Other Services
PROPERTY MANAGEMENT
Of all of the joys of homeownership, maintenance and management are not high on the list. If you have more than one property such as a vacation home or ranch in addition to your primary residence, then your management responsibilities double automatically.
Family Office Management provides comprehensive management services ranging from taking care of simple maintenance and reminders for maintenance to organizing to have someone on site. We will prepare an annual budget to manage property expenses and ensure that obligations are met on time. This allows you to enjoy your time in your vacation home or rural property without worrying about spending time on chores or maintenance. It also helps you preserve the property for your use and that of your heirs so that it will continue to maintain its value and usability.
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MANAGEMENT OF INSURANCE POLICIES
The more property you have the more insurance you end up needing. Having multiple policies can be confusing and difficult to track. Family Office Management will handle making premium payments, ensuring there are no coverage lapses, and will help you determine if your policies are appropriate. Insurance should be renewed and reviewed on a regular basis.
We will also let you know if your premiums increase so that decisions can be made about whether to seek alternative options.
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DEPENDENTS AND FAMILY GIFT MANAGEMENT
If you have an adult dependent or other family member who requires financial support, Family Office Management can be the trusted middleman to avoid the inevitable friction and conflict that can arise in these situations. We will meet with you to set up parameters for the payments and then will communicate the terms to the dependents. Having a plan and communicating it to all parties is the key to ensuring a good relationship and so that everyone will know what is and what is not allowed.
However, even with the best laid plans, there will be conflicts. Family Office Management can be the intermediary between you and your dependent to discuss expectations, consequences for violating the rules, and enforcing those consequences. We will ask the questions that you may be afraid to ask for fear of starting an argument and will help everyone know what to expect.
This will allow you to focus on being a family and not having to discuss money while still ensuring that your dependents are taken care of.
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PHILANTHROPIC MANAGEMENT
Giving is a wonderful thing but being constantly asked can be tiresome. Family Office Management can help streamline this process for you by screening requests and only presenting those that meet with your goals and interests. We can also make the calls to those whose requests are turned down to allow you to focus your attention on the things that matter most to you. It can be difficult to say no to an organization in need, but the reality is you can not support everyone. Having a clear mission and plan for your financial donations is the first step.
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MINERAL INTEREST MANAGEMENT
Mineral interests are a specialized kind of asset that requires specialized management. We can help consolidate ownership for you and future generations as well and manage payouts to appropriate family members. Division orders can become cumbersome and time consuming, so if you have mineral assets that are in an individual's name there is a way to resolve those ongoing issues permanently.
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FINANCIAL LITERACY
No matter what point in life you are at, financial literacy is essential. For young adults coming out of high school and college, their financial education may be non-existent to barely there. Even older adults who never had proper financial literacy lessons can learn something new about managing their finances.
Family Office Management offers Debt and Credit education primarily to young adults who are at the start of their financial lives. These lessons early on can mean the difference between financial stability and choices down the road or being in constant debt.
Using Family Office Management to build these skills in your children will allow you to avoid getting dragged into your children’s money issues and empower them to make good financial choices.
We teach how to use debt responsibly, how to create and manage a budget, and how and when to exercise self-control or delayed gratification. A big paycheck does not build wealth if you don’t know how to manage your money.
Early financial education can make a substantial difference later in life and is a great gift to your dependents.
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