SERVICES

Our clients benefit from personal attention and knowledgeable advice from a professional staff committed to treating them as if they were part of our own family. Click on the above links to view more about our services. Our fee varies based on each client’s individual needs.
[ Read More About Our Process ]

TAX PLANNING AND ACCOUNTING

Proactive tax-efficient income and investment strategies
Ongoing income tax and financial planning
Areas of Concentration:
- Tax Planning
- Cash Modeling
- Tax Preparation/Compliance
- Budgeting and Monitoring
- Partnership Accounting
- Trust Accounting

ESTATE PLANNING

Multi-generational wealth transfer strategies
Comprehensive review of wealth transfer goals and charitable goals in conjunction with ongoing, integrated tax-efficient planning
Annual plan monitoring and proactive plan updates
Communication to ensure that each individual understands the responsibilities of fiduciaries and beneficiaries
Areas of Concentration:
- Estate Planning
- Wealth Succession/Legacy Planning
- Retirement Planning
- Business Succession Planning

INVESTMENT ADVISORY

BNR assists clients with the development of investment management strategies that meet their short and long term needs and objectives.

Analysis of personal assets, operating businesses and financial objectives
- Review of investment expectations
- Assessment of risk tolerances
- Management of personal goals and lifestyle needs
Utilization of investment managers and managers of managers
Areas of Concentration:
- Cash/Fixed Income Investments
- Real Estate
- Equity Investments
- Private Equity
- Specialty/Alternative Investments
- Hedge Funds

FIDUCIARY LIAISON

The size and bureaucracy of large financial institutions often impedes excellent client service. BNR provides consultation, performance review and advocacy services for clients who have existing relationships with banks and other corporations providingtrust and estate settlement services.
Areas of Concentration:
- Review of:
  - Investment Performance
  - Timeliness of work
  - Statement accuracy
  - Fee accuracy and amount
- Discretionary distribution strategies
- Tax minimization strategies

THE ROLE OF A FIDUCIARY LIAISON

The role of the fiduciary liaison may begin with the selection of the corporate or individual trustee. During this process the fiduciary liaison will interview potential trustee candidates and make recommendations to the appropriate individuals that have the power to appoint the trustee. This can be a lengthy process that could entail numerous interviews of the individual or corporate entity under consideration. After the trustee is appointed, BNR Partners would continue after the trustee is appointed as a fiduciary liaison providing some or all of the following services:

Act as communication link between family and corporate/individual trustee
Function as facilitator and implementer of family financial and tax strategies and multi-generational planning
Develop discretionary and 5x5 distribution strategies
Monitor non-traditional assets – i.e., maintains communication with corporate trustee regarding management of investment
May prepare 1041 tax returns
Review trustee accounting/statements
Confirm all fees charged.
Assist in development of asset allocation with the trustee/investment manager
Assist in development of Investment Policy Statement

PERSONAL ADMINISTRATION

Assistance with simplifying personal and financial tasks
Areas of Concentration:
- Bill Payment
- Records Management
- Budgeting
- Cash Flow Management
- Domestic/Concierge Services
- Insurance Review and Planning
- Asset/Property Purchasing
- Elderly Lifestyle Planning

STRATEGIC PHILANTHROPY

Identification of charitable giving goals and tax-beneficial philanthropic approaches
Creation of philanthropic mission statement and strategic plan
Governmental compliance reporting
Areas of Concentration:
- Philanthropic Planning
- Private/Family Foundation Establishment and Administration
- Tax Planning
- Estate Planning

FAMILY GOVERNANCE

Provide strategies for developing and embracing a core set of shared values and goalsfor the activities of the multi-generational family
Help design mission/vision statements that clearly articulate collective goals and objectives
Assist in building the appropriate governance structure and assigning leadership roles
Provide ongoing age-specific and structured financial training
Coordinate family meetings to review performance and reaffirm the family’s mission
Areas of Concentration:
- Family Mission/Vision Development
- Financial Responsibility: Education and Training
- Representative Governance Structuring
- More Information about Designing Family Governance Structures and Family Mission Statements can be found here.

DESIGNING FAMILY GOVERANCE STRUCTURES

Various questions force the wealth creator or family decision maker to institute plans that will impact future generations. Questions such as who will assume the responsibility for investments, administrative issues and the role individual family members will play, are major concerns.

Once these questions are addressed, the type of structure used to implement the plan must be determined (i.e., trust, corporation, partnership or foundation). Structure will be finalized by the family after considering the family’s history/legacy, tax considerations, location of various members and the time frame/duration of the plan. The ultimate structure developed by the family should create a detailed map that facilitates communication and the ability to address family issues associated with ownership of the family assets/business.

Governance structures can be organized in such a way as to provide input and participation from all family members. Depending upon the business interest, an advisory council could be established to oversee key issues associated with the family business or specific asset management.

FAMILY MISSION STATEMENT
The family mission statement outlines your family’s history, beliefs and sense of where your family has been and a road map for the future. This process describes the core values that will identify the unique characteristics of your family. The organization of the shared family values is detailed in a formal statement that describes the decision making process, individual family member contributions, goals and objectives, charitable pursuits, and the continuation of your legacy to future generations.

Family mission statements should be reviewed periodically and updated and modified as needed. Major changes will likely be unusual since the essence of the family does not change (i.e. goals, objectives, values and traditions).

Family mission statements range from several paragraphs in length to simple one line statements. Examples include:

The Smith Family mission is to encourage the financial development and education of each generation in a manner that helps to promote maturity and enhance their lives
The Franklin Family Mission Statement - The mission of our family is to provide education and guidance for every member of the family regarding financial matters. Each member is accountable to the family in achieving the goals and objectives set forth and periodically revised. Our primary focus will be to continue the expansion of the family philanthropic endeavors: Through the development of new programs, we will further enhance family member participation.

COMMUNICATION AND REPORTING

Ongoing regular communication of the most up-to-date information available on financial and personal matters
Development of customized reporting packages for each family member
Areas of Concentration:
- Financial Reports
- Quarterly Reports and Meetings
- Annual Report and Meeting

INDIVIDUAL TRUSTEE

In situations where an Individual Trustee is requested, a principal of BNR can be appointed. An Individual Trustee will assume many of the following duties

Accounting and Administration
Investment Management
Determine Appropriate Custodian
Distributions
Tax Related Responsibility
Real Estate
Beneficiaries - Communication

SINGLE FAMILY OFFICE SUPPORT

When a Single Family Office requires assistance, BNR Partners, LLC can provide specialized services including but not limited to the following

Tax Planning
Estate Planning
Accounting and Investment Performance
Investment Advisory
Personal Administration
Strategic Philanthropy Planning
Family Governance
Individual Trustee
Fiduciary Liaison with Corporate Trustee/Executor