A family office is a private office that centrally provides services to families to help them cope with the complexities of their lives – primarily to increase their financial assets, support the family's long-term goals, manage and maintain the needs of families of various types coordinating all their efforts with a unified strategy. You can also look for the best family services in the UK through various online sources.
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While each family builds a personal family office that best complements their specific business activities, needs, and aspirations, they often include the following basic functions.
Legal and tax advice
Over generations, families have grown in size, diversity, geographic reach, and in other ways. As families naturally grow and develop, so does the complexity of their need for proper legal and tax planning.
Families must plan ahead for those life events and investment horizons and have the right asset structure, asset, and inheritance plans, tax plans, insurance strategies, and legal protections in place.
Legal and tax expertise in the family office, understanding critical family internal contexts, allows families to have the right structure in place to manage their assets and reduce the risks that certain life events and investments can pose.
Lifestyle and Administrative Services
This function combines concierge services for families, such as personnel management, travel arrangements, and coordination of the use of private apartments and other lifestyle assets such as private jets. It can also include managing art collections and other collectibles. These roles often include personal budgeting and bookkeeping, tracking personal bank accounts and credit cards.