Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

Is it legal if I'm managing my family's entire wealth?
This is the biggest blunder I see in money handling.  "Oh I'm a good person and everyone knows my intentions are good.  And they're really happy with me right now, so it'll stay that way forever, right?  So I can just do anything and they'll trust me."  And then in hindsight 10 years later, the person realizes "wow, I was really stubborn and selfish to just assume that.  No wonder it blew up."  Anyway, to that end, your requirement that all the money be in one account and "this will simplify taxes" is horsepuckey.  No one will believe a legitimate financial advisor needs that, but it's exactly what a swindler would do. And that's the problem.  If anything goes wrong, their trust in you will be forgotten, some will say you intended to scam all along, and the structure will be the first thing to convict you.   Money makes everyone mistrusting.  Ironically, the concept is called a "trust", and there's a wide body of law and practice for Person X responsibly handling the money of Person Y.  The classic example is Person Y is a corporation (say, a charity) and Person X is on the Board of Directors.  It's the same basic thing.   The doctrine is: