Main Street Business

#576 How to Set Up a Family Office Without Being Ultra-Rich

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May 6, 2025
Discover how anyone can set up a family office, not just the ultra-rich! Learn the power of turning family gatherings into tax-deductible board meetings. Mark J. Kohler shares strategies for asset protection, wealth building, and decision-making clarity. Explore his 'trifecta' approach, which combines a revocable trust, tax returns, and assets. Regularly updating your financial plan and collaborating with advisors is crucial for success. Get inspired to create financial strategies that strengthen both your wealth and family ties!
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INSIGHT

Everyone Can Have Family Offices

  • A family office isn't just for billionaires; everyone can have one, even at home.
  • It offers tax benefits, asset protection, and helps build wealth systematically.
ADVICE

Four Steps to Setup Family Office

  • Set up the right tax and legal structure, clean your entity documents, write a clear plan, and hold regular board meetings.
  • Use these steps to legitimize your entities and guide your family office's financial success.
ADVICE

Hold Legitimate Board Meetings

  • Legitimize your LLC or corporation by holding board meetings with proper documented minutes.
  • This creates tax deductions and strengthens your business's legal standing.
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