You Maxed Out Your Retirement Accounts. Now What?

by

For high earners who’ve already checked the box on maxing out 401(k)s, IRAs, and HSAs, the obvious question becomes: what’s next?

It’s a good problem to have, but it’s still a challenge if you’re aiming for a fully optimized, tax-efficient, and purpose-driven financial plan. The truth is, hitting the contribution ceiling on traditional retirement accounts is just the beginning. The next tier of wealth building requires a different set of tools.

Leveling Up: Beyond the Basics

Maybe you’ve already hit the 2025 limit of $23,500 on your 401(k), and if you’re over 50, you may have also taken advantage of the additional $7,500 catch-up contribution. Maybe you’ve funded your backdoor Roth IRA and topped off your HSA with the annual maximum. Great. But what do you do with the excess capital that continues to accumulate?

It’s time to think beyond retirement and into wealth strategy.

Strategy #1: Seek to Optimize Taxable Brokerage Accounts

Taxable accounts often get overlooked, but for high earners, they offer differentiated flexibility. These accounts don’t come with contribution limits or early withdrawal penalties. That means they can serve as a powerful bridge between now and retirement, or support goals that aren’t age dependent.

Here’s where the nuance comes in:

  • Tax-efficient investing (think direct indexing, municipal bonds, or even more advanced tax-efficient investing)
  • Strategic asset location (placing tax-inefficient assets in tax-sheltered accounts while using taxable accounts for growth-oriented stocks)
  • Capital gains harvesting (even high earners can use this strategically in years with lower income or large charitable deductions)

Your brokerage account isn’t just a spillover bucket—it’s one of your most flexible sources of future freedom.

Strategy #2: Health Savings Account (HSA) as a Stealth Retirement Account

If you’re eligible for an HSA and you’re not using it as a long-term investment vehicle, you might be leaving an opportunity on the table.

Many affluent investors don’t realize that the HSA is the only account with a designed triple tax advantage: contributions are tax-deductible, growth is tax-deferred, and qualified withdrawals are tax-free. Rather than using HSA funds annually for medical expenses, consider paying out of pocket and allowing the HSA to grow, potentially becoming one of your most tax-efficient accounts in retirement.

Strategy #3: Consider a Mega Backdoor Roth

If your 401(k) plan allows for after-tax contributions and in-plan Roth conversions, you might be able to stash an additional amount into a Roth account each year. This strategy, known as the Mega Backdoor Roth, can be a powerful way to convert non-deductible dollars into tax-free growth.

But beware: implementation can be tricky. Make sure your plan explicitly supports after-tax contributions and automatic in-plan Roth rollovers or work closely with your advisor and plan provider to avoid accidental double taxation.

Strategy #4: Invest in Yourself or Your Business

Not every investment needs to be in the market. For many high earners, reinvesting capital into a business, building a personal brand, or developing a side venture can offer compelling returns, financial and otherwise.

Whether it’s funding an advisory firm’s growth, purchasing real estate for passive income, or upskilling through executive education, strategic self-investment often yields returns that compound far beyond a portfolio statement.

As Warren Buffett has said, “The best investment you can make is in yourself.”

Strategy #5: Charitable Giving with Intent

If giving back is part of your values, or if you’re looking to manage a particularly high-income year, charitable strategies like donor-advised funds (DAFs) or qualified charitable distributions (QCDs) can align purpose with planning.

You may also consider charitable bunching, grouping multiple years of donations into one high-deduction year, then taking the standard deduction in others.

This isn’t just about tax deductions, it’s about using your wealth to reinforce what matters most to you.

The Next Chapter of Planning

Once your retirement contributions are maxed, the real strategic planning begins. This is where personalized, holistic thinking rises to the top.

What are you optimizing for: freedom, legacy, impact, or security?

At HB, we believe wealth should be purposeful, not just plentiful. If you’re in this stage of financial evolution, we’re here to help you move confidently from accumulation to intentional wealth building.    

To learn more or get help with your life experiences, please call 404.264.1400 or email us at info@homrichberg.com.

Download this article.

Important Disclosures

This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent.

All information is as of date above unless otherwise disclosed.  The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg, nor any affiliates, make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

©2025 Homrich Berg.

The Leadership Legacy: Beyond Wealth, What Will Your Family Inherit?

by

The wealth of a family isn’t measured just in dollars—it’s measured in values, vision, and leadership.

For those who have built and led a closely held family business, wealth is more than financial—it’s a legacy. But while estate plans, trusts, and succession strategies ensure assets are passed down, the real question remains: What else are you leaving behind?

The true test of a successful transition isn’t just about preserving wealth—it’s about passing on the resilience, decision-making ability, and leadership skills that created that wealth in the first place.

Here’s how business owners can shape a legacy that endures beyond balance sheets.

Passing Down the Vision, Not Just the Business

The first generation of a family business often starts with a clear purpose—a vision that drives every decision, risk, and sacrifice. By the second or third generation, that vision can blur if it’s not intentionally passed down.

