What Is a Family Office?

A family office is an entity set up to manage the wealth and business activities of a family to promote its values and identity.

Here are some key activities found in many family offices:

Develops and implements the investment strategy of the family business.

This includes financial investments in the stock market, real estate, and other assets.

Identifies and implements tax strategies for the family business.

This could be research into investments with tax advantages.

Performs estate planning.

This includes identifying trusts and other entity structures to preserve the estate.

Implements the philanthropic mission of the family.

This includes identifying non-profits and initiatives that provide community service and donating resources to that cause.

Develops and implements succession planning.

This provides a plan to pass the estate from one generation to the next.

Manages the physical assets of the family.

This includes overseeing the care of the property of the family including the house and possessions.

A family office structure helps manage the investment and operations of a family.

Consider setting up a family office to oversee these activities in your family.

 

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