7 More Family Office Resources:

• Discretionary Account Family Office Definition: Discretionary Account Discretionary Account definition:  A discretionary account turns over all control and investment management decisions to the financial advisor rather than the client.  The financial advisor has fiduciary duty to ...
• Unified Managed Account Family Office Definition: Unified Managed Account Unified Managed Account definition:  A unified managed account (UMA) is a privately managed account that combines several different types of securities, such as stocks, bonds, mutual funds, and ...
• Separate Account Family Office Definition: Separate Account Separate Account definition:  A separate account is managed privately for an individual, as opposed to mutual funds which are managed collectively.  Separate accounts typically have higher investment minimums to ...
• Unified Managed Household Account Family Office Definition: Unified Managed Household Account Unified Managed Household Account definition:  A unified managed household account (UMHA) is a privately managed account that combines several different types of securities, such as stocks, bonds, ...
• Taxable Account Family Office Definition: Taxable Account Taxable Account definition:  Taxable accounts are good candidates for leaving to heirs because the holdings are stepped up in basis at the date of death.  Heirs will not be ...
• Health Reimbursement Account Family Office Definition: Health Reimbursement Account Health Reimbursement Account definition:  A health reimbursement account reimburses employees for medical expenses.  The family business can use health reimbursement accounts to cover family member employee's health expenses ...
• Health Savings Account Family Office Definition: Health Savings Account Health Savings Account definition:  A health savings account (HSA) is a tax-exempt savings vehicle for medical expenses. Family members may make contributions on behalf of other individuals. Money ...