Confidential and Discrete. ARB’s Private Client team serves New England’s affluent families and individuals, closely held business owners, venture capital and private equity investors, and people who have received large sums from an inheritance, sale of a business, or the lottery. We consider all generations of a family our clients, as we help you achieve your goal of leaving a legacy through trust creation, family foundations, or strategic generational wealth transfers. We collaborate as a team with your family office, attorneys, wealth advisors, and insurance specialists to facilitate solutions to your complex family tax issues.
How We Work with Private Clients
We primarily serve family offices as their go-to tax compliance and tax planning partner. Our family office clients appreciate our perspective and experience. In addition to compliance work, such as preparation of income, gift, private foundation, business entity, trust and estate tax returns, we also calculate quarterly estimated income tax payments, provide tax controversy, audit and examination representation, and engage in all varieties of tax planning to minimize taxes and assist clients with achieving their goals. We have assisted our family office clients with the design, implementation, and annual compliance related to “fund of funds” family investment partnerships.
A family office might have a limited number of employees, which makes segregation of duties a challenge. Our Accounting and Attest Services team can assist family offices with Agreed Upon Procedures and Operational Review engagements designed to strengthen internal controls and provide peace of mind to family members.
Beyond the typical tax compliance services, we recommend practical tax planning solutions and monitor ongoing results.
We typically work as a member of the team of attorneys, financial advisors, and others to develop and design plans to reduce estate and/or gift tax.
We provide tax compliance services for all varieties of trusts, to include multi-state tax compliance and tax planning services. We can also act as trustee in certain circumstances.
Navigate the myriad of state and local taxation matters, from residency considerations to income-sourcing, in order to achieve state and local tax minimization.
When younger generations begin to take responsibility for family assets, we work with other advisors related to tax compliance, tax planning, prenuptial agreements, divorce agreements, trust creation, trust compliance and trust terminations.
Evaluation of the use of private foundations, donor advised funds and other charitable giving strategies to achieve their personal goals while minimizing income taxes.
Preparation of Form 990-PF, bookkeeping and investment accounting services, qualified distribution planning, expenditure responsibility reporting, planning and projections related to the net investment income tax rate, and advice to avoid running afoul of the various prohibited transactions applicable to private foundations.
Guidance with respect to the design, implementation, and annual compliance related to Family Limited Partnerships.
How We're Helping Our Private Clients
Estate Plan Review: We’ll review the estate plan documents for a client with an eye toward minimizing taxes through trusts, family limited partnerships, gifting and other tax strategies following the changes in the Tax Cuts and Jobs Act of 2018.
Quarterly Income Tax Projections: We regularly and proactively calculate quarterly tax payments for private clients including communication with the client or family office about which account the funds will come from and making electronic payments to the state and IRS.
Trust Compliance and Planning: We help our clients navigate the complexities of fiduciary income taxation. We have experience with grantor trusts, complex trusts, simple trusts, charitable trusts, intentionally defective grantor trusts, ESBT’s, QSST’s and many other varieties of trusts. Whether our involvement is with planning for establishing the trust, with compliance during the term of the trust, or with winding down a trust at the end of its term, we have the experience to assist trustees and beneficiaries. We can also act as a trustee in certain circumstances.
Family and Investment Partnership Design and Compliance: When a Family Limited Partnership or a “fund of funds” Investment Partnership is part of a family’s wealth management plan, we can provide guidance during all stages of the entity’s life. From establishment to annual compliance to liquidation, we will work with other advisors to ensure the entity achieve’s the family’s financial goals.
Private Foundations: We service some of the largest private foundations in Northern New England. Beyond the required compliance matters encountered by private foundations, we can help with planning qualified distribution strategies that achieve charitable goals while taking into account tax efficiency. We help our clients steer clear of self-dealing, jeopardy investments, taxable expenditures, excess business holdings and prohibited transactions. ARB can also provide guidance and compliance for any distributions that might require expenditure responsibility reporting.
Multi-generational Planning: As the legacy generation in a family become adults and is able to take responsibility for some of the family assets, we are working with a private client’s other advisors to discuss tax filings, legal matters including prenuptial agreements, trusts and trust distributions.
Private Client Advisory Services Team Leaders
Daniel Doiron, CPA | Principal
Private Client Advisory Services Practice Leader
Daniel has been in public accounting for over 30 years and has spent a significant portion of his career devoted to affluent families and their complex financial issues. He specializes in bridging the relationship as wealth transfers to legacy generations. His primary focus is providing superior service and responsiveness to the firm’s most significant clients, their family offices and other advisors.