What qualifies as a family office?

An entity qualifies as a family office when it's specifically dedicated to managing the comprehensive affairs of one or multiple wealthy families, typically requiring a minimum threshold of $30-100 million in assets under management. Qualifying characteristics include providing investment management, estate planning, tax coordination, family governance, and often lifestyle services. The structure must demonstrate a clear focus on family wealth preservation and growth rather than serving external clients, distinguishing it from traditional wealth management firms.