaq with a separate ERP.

We are based in Mexico so we would like software that incorporates the fiscal regulations and norms of our country. We will look into Acumatica next. Any guidance? (Source: FOPeer)

  • I would look at Sage Intacct as an all-inclusive GL.

BACK TO TOP

Key to Network Acronyms

  • ADVPeer: Advisor Peer Community
  • FOPeer: Family Office Peer Community
  • DIN: Direct Investing Network
  • FLN: Family Learning Network
  • HCAP: Human Capital Network
  • LCN: Legal Counsel Network
  • PTC: Private Trust Company Network
  • RGN: Rising Gen Network
  • TODS: Technology Operations & Data Security Network

BACK TO TOP