In this article, Counsel Henno Boshoff and Anne Klein, Founder and Director at LuciaDeKlein Private Office and Advisory Club, delve into the innovative solutions offered by the British Virgin Islands and their influence in South Africa. The concept of family offices in South Africa and globally has gained popularity over the past few years, with the number of single and multi-family offices increasing yearly. The Virgin Islands Special Trusts Act and private trust company structures provide a unique opportunity for affluent families to control their assets while implementing robust succession plans effectively. These structures allow for flexibility in wealth strategy, especially with their capacity to evolve alongside family needs. VISTA trusts, for example, enable families to manage their businesses without undue trustee intervention, while PTCs offer families a hands-on approach to decision-making. With a rich legacy that includes inspirations from historic families like the Rockefellers, modern families are incorporating these strategies to harmonise their wealth with their values and mission. Although not all families require a family office, they need professional support and a family framework to set them on a path to reach their goals.

Read the article to discover how proactive planning and expert advisory collaboration can shape sustainable generational success: https://lnkd.in/dTMeQnQ8

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