New York, NY — What Is a Family Office? Managing a Ultra-High-Net-Worth Family

We started our “what the heck is…” series of articles and videos to help people begin to develop an understanding of topics relevant to The Unger Company’s business. In this video, we answer the question: What the heck is a family office? A family office is a professionally staffed operation that is responsible for managing the assets, mostly financial, and possibly some of the legal and other dealings of an ultra-high-net-worth (UNHW) family. In the case of a single-family office, it will be supported by an UNHW family who are likely to have at least $75-to-$100 million generating revenue. The office staff could include only a few people or possibly a few dozen who take care of many aspects of a wealthy family’s life. As estate tax strategists, The Unger Company works with the staff of a family office to help in the planning of wealth transfer to succeeding generations.