Family Office and Private Accounting Services
We offer family office concierge services that will free you from the day to day administration of your assets. Our professionals will manage a solution that meets your needs, including revenue and expense budgeting, management, and reporting. We operate with utmost discretion and will coordinate with your investment advisor, banker, and other professionals who manage your assets.
Bill Pay and Private Accounting
MM&B meets a full spectrum of private accounting needs including:
- Contemporaneous bill paying and cash receipt recording by processing daily, weekly or monthly activity
- General ledger maintenance for family financial activity
- Monthly reconciliations of bank accounts and other subsidiary data
- Monthly, quarterly, or annual financial reporting
- Investment accounting
- Family budgeting
- Coordination with other professionals: attorneys, insurance agents, and investment advisors
- Development of internal controls that facilitate proper safeguards over personal assets
- Secure data storage and maintenance (paperless)
Tax compliance and planning services:
- Provide essential ongoing tax planning services focused on maintaining a tax efficient strategy
- Tax preparation and related compliance for personal taxes
- Household employee compliance for payroll taxes and other compliance services
- Coordination with estate and trust professionals
Cash Flow Reporting
So you can keep abreast of the ins and outs of your financial activity, we can provide real-time or periodic (weekly, monthly) cash reporting. We will prepare comprehensive, easy to understand reports that allow you to track the receipt and disbursement of your funds. Depending on your needs, we will customize a reporting plan that puts this useful information at your fingertips.
Proper budgeting is an essential step in managing your assets. Too often, we have seen clients look back with no idea of where they were spending their money. Anticipating future receipts and expenditures allows for smart fiscal planning and keeping your finances on track. A good financial budget gives you a roadmap for forecasting and allocating the use of funds, and can help plan for unexpected events.
Every day we make risk assessments without even knowing it. When it comes to your assets, don’t take a chance by not knowing where your risks lie. You worked hard to build a nest egg, so have the peace of mind that your investments are at a comfortable level of risk. We can work with your investment advisor to prepare a comfortable risk mix for your business or portfolio that meets your personal and financial strategies.
Wealth Transfer Strategies
Continuity of family wealth is more complicated than just naming heirs in a Last Will and Testament. There are numerous prudent planning strategies that will maximize the return on your wealth while minimizing costs due to tax laws and regulations. Our professionals have extensive knowledge in tax laws and planning, and implications of transferring assets to others. We can provide sound financial advice and planning so you can implement smart, legal and ethical ways to maximize your wealth.
We will work with your attorney, investment advisors, and other professionals to ensure your family is protected and can optimize your assets. Deliberate short- and long-term fiscal strategies are integral for high-net worth families. In addition, there are other professionals that we can engage as part of an overall, strong wealth management approach. If appropriate, we can work with you and wealth counselors, who are specialists in the interpersonal dynamics of family wealth management, to ensure a comprehensive wealth plan.
Unfortunately, we have seen that wealth can create more problems than it can solve. The best way to ensure this does not happen to you is by adopting a well-planned approach to maintaining and keeping your wealth and family in harmony.
Estate & Gift Planning
Regardless of your economic situation, having a clear plan that will protect your estate is essential. Don’t wait until it is too late to think about what will happen to your assets. A lack of planning can mean that the value of your estate can be diluted, which will be costly to your beneficiaries. The tax consequences that result from poor planning can have a serious effect on your residual worth. The good news is that this can be avoided.
Our tax professionals will listen to your wishes, and develop a plan that will allow you to maximize the distribution of your estate through gifting and/or inheritance, in accordance with those needs. There are complex rules that govern the management of your estate. Proper planning can ensure that you structure your estate in such a way as to minimize any taxes owed by your beneficiaries and heirs. Let us help you develop a sensible plan that works for you.
As historian Miriam Beard said, "The results of philanthropy are always beyond calculation." However, the potential pitfalls of improperly planning for charitable giving are not. We can assist you with maximizing your altruistic goals through careful planning. For every dollar that does not go directly to your cause, neither you nor the recipient of your generosity benefit. Careful foresight and planning with us will see that your giving can successfully comply with the complex tax laws that surround charitable giving so that your valuable donations get where you wish and are needed.
If you would like MM&B to help you meet your philanthropic goals, call us to discuss.