Today we will talk about Family Office.What is Family Office? One of the oldest private banks in Switzerland, Pictet, answers this question like this: “this is a team of dedicated people who help several generations of the family manage their wealth”.
Why do I need a Family Office? Family office does almost everything - from managing personal assets to solving everyday issues such as maintaining a private jet or entertaining friends at a party.
What tasks does the Family Office solve? The Family Office product was created to solve a number of tasks, namely: managing inheritance affairs, asset management, buying and selling real estate, tax and financial consulting, auditing services, and even a concierge service (a family office may include a secretary, for example, organize flights on a private jet or reserve a seat in the theater).
The main goal of the Family Office is to preserve and transmit the wealth accumulated by family members through generations.
There are two main types of family offices - serving the interests of one family, the so-called “Single Family Office” (there is no indisputable understanding in the market that this is advisable if you have assets over 50 million USD) and “Multi Family Office”, multi-family offices.
Single Family Office (SFO) is an in-house unit serving one client, which is very often not formalized in a separate legal entity and not organizationally allocated in the structure of a citizen’s assets.
Multi Family Office (MFO) is an independent private company that provides services on a contractual basis.
The advantages of working with the Lawitt Hamilton team in the direction of this product: the presence of many years of experience not only the creation of SFO and MFO, but also the guidance of the Family office.
If you are interested in this service or you have any questions, as well as on cooperation issues, please call: +7 495 924 25 27, our e-mail: info@lawitthamilton.com.