The definition of a family office can encompass a broad range of structures, including those holding an active trade or business. As the family, and family office, matures across multiple generations, the arising structures can take on increased complexity. What started out as a single family “office” can grow to include a diverse range of services and investments offered to multiple families. In this discussion, we will address specific tax areas including those related to employment, benefit plans, meeting the trade or business requirements, allowable deductions and tax structuring. We will also raise issues and planning opportunities arising from the November, 2024 elections results.