family office

family office consulting

A Family Office is a private entity that serves ultra-high-net-worth individuals and their families. Unlike traditional wealth management firms, which serve multiple clients, a family office is dedicated exclusively to managing the financial and personal affairs of a single family, or in some cases, multiple families. These offices provide a wide range of services, including investment management, estate planning, tax strategy, philanthropy coordination, and even personal concierge services such as travel planning and household management. The primary goal of a family office is to preserve and grow family wealth across multiple generations while ensuring financial security and strategic planning for future heirs.

Family offices are typically used by families with significant assets, often exceeding $100 million in net worth, although some are structured for families with lower wealth thresholds. There are two main types of family offices: single-family offices (SFOs), which serve one affluent family, and multi-family offices (MFOs), which manage wealth for multiple families while offering similar personalized services. Wealthy entrepreneurs, business owners, inheritors, and high-profile individuals such as celebrities or athletes often establish family offices to centralize the management of their wealth, minimize taxes, and handle complex financial and personal matters in a confidential manner.

The ongoing administration of a family office involves a team of professionals, including investment advisors, tax specialists, legal experts, accountants, and estate planners who work together to implement the family’s financial strategy. This includes managing diverse investments, ensuring compliance with tax laws, structuring trusts and foundations, overseeing private equity or real estate holdings, and planning for intergenerational wealth transfers. Additionally, family governance is a key component, requiring coordination among family members, succession planning, and educating younger generations on wealth stewardship. Given the complexity of managing vast assets and the evolving financial landscape, a well-structured family office must remain adaptable, employing cutting-edge financial strategies and maintaining strong legal and operational frameworks to safeguard the family's legacy.

Gary Howell of Howell Legacy Planning has had twenty years of experience in the Family Office arena and can help families work through the idea of if a Family Office is right for them, as well the discussing the ongoing care and administration of the office.

Go to the following link to download white papers and other documents on the family office:

Family Office Whitepapers

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