A weekly collection of news and highlights. Included this week:

SpaceX IPO a bonanza for family offices
When inheritance tax planning is a net negative
The VCs and family offices at core of mega-IPO wave
Family offices: a wild goose chase?
How to entice the next gen to take on family office leadership
Living Large: Inheritance planning for collections ‘an emotional minefield’

𝕏 highlights

The SpaceX IPO: a bonanza for family offices.

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When inheritance tax planning is a net negative.

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Family offices: a wild goose chase.

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A fantastic article for those getting rich from IPOs.

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Speaking of which… It’s been a week for Elon.

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Singapore continues to chase FOs.

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Summer is silly season… a $4,400 monogramed inner tube.

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reddit highlights

Over on Reddit, someone needs a chief of staff.

in highlights

Private wealth in transition.

From Tax Planning To Legacy, Governance, And Global Stewardship

Over the past 20 years, the private wealth industry has undergone profound change. In my latest article for IFC Review, I explore where we have come from to where we are today and what I think will be expected from the Trusted Advisor of 2030…

AUM is a blunt denominator when it comes to cost benchmarks.

Cost benchmarks are useful in family offices. But only up to a point.

These numbers are helpful because family office costs are often difficult to contextualise. But they also highlight one of the limitations of benchmarking...

Succession planning is starting in a place people do not expect.

Philanthropy as a Succession Planning Entry Point

Philanthropy is becoming the easiest entry point into harder succession conversations. Less formal, less defensive and more open. In that sense, it is starting to function as informal governance design even if it's not described that way…

Family Office news roundup

How will mega-IPOs impact family office formation and growth? The SpaceX, OpenAI and Anthropic IPOs could drive demand for family offices. Existing family offices may rethink their portfolios as huge amounts of private-market wealth finally become liquid - Chief Investment Officer

Secrets of a successful family office. With emphasis on technology and costs, the importance of investing in human capital is often forgotten by families hampered by short-term thinking and legacy of powerful patriarchs - Professional Wealth Management

Why this billionaire is investing in SpaceX. Airwallex billionaire Jack Zhang says SpaceX would be his top investment, arguing that its rockets, Starlink network and strategic importance give it huge long-term potential. It is a classic billionaire bet: back an exceptional founder and worry less about today’s eye-watering valuation - CNBC

The VCs and family offices at core of the mega-IPO wave. Around three dozen investors hold stakes across SpaceX, OpenAI and Anthropic, putting a mix of venture capital giants, traditional asset managers and lesser-known family offices in line for huge payouts - The Wall Street Journal

How to prepare (and entice) the next gen to take on family office leadership. Families should introduce younger members to the family office gradually, giving them real exposure, outside experience and the freedom to decide whether they actually want the job. The key is making leadership feel like a meaningful opportunity rather than an inherited obligation - Financial Advisor

Living Large: the finer things in life

Wealthy collections must be treated as serious legacy assets – and planned for accordingly. Valuable collections can be ‘an emotional minefield,’ says a new HSBC report that notes how families are largely unprepared for passing on collectibles, raising the odds of disputes and surprise costs - Spear’s