Advising Family Office Clients on Recurring Legal, Tax, and Business Issues

Navigating Investment Adviser Act, Employment, Executive Compensation, Tax, and ERISA Issues

A live 90-minute premium CLE video webinar with interactive Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Thursday, August 4, 2022

1:00pm-2:30pm EDT, 10:00am-11:30am PDT

(Alert: Event date has changed from 6/29/2022!)

or call 1-800-926-7926

This CLE course will discuss legal issues attendant with advising family offices established by high net worth individuals and families. The program will discuss the Investment Advisers Act, employment and executive compensation, and U.S. and foreign income tax issues.

Description

Family offices are centralized entities focusing primarily on wealth management services for high net worth individuals and families and providing a variety of personalized services for the family, including tax, estate planning, investment, and charitable giving.

Depending on the nature of the family office (e.g., single-family vs. multiple-family family office), there is a range of compliance obligations relating to investment adviser regulation. Those obligations include possible SEC oversight, compliance programs, record retention, cybersecurity, and a plethora of other matters that SEC-regulated advisers must address.

However, the SEC exempts certain family offices from registering as investment advisers or commodity pool operators and from certain related compliance.

The family office is traditionally structured as a limited partnership or limited liability company to provide investment management, tax, accounting, and concierge services to family members and various family entities. Before the end of 2017, most family offices could not structure themselves in a particularly tax-efficient manner. Tax reform disallowed deductions under Code Section 212 but reduced the corporate tax rate from 35 percent to 21 percent, allowing for certain organizational and investment structures that can improve tax efficiency.

Listen as our experienced panel of attorneys explains and offers best practices for crucial legal issues in advising family offices.

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Outline

  1. The Role of the family office
  2. Legal aspects of designing, implementing, and operating a family office
  3. Tax issues and considerations
  4. Current issues

Benefits

The panel will review these and other key issues:

  • What are the regulatory compliance issues for counsel assisting in structuring family offices?
  • What is the scope of the SEC exemptions for a family office registering as an investment adviser?
  • What are some of the key tax issues for family offices?

Faculty

Hemmingsen, Nicholas
Nicholas A. Hemmingsen

Partner
Kirkland & Ellis

Mr. Hemmingsen is a partner in the Investment Funds Practice Group of the corporate department. He focuses his practice...  |  Read More

Phipps, Bradley
Bradley E. Phipps

Partner
DLA Piper

Mr. Phipps's practice focuses on the establishment and operation of domestic and international private investment...  |  Read More

Virmani, Aalok
Aalok Virmani

Partner
DLA Piper

Mr. Virmani has more than 20 years of experience advising fund sponsors and investors on federal income tax matters. He...  |  Read More

Attend on August 4

Cannot Attend August 4?

You may pre-order a recording to listen at your convenience. Recordings are available 48 hours after the webinar. Strafford will process CLE credit for one person on each recording. All formats include course handouts.

To find out which recorded format will provide the best CLE option, select your state:

CLE On-Demand Video

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