How do you ensure your successors inherit the same sense of purpose?

Document Your “Why”: Share the story of why you started the business, the values that guided you, and the defining moments that shaped its success.

Create a Legacy Statement: Go beyond the financials—what do you want your leadership and wealth to represent in future generations?

Lead by Example: Engage the next generation in decision-making early, not just when succession planning becomes urgent.

Case in Point: Some of the most successful family enterprises host “legacy retreats,” where multiple generations come together to align on the future of the business and the family’s mission.

The Hidden Power of Family Storytelling

Psychologists have found that children who know their family’s history—especially the struggles and triumphs—develop a stronger sense of identity and resilience.

When transitioning leadership, storytelling isn’t just sentimental—it’s strategic.

  • Share the mistakes, not just the victories—lessons are often more powerful than lectures.
  • Highlight the defining values that helped the business overcome challenges.
  • Reinforce the idea that wealth isn’t just an inheritance; it’s a responsibility.

A Thought: What are the five most important lessons you’ve learned as a leader? Have you shared them?

Mentorship Over Management: Shaping Future Leaders

One of the biggest pitfalls in family businesses is assuming that the next generation will be “ready” when the time comes. But leadership isn’t inherited—it’s developed.

How to build leadership before the transition:

  • Encourage real-world experience outside the family business.
  • Assign increasing responsibility within the company before leadership is formally handed over.
  • Introduce mentors from outside the family to provide unbiased guidance.

Many family business leaders take a phased approach—allowing the next generation to lead select initiatives before fully stepping back. This builds confidence and ensures readiness before the full transition.

Your Role in the Legacy—After You Step Back

For many business founders, stepping away isn’t just about financial security—it’s about identity. After years of driving the company, what comes next?

The shift from operator to advisor is crucial. A graceful transition doesn’t mean fading into the background—it means stepping into a role that allows you to offer guidance in meaningful and positive ways.

  • Find new ways to contribute—whether through philanthropy, advisory roles, or mentorship.
  • Maintain involvement in key decisions, but trust the next generation to lead.
  • Build a legacy beyond the business—through family values, community impact, and personal growth.

Key Point: The best transitions happen when leaders recognize that their legacy is not just the business itself, but the development of the team to carry it forward.

Final Thought: What Will Be Remembered?

At the end of the day, true wealth is more than financial assets—it’s the mindset, resilience, and leadership skills passed from one generation to the next.

Ask yourself:

  • What will your family remember most about your leadership?
  • What stories will they tell about how you handled challenges?
  • What values will they carry forward because of your influence?

These are the real measures of a lasting legacy and an inheritance that endures.

To learn more or get help with your life experiences, please call 404.264.1400 or email us at info@homrichberg.com.

Download this article.

Important Disclosures

This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent.

All information is as of date above unless otherwise disclosed.  The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg, nor any affiliates, make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

©2025 Homrich Berg.

What We’re Watching As Summer Begins

by

In this video, Ross Bramwell covers a couple of topics we’re watching as summer begins:

  • Reasons why the stock market has been hitting resistance levels in recent weeks.
  • Whether rising bond yields are a risk to the stock market.
  • What the administration might do next, as Trump’s tariffs were struck down by a federal court, although they were upheld by an appeals court, and will stay in place for now.

If you have any questions, please reach out to a member of your client service team. Watch here: https://youtu.be/3Tii-DoSa2Q?feature=shared

What Is Your Graduate Graduating To?

by

For many, the end of the school year marks the season of graduations. It’s a whirlwind—so busy, exciting, emotional, and involved. There are parties, to-do lists, pictures, gowns, and diplomas. Everyone talks about what students are graduating from—from high school, from college, from grad school.

But rarely do we talk about what they’re graduating to—a new school, a job, or the so-called “real world.” It’s there in the background, but graduation season tends to look backward rather than forward.

So, what is your graduate graduating to this year? Are they stepping into a new level of financial responsibility? Transitioning from financial dependence to independence? This season offers a great opportunity to help your kids graduate to better money habits.

For Grade School Kids:

Consider introducing a weekly allowance, with a clear boundary: that’s all they get. Treats, activities, and impulse purchases must come from that one pot. You might be surprised at how differently each child manages their funds. As they get older, their financial responsibilities should grow, too.

For Middle Schoolers:

This is a great time to tie income to initiative. Bigger jobs equal bigger pay. Babysitting, pet-sitting, or neighborhood yard work can help them earn. Are you reinforcing good habits around giving, saving, and spending now that they’re making their own money?

For High Schoolers:

It’s time for a real job. For teens under 16, that may mean helping neighbors or family friends. For those over 16, a part-time job in retail or food service builds both experience and income. Set expectations: Should they save a portion of their earnings? Should they cover some of their own costs, like gas or their phone bill? The older they get, the more their money should go toward needs, not just wants.

