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 create a family office, making wealth-building accessible to all. Transform family gatherings into tax-deductible business meetings for better financial health. Learn the importance of formalizing your LLC or corporation with board meetings and documented minutes. Explore the differences between boards of directors and advisors. The trifecta concept combines a living trust, tax return, and diverse assets. Get inspired to regularly update your financial strategies and collaborate with advisors.
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Set Up Your Own Family Office
- Set up a family office by creating a board of advisors or directors with family and friends.
- Use board meetings as tax-deductible events to legitimize your LLC or corporation and build wealth.
Maintain Documentation and Planning
- Maintain clean legal entity documents and hold regular board meetings with minutes.
- Write down and share a written plan before meetings to organize goals and sharpen decision-making.
Family Zoom Board Meetings
- Mark Kohler holds quarterly family board meetings via Zoom and involves their spouses to discuss wins and financial matters.
- This practice teaches financial literacy and strengthens family relationships.