Wealthy people go to great lengths to pass their fortunes down to the next generation, or pass down their values and legacy. Sometimes they do this with a solid structure—such as a family office.
So here’s a good question: How do you pass down the family office?
As part of the enormous intergenerational transfer of wealth that is expected over the next decade, single-family offices are being transferred, too. It’s happening more and more, as more offices emerge amid a flurry of private wealth creation. That means, besides expensive cars, houses, paintings, trusts, etc., there will also be an increasing number of single-family offices going to heirs to take over and manage.
Russ Alan Prince is a strategist for family offices and many of the wealthiest families in the world. He helps them define and refine the desired outcomes they want. Russ also provides direction in selecting and structuring ultra-wealthy families’ relationships with private wealth industry professionals so they get superior results.