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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Banking and Finance

Date & Time
  • event Date

    Wednesday, November 6, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$347.00
CLE
ALL

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.

Faculty

Aalok Virmani
Partner
Cooley LLP

Mr. Virmani counsels investment fund sponsors on the domestic and international tax aspects of forming, organizing and operating venture capital funds, private equity funds, real estate funds, hedge funds, debt funds and funds of funds. He frequently represents clients with respect to general partner-led fund restructurings, US and non-US investor representations, secondary transactions and minority investments in fund sponsors. In addition, Mr. Virmani often advises founders on the establishment of their investment management firms, including advising them on the organizational structure, employment matters, carried interest allocations and capital commitment funding strategies.

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Bradley E. Phipps
Partner
DLA Piper

Mr. Phipps's practice focuses on the establishment and operation of domestic and international private investment funds, co-investment and other related investment vehicles and separate account arrangements. This practice covers assets classes such as real estate, venture capital and private equity, private credit, hedge and commodities. He advises clients on fund structure, drafting disclosure and fund documents and negotiations with investors, placement agents and other service providers.

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David Solander
Partner
DLA Piper

Mr. Solander advises financial services firms regarding the various regulatory, compliance, and transactional matters that arise in the asset management industry globally. He focuses primarily on representing and advising managers of private funds, including hedge/trading, private equity, real estate, venture capital, and other alternative structures. He guides them through the regulatory issues arising under the Investment Company Act of 1940, the Investment Advisers Act of 1940, and other federal securities laws. Mr. Solander also provides compliance advice to managers of all sizes with respect to internal compliance reviews and assessments of new and existing compliance programs.

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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. There are ways family offices can 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.

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?