Defining who is actually a family member is often a minefield – is it just blood relatives or does it also include in-laws? The definition has long since been debated but to no avail. However, this could be about to change as a US regulatory body has attempted to answer the age-old question of what defines a family member.
The US Securities and Exchange Commission, in a bid to make it easier for family offices to comply with new legislation, published a series of questions and answers – one of which takes a look at who can legally be considered a family member.
In-laws didn't make it, but unmarried couples who are living together as married and same-sex partners generally fall into the definition of family members, the guide said.