A family office is a private wealth management consultancy offered to very high net worth investors to concentrate focus and control on family finance, legal, tax, and administrative matters. It is an off-site solution for managing individual or family financial and investment problems. You can also visit www.ubs.com/global/en/global-family-office/home.html to know more about family offices in the US.
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It offers the best solution for building, storing, and transferring family wealth. A family office can be a single-family office or a multi-family office. One family office supports only one family, whereas a multi-family office supports at least two families.
Family offices are used most often as assets have grown in size and complexity, requiring a full-time professional management team working to suit each family's tastes and goals. Since no two families are identical and the same applies to the family office.
That's why family offices provide personalized tips for getting your family office up and running, and for growth and energy savings. The family office team takes the time to actually get to know you and your family's specific aims and challenges and work respectively.
The team of professionals from the legal, insurance, investment, real estate, business, and tax disciplines aims to provide personalized planning, advice, and resources to overcome various barriers and maximize the clients' inheritance, including property foreclosure taxes.
A family may wish to make a formal distinction between family assets and family business assets to diversify financial risks and increase transparency and corporate governance of the family business.