For College Students:

This is the season to talk about managing a budget, building savings habits, and preparing for future expenses. Whether they’re working part-time or interning, encourage them to understand the cost of everyday bills—car insurance, maintenance, and phone plans. These “real-life” expenses are right around the corner. Are they ready?

Amid all the excitement of graduating from, take some time to help your kids think about what they’re graduating to. Summer offers a slower pace; use it to plant the seeds of lasting financial habits.

Want to dig deeper into helping your student Start Their Financial Journey on the Right Foot?
Join my free Financial Foundations webinar on June 10th from 12:00–1:00 p.m. Click here for more information and to register.

To learn more or get help planning your financial goals, please email me at gildea@homrichberg.com.

Download this article.

Important Disclosures

This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent.

All information is as of date above unless otherwise disclosed.  The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg, nor any affiliates, make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

©2025 Homrich Berg.

Planning for Summer Break As A Single Mom

by

Summer break is just around the corner, and as a newly single mom, you might be worried about how to create a fun and memorable experience for your children without stress. Whether you’re looking to keep things budget-friendly, stay local, or take a big adventure, here’s how to plan a summer break that works for you and your kids.

Set Your Budget and Expectations

Before you get caught up in vacation dreams, look at your finances. Ask yourself:

  • Can I afford a trip, or should I focus on local activities?
  • Do I need to split time with their dad?
  • How much time can I take off from work?

Once you set your budget, you can start planning in a way that won’t leave you feeling overwhelmed. If a big trip isn’t possible this year, that’s okay—your kids will remember the time you spent together more than the money spent.

Choose a Destination (or Staycation Plan!)

Here are a few options depending on your budget and situation:

  • Road Trip Adventure – If a full vacation isn’t in the cards, a simple road trip to a nearby city, national park, or beach can be a great way to get away without breaking the bank.
  • Staycation Fun – Explore your own city like a tourist! Book a night at a local hotel, visit museums, try new restaurants, or do a scavenger hunt in your town.
  • Budget-Friendly Travel – Look for last-minute deals on flights or vacation rentals, or consider a simple camping trip in nature.
  • Home-Based Fun – Plan themed days at home, such as a movie marathon, arts and crafts day, or DIY backyard camping.

Keep It Simple and Kid-Friendly

The key to a successful summer break is making sure it’s enjoyable for everyone, including you!

  • If traveling: Keep your itinerary light. Too many activities in one day can leave everyone feeling exhausted.
  • If staying home: Let your children be part of the planning process! Let them pick a theme for each day—one day could be “Beach Day” with water games, another could be “Science Day” with fun experiments.
  • Plan downtime: Whether you’re at home or on the go, don’t pack the schedule too tightly. Children (and parents) need moments to just relax.

Co-Parenting Considerations

If your children are splitting time with their other parent over the break, try to plan ahead to avoid last-minute stress. Work out a fair schedule, and if necessary, use apps like OurFamilyWizard to keep communication smooth.

For the time during the break when you won’t have your children, plan something enjoyable for yourself! A short getaway, a spa day, or catching up with friends over coffee can be great ways to recharge your batteries.

Pack Smart & Plan for Flexibility

If you’re traveling, make a checklist of essentials, especially if you’re going somewhere with unpredictable weather. If you’re staying home, have backup plans in case of bad weather or unexpected changes.

Final Thoughts

With only a few summer breaks before the children graduate, it is important to remain focused on creating joy and making memories, not about perfection. Whether you’re hitting the road or keeping it simple at home, focus on the laughter, quality time, and special moments with your children. What’s most important is that they feel loved and supported, and that you have a chance to enjoy this new chapter in life, too. You’ve got this!

To learn more or get help with your finances, please visit us at homrichberg.com, send an email to info@homrichberg.com, or call 404.264.1400.

Download this article.

Important Disclosures

This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent.

All information is as of the date above unless otherwise disclosed. The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product, or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg nor any affiliates make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

©2025 Homrich Berg.

Congratulations, Graduates!

by

Cheers to you and your parents for reaching this exciting milestone!

For Parents of College Graduates

Still have remaining funds in your child’s 529 Plan? Here are a few helpful reminders:

  • Up to $10,000 can be used to repay student loans.
  • Funds can remain for future use by the same beneficiary, such as a graduate program.
  • You can change the beneficiary to a sibling, parent, or another qualifying family member.
  • Non-qualified withdrawals are taxed as ordinary income on the earnings portion, but the 10% penalty can be avoided to the extent the beneficiary receives nontaxable educational assistance such as a scholarship or grant.
  • 529 funds can now be used to make a Roth IRA contribution for the beneficiary (up to $35,000 lifetime, subject to annual contribution limits, and earned income requirements). Ask your advisor for more details.

