A family office, however small, needs to be funded on a commercial basis to avoid adverse tax issues, writes Robert Langston (Saffery).
For readers not familiar with family offices a family office is a private wealth management advisory business established to manage the finances and investments of high net worth individuals and their families. These offices often provide a range of services and can include investment management estate planning tax planning philanthropy coordination as well as personal services such as travel arrangements and concierge-type services.
There are two main types of family offices: single family offices (SFOs) which serve one family and multi-family offices (MFO) which serve multiple families.
This article considers mainly SFOs but the same principles apply to MFOs. MFOs are more likely to have access to third party debt or equity funding but will mainly be funded through fees...
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A family office, however small, needs to be funded on a commercial basis to avoid adverse tax issues, writes Robert Langston (Saffery).
For readers not familiar with family offices a family office is a private wealth management advisory business established to manage the finances and investments of high net worth individuals and their families. These offices often provide a range of services and can include investment management estate planning tax planning philanthropy coordination as well as personal services such as travel arrangements and concierge-type services.
There are two main types of family offices: single family offices (SFOs) which serve one family and multi-family offices (MFO) which serve multiple families.
This article considers mainly SFOs but the same principles apply to MFOs. MFOs are more likely to have access to third party debt or equity funding but will mainly be funded through fees...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
