Capital Club The Value of Family Office and Do You Need One with Frazer C. Rice
Wealthy families have a lot of complexities to deal with. There is a seemingly endless amount to organize, direct, and plan ahead for across their assets, activities, relationships, and many other aspects of their lives, especially for families who want to develop a large and thriving family business that will last for generations.
Frazer Rice, the Regional Director at Pendleton Square Trust, Author and Podcast Host of "Wealth Actually” discusses how the family office helps manage these complexities, the basic things you need to know, how to assess if you need a family office service and so much more!
[00:01 - 10:57 ] Opening Segment
- Pendleton and its role in tax from a business, family, and private trust company perspective
- Pendleton trust services explained
- Private Trust versus Corporate Trust company
[11:31 - 21:06 ] Family Office: Purpose, Benefits, and Services
- Zero Income Tax Capability & Asset Protection
- When do you need a family office
- Questions to ask yourself to assess your status
- Intergenerational wealth issue
- Types of taxes and how you could deal with them wisely
- Tax Avoidance versus Tax Evasion
[25:48 - 39:59 ] Family Office Regulation
- Data Security
- How do you protect yourself from cyber-attacks?
- On new Asset Class (Cryptocurrency, NFT, etc.)
- The common characteristics to lead a successful multi-generation family
[44:53 - 48:57] Wrapping Up!
- What makes Pendleton different from other trust companies
Key Quotes
“If you're paying estate taxes or have some sort of liability, that's a good time to be thinking about trust structure.” - Frazer C. Rice
“Understand exactly what you own and what that means. Then understand how it is custody and how you access it, etc. If you don't understand how its custody, you just shouldn't be playing in the space… Because if you don't understand how this stuff works, then you really fall prey, you won't understand why value goes up or down.” - Frazer C. Rice
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Connect with Frazer:
Website: frazerrice.com / pendletonsqquaretrust.com
Linkedin, Instagram, and Twitter: @frazerrice
Connect with me:
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