The Relationships Foundation has been developing the concept of a family welfare association for almost twenty years. This has lead to the idea of Family Associations or FANs as a commercial means of enhancing privately funded welfare provision through group savings within the extended family. A FAN would be a formal legal entity comprising a group of people primarily linked by marriage, blood or adoption.
The FAN would strengthen family relationships by creating a common financial interest, and enabling greater welfare provision within the extended family. Extended family groups could form a tax friendly FAN and benefit from group savings on insurance, financial and commercial products. The savings could then be used in welfare provision for the group members such as education, health and care needs.
To read the full report, please click here: Family Savings Associations-9-5-08
