Family Office services (FO) offers a multitude of activities. These services are based on a broad range of assessments such as:
Family tree – which includes a list of members and their brief profile along with their business/profession.
Family net worth (consolidated) with an individual as well as company-wise break-up.
Nature of business operations and the level of ownership in which they operate – IT and GST compliance status.
Vision of the key promoters of the family group and their challenges.
Future Plans of the family promoter to be addressed.
The following services are offered under family office management:
Succession Planning |
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Family Business Restructuring Services |
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Family Business Management Services |
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Services to HNI / Ultra HNI Families |
Wealth Management Services
Back Office Support Services
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NRI Services |
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Philanthropy |
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FAQs
Family office management is full-service private wealth preservation and compliance services that serve Ultra-high-net-worth (HNI/UHNI) families and Non-Resident Indians (NRIs) including Indian Citizens settled abroad. Against a backdrop of challenging legal and regulatory requirements, and the need for transparent financial compliance, family offices are under increased pressure at the operational and management level. Family offices are increasingly operating on a global scale, while often having only one local presence. Individuals serviced by these offices are more demanding and expecting family offices to focus on their core. Family offices generally provide accounting, Corporate secretarial, tax advisory, compliance, Succession planning, Philanthropy advice, Wealth management services, custodian activities, and other comprehensive services.
With a family office it enables the family to oversee decisions about its financial matters directly. The family office management services serve as a partner in preserving the family’s assets and channelising them for smooth transition to its next generation transparently. Further, many HNI/UHNI families rely on their family office to foster a sense of community and family unity over time with outsourced professionals.
To get your money’s worth, your family office manager should have a team of experienced and capable advisors well-versed in financial planning and tax planning within regulatory corners, which starts from managing existing wealth to planning future estate and retirement goals.
Based on individual circumstances:
- Expenses on Family office management activities supporting family business succession and administration can be claimed as Business expenses from a trade or business.
- Expenses on family office management activities preserving wealth and its management can be claimed as expenses against return on Family investments. Investment expenses usually represent a large proportion of family office management costs, and their deductibility generally mitigates the net costs of running such an office.
