There’s a new resource available for anyone considering starting a family office — or those who want to brush up on tax and business issues related to family offices.
The Family Office Source: A tax and business reference for family office principals, executives, and advisers is published by family office accounting firm RS&F and written by David S. Rosen and Jeffrey S. Rosen.
The guide starts with the basics, defining different types and structures of family offices and offering a family office framework that includes family, social and financial goals. Other topics include:
- The benefits of family offices, both economic and nonfinancial (including privacy and security, family management and governance, and managing family disputes).
- Governance considerations such as family dynamics and the complexity of assets.
- The relationships between the family office and family members, as well as between the family office and a family business.
- The responsibilities of — and compensation for — a family office manager.
- Family office investors, including individuals and trusts.
- A detailed look at securities law considerations and tax issues, including whether the family office is treated as a trade or business.
- An investment overview, with details on alternative investments including an extensive look at private aircraft.
- Services offered by family offices, such as administrative, concierge and tax compliance services.
- The relationship between a family office and family foundation, along with details on other types of charitable structures.
- Tax implications of various types of charitable donations.
- Estate planning for family offices.