A Family Office Primer, From the Basics to Tax Complexities

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.

About the Author

Margaret Steen

Margaret Steen is the editor of FO Pro, The Family Office Professional. Based in Silicon Valley, she has written for Family Business Magazine for more than 15 years.


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