Simply put, they guard the wealth and manage the affairs of the ultra-rich families. While their history can be said to date back to the Crusades, "modern" American family ministry dates back to the 19th century. They were founded by wealthy merchants who hired advisors and associates to oversee money matters and keep their families on business trips.
Global Family Office (GFO) services can be traced back 300 years in European history when European wealth dealers started setting up private banks. Some of the European banking families that laid the foundation for maintaining the family fortune were the Medici and the Rothschilds.
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A single-family office is an office dedicated to the great deeds of one family. These are private individuals who care about the personal and financial needs of the family. But it also serves to promote family cohesion.
A single-family office is a limited liability company. Typically, the Family Office (FO) handles many things at once, including financial, administrative, and charitable matters for family funds.
Maintaining and managing assets is the essence of FO. It protects assets from all future creditor claims with the help of legal entities and strategies. Effective asset protection includes a protection plan before a claim is made.
FO has qualified to account, legal and investment professionals to assist families with taxes, real estate planning, insurance, and corporate finance.