All in the Family: A Tax Geek's Guide to Family Offices

Everyone is talking about it…and if they are not already doing it, then they are thinking about doing it. Indeed, in recent years, there has been an explosion of family offices around the globe. Wealthy or to-be-wealthy families constantly refer to "our family office," and nearly every service provider to wealth families are offering "family office services."

So what is a family office? It is a concept in existence for centuries but modernized through the evolution of wealth and globalization of families and economies. The process of building a modern-day family office has its own unique set of challenges, but for the tax professional, there are particular nuances that must be considered. After all, there is nothing simple about taxes!

This program, presented by Lucy Lee, Private Client Attorney at Akin Gump Strauss Hauer & Feld LLP, will discuss the building blocks of a modern-day family office, starting with the existential questions of what is a family office and why we are talking so much about it. The program will then outline the fundamental building blocks in the taxonomy of family offices and is intended to help tax professionals in thinking about how they can assist their clients in creating the most effective and efficient family office structure.

Learning Objectives:

1. Identify the existence and purpose of family offices

2. Classify the fundamental building blocks of creating a family office

3. Analyze issues and opportunities related to family offices

4. Assess the future of family offices