Rich families own the money, investments, and shares in the companies they handle. We might think, "Oh, what kind of work should a rich man do?" But being rich is necessary. Families must take care of legal and financial obligations, plan inheritance, develop operational structures for the family business and develop regular means of communication between family members.
It may be difficult for members to coordinate when they live in different cities or different countries. However, for a family business to run smoothly, there must be a proper form of communication between members. The family office was set up to deal with all these problems. If you’re looking for more information about family offices in the US check this out.
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The family office is a holistic family advisor. He will advise the family financially and advise them on personal matters. The personal services offered here can be minimal, such as housekeeping staff hired by friends.
This includes hiring, firing, or restructuring domestic workers. Personal services may also include investment advice and the creation of a will according to individual needs. It can include other personal goals of family members as well.
The office handles important aspects such as asset management, accounting, and legal matters. For example, wealth management would be about safeguarding the family's investments. The office will help families determine investment portfolio goals.
Wealth management also includes real estate planning. Key aspects of wealth planning include helping families prepare wills, setting up guardians for living dependents, and minimizing wealth taxes.