The fact is that each family office might perform different services for the family or families’ services depending on the specific needs of that family.
The term family office can refer to a family controlled investment company. It can be a single family office or a multi-family office. A single family office is a private company that manages investments and trusts for a single family. The company’s financial capital is the family wealth, built up over generations.
Family office work can cover managing staff, making travel arrangements, property management and payroll, day to day accounting, tax compliance, the management of the legal affairs and insuring family assets.
More recently the term family office is used for financial services and now family offices govern the running of the family financial investments, education, charitable co-ordination and succession planning.
At Lupton Fawcett LLP we can help with all these latter matters advising you and your family on property sales and acquisitions, trusts and wealth management, tax planning, Estate and company management and charitable giving and succession planning, making sure the next generation is prepared to take on the stewardship of your family’s wealth as you have done.
For further information relating to the points raised in this article, please contact Amanda Simmonds, Senior Associate in the firms Business Families Department.
Please note this information is provided by way of example and may not be complete and is certainly not intended to constitute legal advice. You should take bespoke advice for your circumstances.