For Parents of High School Graduates

Your college journey is just beginning! Here are some tips to help you manage 529 distributions and college expenses efficiently:

Timing & Tracking:

  • Try to distribute funds in the same calendar year the expenses are paid, especially important for spring semester tuition due in December.
  • Match distribution amounts to actual qualified expenses, down to the penny.
  • Align 1099-Q (from 529 plan) with the 1098-T (from the college) to simplify tax reporting.
  • Save receipts and distribution records in your current-year tax folder.

Qualified Expenses:

  • For non-receipt-based items like food or rent, make sure the amount aligns with the school’s cost-of-attendance (COA).
  • Rent significantly above the COA could be deemed non-qualified if reviewed by the IRS.
  • Be aware of campus-specific options like “dining bucks” that may function as prepaid cards—students should know how to track and refill them.

Set-Up & Logistics:

  • Set up ACH transfers early—some plans require up to two weeks for processing.
  • A dedicated checking account and credit card can simplify expense tracking.
  • Understand how your student’s school account works:
    • Some schools charge all expenses to one account (like a month bill).
    • Others only include tuition and fees, requiring alternate payment methods for other items.
  • Download monthly statements and set a recurring reimbursement schedule, especially in December.

Helpful Tools & Habits:

  • Whether using an app like Mint.com or a spreadsheet, consistency is key.
  • Encourage your student to categorize spending as: “qualified,” “living,” “entertainment,” or “other.”
  • Remember: money management is a learned skill. Expect some mistakes—what matters is building the habit. Start small and gradually increase their responsibility.

Final Thought

Whoever is managing the college budget, it’s best to finalize your financial logistics well before the move-in day. With so much to think about, especially dorm décor, financial planning isn’t always at the top of students’ minds. Getting organized early will save stress later.

Want to start your financial journey off right?
We invite college graduates to join our upcoming free webinar:
Starting Your Financial Journey on the Right Foot
Tuesday, June 10th at noon ET
Register here: https://lp.constantcontactpages.com/ev/reg/cnrfe2d

Disclaimer: Earnings on 529 plan distributions not used for qualified higher education expenses may be subject to federal income tax and a 10% federal penalty tax. State tax treatment of 529 plans may vary, and some states may not follow federal tax rules regarding qualified distributions for K-12 tuition, registered apprenticeship programs, or student loan repayment. Before investing in or withdrawing from a 529 plan, you should consult with your tax advisor to understand the potential implications based on your specific situation and state of residence.

To learn more or get help planning your financial goals, please email me at gildea@homrichberg.com.

Download this article.

Important Disclosures

This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent.

All information is as of date above unless otherwise disclosed.  The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg, nor any affiliates, make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

©2025 Homrich Berg.

The Inheritance Dilemma: How To Leave Wealth Without Leaving Ruin

by

Having practiced estate planning law for nearly two decades, I have come to strongly believe that the most effective estate plans do more than minimize taxes and distribute assets efficiently. The best estate plans preserve family harmony, reflect core values, and support meaningful legacies. Yet even among highly personalized plans, one universal question often emerges: How much is too much to leave your children?

Affluent families often walk a delicate line between providing opportunity and enabling entitlement. They want to offer every advantage – exceptional education, security, freedom to pursue passions – while avoiding the unintended consequences of unearned wealth. Warren Buffett famously summarized this sentiment when he explained that he wished to leave his children ‘enough so they could feel they could do anything, but not so much that they could do nothing.’

So, how do parents of substantial means provide responsibly for future generations? The answer lies not in a fixed dollar amount, but in thoughtful design and intentional structure. For one family, $5 million may feel like a windfall, while for another, $100 million may be appropriate and well-managed. For most people, inheritances for children become problematic when they so generously provide for the children that they feel enough financial comfort to strip away their motivation to find purpose. Without the drive to create something of their own, young adults may drift, lacking direction or ambition. Large, unrestricted inheritances may also unintentionally enable harmful behaviors like reckless spending, dependency, or even addiction. Family dynamics may suffer too. Wealth, when not clearly explained or thoughtfully distributed, often fuels tension and resentment within the close and extended family, leading to fractured relationships. In some cases, the receipt of too much money too soon may delay (or eliminate) emotional and financial maturity entirely, leaving adult children ill-equipped to make meaningful life decisions and ensuring that the “shirtsleeves to shirtsleeves in three generations”[1] adage remains true. Ultimately, an inheritance that undermines independence, distorts values, or disrupts family harmony is, by definition, too much. That is why smart estate planning must consider not just the psychological and relational impact of inherited wealth, but the structure of the inheritance itself.

There is a wide range of estate planning tools available to families that allow them to support their children without enabling complacency. The following are just a few strategies for affluent families who wish to pass on wealth without leaving ruin:

Dynastic Trusts

Early in my career, it was common to see trusts structured to distribute assets outright (free of trust) to children at ages twenty-five, thirty, and thirty-five. The result? Adult children often had access to life-changing wealth before they developed the necessary maturity or life experience to manage it well. Today, the tides have turned, and more affluent parents are incorporating dynastic trusts for their children and future descendants into their estate plans.

