When most people hear the term “family office,” they imagine billionaires with private jets, private investment advisors, and fancy offices. But guess what? You already have a family office — it might just be the third bedroom down the hall with a hide-a-bed in it.
And that’s more than enough to start building serious tax savings, asset protection, and wealth.
A family office isn’t reserved for the ultra-wealthy. It’s a simple, powerful system that anyone can set up to take control of their finances, maximize deductions, and strengthen their legacy.
Here’s how we recommend you set up your family office — and why you’ll love having one.
Let’s get one thing clear: a family office isn’t just for people with $100 million.
A family office is simply your own board of advisors — your spouse, your kids, your parents, or even your best friend. It’s your personal team, helping you make better financial decisions and building your business with you.
The best part? Setting up a family office is easy, affordable, and loaded with benefits if you follow a few simple steps.
Here’s the process I follow and recommend:
Your family office needs a strong foundation. We use what’s known as the Trifecta:
This structure gives you better protection, easier tax planning, and sets you up for generational wealth.
If you filed an LLC online years ago and never touched it again, it’s time for an upgrade.
A real business needs proper documents — operating agreements, resolutions, and minutes — to be legitimate. Cleaning up your legal docs isn’t expensive, but it’s crucial for asset protection and tax legitimacy.
You can’t run a board meeting without a game plan. We encourage everyone to write down a clear plan:
Even a simple document gives your board meetings direction and helps your family office make better decisions.
This is where the magic happens.
Hold at least two board meetings a year — and yes, you can combine them with vacations.
Bring in your family, your close advisors, and have real conversations about your business, your finances, and your goals.
You can even write off the travel, dining, and lodging if you properly document the meeting!
It’s a win-win: better financial management and stronger family ties.
Besides the obvious tax benefits, regular board meetings help you:
Every time I hold a board meeting, whether in person or over Zoom, it’s a chance to celebrate wins, review financials, and create new momentum.
Check out our blog: “How to Use a Board of Directors or Advisors” for more details.
Setting up a family office isn’t hard — it just takes a little planning.
You can have your structure, plan, and first board meeting ready by this time next month (or sooner!).
If you’re already running a business, investing, or even managing a side hustle, you owe it to yourself (and your family) to take this step.
It’s not about being fancy — it’s about being smart.
Not necessarily.
You can use your existing business entity (like an LLC or S corporation) as the foundation of your family office — if it’s properly structured and maintained. However, if your current entity is outdated, incomplete, or mixed with personal activities, it may make sense to create a new, clean entity focused specifically on family office functions.
Your board can include anyone you trust — family members, close friends, or even mentors.
Typical board members include:
The key is that board members should be people who can offer advice, oversight, or accountability in your financial and business matters.
A family office board meeting isn’t just a formality — it’s a real working session. Topics to cover can include:
Even a 30-minute meeting with real discussion and documented minutes counts.
Documentation is simple but crucial.
For each meeting, create:
These documents should be saved with your business records to legitimize your deductions and entity compliance.
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The Trifecta Planner is a business owner’s blueprint for:
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