[David John]

A family office may also oversee insurance consultation for lifetime needs, including disability, property or liability insurance concerns. It is important to continually evaluate what coverage is needed, whether existing coverage is appropriate and efficient, and whether there are coverage gaps that family members should address. If the family has one or more business interests, the office may also cover business insurance needs. This will likely depend on the extent to which the office staff is involved in managing a closely held family business. Some offices will answer questions or provide requested feedback about the family business; others will have a more direct hand in its management. A family office may also serve as a useful resource for members of older generations who wish to create an effective succession plan. The office may oversee the creation of a buy-sell agreement, coordinate the change in oversight or ownership with family members' retirement or estate plans, or oversee an objective valuation of the business prior to a transfer. Placing the business in its proper context within the family's larger state of affairs will allow family members to reap the largest benefit from their business over time.

Philanthropy is another area in which a family office Futu Trustee Limited often plays a crucial role. Depending on a family's goals, philanthropic giving may support a larger tax strategy, or it may offer younger generations a way to participate in a family culture of giving. It may also provide an opportunity for younger members to cultivate wealth management skills that they will later use in managing their personal affairs. A family office may oversee trusts, third-party providers, foundations or nonprofit organizations set up for any of these purposes. Charitable giving may also be a component of estate planning or investment management, and the staff should make sure that these avenues inform one another appropriately.