A well-structured dynastic trust does more than preserve wealth; it provides guardrails. It may fund education, entrepreneurial pursuits, and major life expenses while protecting assets from creditors, divorce, and excessive taxation. It also prevents descendants from having full, unchecked access that may discourage personal ambition. With carefully considered provisions and a thoughtful trustee selection, dynastic trusts may promote stewardship, responsibility, and long-term family continuity.

Incentive Trusts

For families concerned about how inherited wealth will shape their children’s behavior, incentive trusts may offer a balanced approach. These trusts link distributions to specific milestones or behaviors like earning a degree, maintaining employment, remaining substance-free, or engaging in philanthropy.

Crafting an effective incentive trust requires nuance. A provision that matches a beneficiary’s salary, for example, may unintentionally penalize one child while disproportionately rewarding another. What if one child is a successful entrepreneur while another is a dedicated schoolteacher or family caregiver? The key is to build in flexibility for the assessment of context, reason, and intention of the trust’s creators; this is often accomplished by empowering trustees to adapt based on evolving circumstances and intent.

Incentive provisions may also be layered into dynastic trusts, enabling long-term support that evolves with the beneficiary’s life journey, while remaining true to the family’s core principles.

Lifetime Gifts of Experience

Sometimes, the most impactful gifts are not financial. Experiential giving, or funding transformative opportunities during your lifetime, may prepare heirs for responsibility more effectively than a lump sum ever could.

Consider helping a child launch a business, pursue a passion project, or travel abroad with purpose. These experiences build confidence, decision-making skills, and resilience. More importantly, they give you, the parent, a front-row seat in your child’s development. You offer guidance, not bailouts; mentorship, not micromanagement.

These “gifts of experience” also reveal how your child handles responsibility—insights that may shape future estate planning decisions. In the best cases, they cultivate independence, purpose, and maturity—traits that no amount of money alone can teach.

Family Meetings and Legacy Letters

Even the most sophisticated estate plans may unravel if your heirs do not understand them. That is why many families are embracing intentional communication—through structured family meetings and legacy letters—to ensure their planning reflects more than just financial decisions.

Family meetings create space for dialogue about shared values, philanthropic goals, and the reasoning behind key decisions. When facilitated thoughtfully (often by a trusted advisor), these conversations foster transparency, manage expectations, and reduce the risk of future conflict.

Legacy letters, or ethical wills, are a more personal expression of your intentions. These documents share the story behind your wealth: how it was earned, what it represents, and how you hope it will be used. They are your chance to speak directly to your children—not just about what you are leaving them, but why. This clarity may prevent resentment, promote understanding, and provide moral guidance long after you are gone.

Philanthropy as a Tool for Teaching Responsibility

Philanthropy is one of the most effective tools for helping heirs develop empathy, strategic thinking, and a sense of accountability. Involving your children in charitable giving—whether through a donor-advised fund, family foundation, or informal giving circle—invites them to think about wealth in terms of impact, not just consumption.

It does not have to be grand at the outset. Let them help choose causes to support or match their charitable donations. Over time, they may take on greater roles, such as evaluating nonprofit proposals or managing grantmaking initiatives. This process encourages collaboration, sharpens financial decision-making, and reinforces the idea that wealth is a tool…not a trophy.

Philanthropy may become a defining pillar of your family’s legacy. It provides balance, purpose, and a deeply rooted sense of obligation to give back; a counterweight to the temptations of entitlement.

In the end, the question is not just how much you leave your children – it is how you leave it. When wealth is transferred without intention, it may undermine the very values you hope to preserve. But with thoughtful planning, open communication, and value-based strategies, you may leave your children something far more valuable than money alone. Clarity. Purpose. A foundation on which to build a life of meaning…all elements of a legacy well left.

[1] ”Shirtsleeves to shirtsleeves in three generations” refers to the common pattern where family wealth is built by one generation, preserved by the next, and often lost by the third, highlighting the challenges of sustaining wealth across generations.

If you have any questions or would like to discuss this further, please reach out to your client service team, call us at 404.264.1400, or visit us on the web at HomrichBerg.com.

Download this article.

Important Disclosures

This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent.

All information is as of the date above unless otherwise disclosed. The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product, or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg, nor any affiliates, make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

©2025 Homrich Berg.

How Do You Know If Your MFO Firm Can Really Deliver SFO Services?

by

In prior blogs in this HB Family Office series, we have talked about the definition of a family office, the SFO (single-family office) vs. MFO (multi-family office) approach for receiving these services, and some of the things to think about when considering whether to build your own SFO, use an MFO firm or do something in between.

Three icons of families within a large maroon circle, labeled Multi-Family Office (MFO) at the top, representing multiple families within one office structure.

