For many families that have accumulated significant wealth, a private family office is one way to preserve it for present and future generations.
A family office is generally organised to manage and leverage the family’s collective wealth with an emphasis on stewardship rather than growth.
Each family office is different, not only in how the wealth was generated but also in the core values and needs of the individual families.
Uses and benefits
The uses and benefits of a family office can include the following:
- Allowing the family to maintain control over their destiny and privacy.
- Retaining a measure of financial confidentiality.
- Preserving wealth in real terms.
- Assisting with business succession issues across generations.
- Learning how to manage wealth and pass on the know-how to the next generation.
- Keeping family members engaged with the family even if they are not directly involved in the business.
- Keeping family and business matters separate.
From Monaco, we are able to assist with the formation of your family office. This can be done by either using our in-house facilities or forming your own separate family office.
Our services include:
Advising on the type of family office to be formed.
Assisting with the Monaco application to form a single family office.
Monitoring and estate planning.
Administration (accounting, tax and legal).
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