A family office is a wealth management and advisory organization that assumes the daily administration and management of a family’s (or multiple families’) affairs, primarily for high net worth individuals and families with complex financial needs and objectives.
Who Needs a Family Office?
Families or individuals who require the services of a family office typically have a net worth over $100 million. Wealth management at this scale is typically too complex for a single individual or advisor to manage alone. A family office provides guidance and solutions to a wide range of issues including financial, philanthropic, legal, and administrative operations.
What Does a Family Office Do?
These offices serve as the point person for family financial networks and advisors (e.g. attorneys, accountants, investors, estate planners, etc).
Most family offices offer more than just wealth management services– they can also provide any combination of services such as access to private banking and trust services, document management, bookkeeping, family support services; and more. Non-financial services may include travel planning, family education, running background checks on individuals with proximity to your family, and other miscellaneous tasks.
Family offices offer flexibility by allowing the families they serve to pick among several different service bundles based on their objectives.
Can a Family Office Help Prevent Disputes?
Due to the volume and complexity of assets, individuals, and families with higher levels of wealth are also at greater risk of conflict. Many disputes are related to the transfer of wealth between family members.
In the event of a comprehensive wealth transfer, all aspects of the family’s finances including business interests, properties, trust management, and philanthropic efforts may be involved. Improper execution of any aspect could create a dispute among family members. The best way to avoid such disputes is equally comprehensive planning efforts.
When you hire a family office, you are trusting them to oversee decisions that have a direct impact on your current and future assets. They may set up trusts or foundations to help secure your family’s wealth during a transition as well as a family governance structure to offer guidance during this time. Together, these factors can help avoid conflict and dispute during times of stress and change.
Should you encounter an estate or business dispute, the attorneys at Gaslowitz Frankel can help through direct litigation or Alternative Dispute Resolution.
Gaslowitz Frankel LLC is Georgia’s premier fiduciary litigation law firm. Our legal team specializes in all aspects of fiduciary disputes, representing individuals, executors, trustees, investors, shareholders, and financial institutions in complex fiduciary disputes involving wills, estates, trusts, guardianships, businesses, investments, and securities. Contact us today at 404.892.9797.