If you have decided to explore MFO firm options, how do you know whether the MFO you are talking with is a true family office service provider? Many financial service organizations like to use the title family office, but can they really deliver the same experience of an SFO?

True Expertise

No one person can truly be an expert in everything – does the MFO firm have in-house professional expertise beyond the “master generalist advisor” role to go deep on the most critical topics affecting family office clients such as estate planning/wealth transfer strategies, complex tax knowledge, risk management strategies, and complex portfolio management? We believe this is a critical part of the true MFO firm offering.

Advice Integration

Some MFO firms offer extensive services on paper, but how many of their lead advisors have the experience of truly leading a complex family office team and advising sophisticated families? How well can they integrate advice from all the technical components of the family financial picture (legal, tax, business, investments) as well as the practical day-to-day components of the family dynamics? There is an art to managing complex families that goes beyond pure science, and a true MFO firm has experience balancing all the above.

Fiduciary First

A central circle labeled Your Family is surrounded by seven connected circles with the words: Client-First, Fee-Only, Trust, Unbiased Advice, Integrity, Best Interest, Objective Guidance, and Transparency.

A single-family office team working for you will absolutely be focused on making all decisions based on the best interest of the family (or they will be fired!). If you are talking to a bank or wirehouse broker team, they may not actually be serving you under the fiduciary standard that all SEC-registered investment advisers must follow. Verify that your team will always be serving your best interests – not just sometimes – using the fiduciary standard.

Beyond Fiduciary—Avoiding Conflicts of Interest

Even firms that adhere to fiduciary standards may not be completely aligned with your interests. While advising you on investments, insurance, lending, or other financial products or services, they may also be providing those same products or services for a profit. If you hired a full-time staff of employees for your own single-family office, would you also let them make money off their recommendations to you on financial matters? From a professional perspective, it is difficult to understand why any MFO firm would introduce these conflicts into discussions, even if they assert themselves as genuine fiduciary advisors. At HB Family Office, we prioritize traditional fiduciary responsibilities by actively seeking to mitigate potential conflicts of interest. This approach allows us to maintain complete transparency and focus solely on serving our family office clients.

HB Family Office was founded in 1989 with a singular focus – what firm would our clients create if they were designing their ideal wealth advisor? This is why we describe our services as “Wealth Management Built For You®.” We encourage you to weigh all these important considerations as you evaluate family office options. As we have mentioned many times throughout this blog series, there is no ‘silver bullet’ or ‘one size fits all’ solution for all families. If you are curious if a family office solution might be right for your family, please consider us a resource to help navigate the process and discuss how HB Family Office could help meet your unique needs.

To learn more about a family office, please visit us at https://homrichberg.com/resources/understanding-family-offices/, send an email to info@homrichberg.com, or call 404.264.1400.

Download this article.

Important Disclosures

This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent.

All information is as of the date above unless otherwise disclosed. The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product, or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg nor any affiliates make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

©2025 Homrich Berg.

Pros And Cons Of A Single-Family Office (SFO) Vs. A Multi-Family Offices (MFO)

by

In past blogs, we have reviewed what it means to have a family office of any kind, the difference between a single-family and multi-family office, and the key list of questions to NOT consider when deciding whether to set up your own single-family office (SFO). Here we are going to walk through the high-level pros and cons of the SFO vs. MFO decision and highlight why maybe this does not have to entirely be a “choice” in the literal sense for some families.

Advantages of the Single-Family Office

The main benefit of having your own SFO is complete control and priority, with dedicated staff serving your financial needs exclusively, around the clock.  In some cases, the leader of your SFO may end up serving you for many decades, providing continuity across generations and a well-known person or persons that you can trust. Privacy can be greater in the SFO world, with very few people even having to know it exists unless they interact with your family office staff. Some families prioritize legacy aspects of an SFO over privacy, opting to establish it in a public location and engaging with the community through their family office location and staff. Ultimately, the SFO option allows the family to control what services they receive and when they receive them at the highest level of bespoke service possible – at least from the perspective of having dedicated staff committed to serving the family.

SINGLE-FAMILY OFFICE
PROSCONS
– Complete control & priority
– Dedicated, long-term staff
– Enhanced privacy
– Legacy & community engagement		– High operational and staffing costs
– Requires significant time and oversight to manage effectively
– Greater regulatory and compliance burdens
– Limited external perspectives compared to multi-family collaboration

Advantages of the Multi-Family Office

The MFO approach will never offer quite the same level of control and service as an SFO, but it can often get close while offering a lower cost and greater flexibility. Many families are happy to not hire, manage, and deal with full-time employees for everything in their financial life. The flexibility of accessing on-demand expertise can both reduce costs and enhance quality, as you can work with subject matter experts in each area of family office services without having to recruit them individually and pay their full salaries. Working with an MFO advisory team also leverages the broader expertise, perspectives, and best practices of a firm that serves multiple complex families and regularly collaborates with broad professional and vendor networks. Last, an MFO can deliver significant investor benefits by using its size and leverage to access investments at lower minimums and at more favorable cost structures than might be possible individually or through a smaller SFO.

