For many HNW families, there comes a point where having family office services becomes not only beneficial, but essential to survival in the long term. First, preserving wealth is very different from creating it – this is evidenced by the famous fortunes throughout history that have disappeared within a few generations.  It requires knowledge around investments and tax laws that may extend far beyond your own, as well as the ability to create and adhere to a budget. Second, having a family office can also help with the emotional component of managing the family finances, for example, when dealing with relatives with whom you have a strained relationship or opposing ideologies about investing and philanthropy. An objective governing body can help you and your relatives sidestep landmines and even heal long-standing rifts. By the same token, it fosters an…

Like any global crisis, covid has both exposed longstanding social problems and economic problems and created new ones. This has been reflected in philanthropic giving over the past year or so, with many donors increasing their giving to hunger relief organizations and efforts to fight the pandemic. Donations to other causes, however, such as non-covid-related illnesses and medical research, declined in 2020, largely because their primary ways of raising money, such as galas and marathons, were canceled. The arts were the hardest hit due to the closures of theaters, live music venues and museums, while, as this Wall Street Journal article reports, there are countless smaller nonprofits going under because of cuts to government funding.    Philanthropy has also been affected by the organic shift in priorities that occurs as each new generation comes of age. Boomers, who still…