MULTI-FAMILY OFFICE
PROSCONS
– Cost efficiency & flexibility
– On-demand expertise
– Broader industry insights
– Institutional investment access		– Less customization compared to an SFO
– Shared services may not align with a family’s unique preferences
– Reduced control over investment strategies and operational decisions
– Potential confidentiality concerns due to multiple families being served by the same office

The Bottom Line—Do What Makes Sense for Your Family

As an experienced MFO advisor, HB Family Office will naturally have a bias towards MFO solutions for many families. However, the right answer heavily depends on what matters most to you and how much you are willing to pay to meet those needs. This may mean working with a firm like HB Family Office for only some of your family office needs, or it may mean letting your HB Family Office team manage your entire financial life.  We encourage you to learn more about your SFO and MFO options by speaking with an HB Family Office principal today.

To learn more about a family office, please visit us at https://homrichberg.com/resources/understanding-family-offices/, send an email to info@homrichberg.com, or call 404.264.1400.

Download this article.

Important Disclosures

This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent.

All information is as of the date above unless otherwise disclosed. The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product, or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg nor any affiliates make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

©2025 Homrich Berg.

Economic Update As We Await Progress On Tariff Negotiations

by

At the beginning of 2025, the U.S. economy was in good shape. The labor market looked solid, and inflation was moderating. However, the U.S. tariff shock in April created a significantly higher chance of recession this year. The U.S. stock market has seen a recovery in recent weeks, but that is the market looking forward and setting the expectations that delayed tariff levels will not become effective. We have also had the first announced, agreed-upon framework for a trade deal with the U.K. this week. In this video, Ross Bramwell will give an update on the key economic indicators that we are watching as we have hopefully moved past peak uncertainty regarding tariffs, to now working through negotiations.

If you have any questions, please reach out to a member of your client service team.

Watch here: https://youtu.be/r2pWfRiatq4?si=iivlfurtxHt9L99x

Should I Have My Own Single-Family Office? What NOT To Consider For That Decision

by

At some point, most wealthy families are told by somebody at a party, conference, or networking group: “You should really have your own single-family office (SFO).” If you missed it, we laid out the definition of an SFO in a previous blog post and talked about the difference between an SFO and MFO (multi-family office).

As someone who has led a single-family office and now works for an outsourced multi-family office firm, I have seen both sides of the fence. While I am going to outline many of the pros and cons in future blog posts, today let’s start with a practical list of what SHOULD NOT be part of your decision-making process.

Forget the Economics

A circle split in half; left side tan with a small family icon and a large question mark, right side maroon with three larger family icons and a large question mark. The word WHY? is at the top.

First, this is NOT about economics. Some people will say, “Do not start a single-family office unless you have over $XXX million,” or some version of “If you have over $XXX million then you absolutely should have a single-family office.” I would advise you to forget about the math – this is almost never about saving money. If you are wealthy, you can afford to spend extra money on an SFO if you really want to do it! This decision must be about the WHY – what you need, value, and believe a single-family office will do for you better than working with a multi-family office team.

You Do Not Have to Go All or Nothing

Second, this is NOT an all-or-nothing proposition. This just in – you can have some dedicated people and still work with outside advisors for everything else, and you can pick and choose which staff roles you want to have inside your single-family office world based on your needs. There is no rule that to have a single-family office, you must have a certain number of staff in full-time roles or that if you choose to work with a multi-family office advisory team, then you cannot have any permanent family staff members. We work with several families who might have one or more family employees even though they outsource most services to us. This often works well and strikes a balance between the unique and highly personalized needs of the family and the costs associated with delivering those highly specialized services.

Ignore What Everyone Else Does

Third, this is NOT about what everyone else has. Do not feel like you must have a personal assistant just because your friends have one. Do not feel like you should not hire a house manager just because your friends do not have one. The cliché of the century in our world is that if you have seen one family office, you have seen one family office. And by the way, it is absolutely true! Your needs are what matter most here, not what others have decided are their needs.

The Family Business is Not the Family Office Forever

Fourth, the family business is NOT the family office – even though there can be significant overlaps between the two, and they are often combined in many ways for many years. It can be easy to just have the staff of your family business end up handling a lot of personal family matters, and there is nothing wrong with this natural overlap for trusted employees. Eventually, this conflict of duties will become a problem for the family, the business, or the person working for both!  As you approach this juncture, it is important to consider which needs should be met by which employees over time.

Single-Family Offices Do Not Guarantee a Long-Lasting Legacy

Two black hands, one offering and one receiving, hold a small jar with a growing plant inside, set against a tan circle with the text Long-Lasting Legacy? above.

Finally, this is NOT about legacy or permanence. Some individuals believe that owning their own SFO establishes a lasting family presence that ensures their values are passed on to future generations. While this can certainly be a role that an SFO plays, do not assume that having an SFO (along with a posh SFO building or office space) somehow creates that permanent legacy. Your ability to establish a lasting legacy depends more on the actions you take and the decisions you make than on having family staff in an excellent office space. I have seen families who work with us and do not have an SFO create very strong multi-generational values and legacy experiences, and I have seen families with very lovely family office buildings who end up in nasty court disputes among their heirs. SFOs are just structures, not a guarantee of anything.

In our next blog, we will dive a little deeper into some of the pros and cons of SFOs and how you should think about the SFO decision for your family.

To learn more about a family office, please visit us at https://homrichberg.com/resources/understanding-family-offices/, send an email to info@homrichberg.com, or call 404.264.1400.

Download this article.

Important Disclosures

This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent.

All information is as of the date above unless otherwise disclosed. The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product, or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg nor any affiliates make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

©2025 Homrich Berg.

New Year Resolution #4: Navigating Medicare and Healthcare as a Single Person

by

While many types of insurance coverage are important, perhaps the one at the top of most people’s minds is healthcare. Oftentimes, employers provide coverage options, but the “game” becomes more challenging when our circumstances change dramatically and rather suddenly. Many of my healthy, married couples approaching age 65 find the Medicare options vast and cumbersome to understand. When you find yourself suddenly single, there are a cascade of decisions and adjustments, including potentially re-evaluating your healthcare coverage, that need to be addressed.

Whether you are divorcing or have lost a spouse, navigating Medicare or private healthcare plans as an individual can feel overwhelming. However, with the right information and planning, you can secure coverage that both meets your needs and fits your budget. Here’s a guide to help you along the way.

Understanding Your Healthcare Needs

Your healthcare plan should align with your current medical needs and anticipated future care. Start by asking:

  • What are my regular medical expenses (e.g., medications, specialist visits)?
  • Do I have any chronic conditions requiring ongoing treatment?
  • What is my budget for premiums, deductibles, and out-of-pocket expenses?

Medicare: Eligibility and Enrollment

If you are 65 or older, Medicare may be your primary option. Here’s a breakdown of the various parts:

  • Part A (Hospital Insurance): Covers inpatient care, skilled nursing facilities, and hospice. Most people don’t pay a premium if they or their spouse paid Medicare taxes for a sufficient period.
  • Part B (Medical Insurance): Covers outpatient care, preventive services, and durable medical equipment. This requires a monthly premium.
  • Part C (Medicare Advantage): Offers bundled plans from private insurers, often including vision, dental, and prescription drug coverage.
  • Part D (Prescription Drug Coverage): Helps cover the cost of medications. Plans vary in coverage and cost, so compare options carefully.

If you recently divorced, confirm if your former spouse’s Social Security work record qualifies you for premium-free Part A. Be mindful of enrollment periods to avoid late penalties.

Options for Those Under 65

For individuals under 65, options include:

  • COBRA Continuation Coverage: Allows you to stay on your former spouse’s employer-sponsored health plan for up to 36 months. While this offers continuity, it can be expensive since you will pay the full premium plus a 2% administrative fee.
  • Health Insurance Marketplace Plans: These are available through the Affordable Care Act (ACA). Depending on your income, you may qualify for subsidies to reduce premiums.
  • Medicaid: If your income has significantly decreased, you might be eligible for this government-funded program.

Supplemental Insurance and Long-Term Care

  • Medigap Plans: For those with Medicare, supplemental insurance can cover out-of-pocket expenses, including copayments and deductibles.
  • Long-Term Care Insurance: If you’re concerned about future nursing home or assisted living costs, explore long-term care policies that can be combined with life insurance coverage.

Steps to Take Now

  1. Review Your Current Coverage: If you are covered through a former spouse, confirm how long the coverage will continue and start exploring alternatives.
  2. Budget for Healthcare Costs: Create a line item in your financial plan for healthcare premiums, deductibles, and prescriptions.
  3. Seek Professional Guidance: A fee-only financial advisor with specialized knowledge of healthcare options can help you evaluate plans and costs tailored to your needs and make introductions to professionals who can help you secure the appropriate coverage.

Empower Yourself Through Knowledge

Taking control of your healthcare options as a single person is an opportunity to make choices that support your well-being and financial security. Whether it’s selecting a Medicare plan, understanding COBRA, or evaluating private insurance, you should approach each decision as an investment in your future. Remember, you are not alone. Utilize resources like Medicare.gov, state insurance marketplaces, and professional advisors to guide you through this transition confidently.

To learn more or get help with your finances, please visit us at homrichberg.com, send an email to info@homrichberg.com, or call 404.264.1400.

Download this article.

Important Disclosures

This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent.

All information is as of the date above unless otherwise disclosed. The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product, or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg nor any affiliates make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

©2025 Homrich Berg.