The software builds on the AVG PrivacyFix service, which helps you understand who can see the information you're posting on Facebook, Google or LinkedIn, and manage the settings accordingly. For example, it will tell you if you're inadvertently allowing marketers to use your information without realizing it, because, as we know "opt-in" or "opt-out" can be kind of sneakily handled. AVG PrivacyFix also keeps up with all those surprise privacy updates that seem to happen behind-the-scenes on a regular basis, which you may or may not be able to follow based on the fact that you have something call real life going on.
The Family edition extends these services further to your family's collective identity, specifically for Facebook (at least right now) -- to make sure your parents, kids, siblings, cousins, whomever aren't communicating things that aren't for public consumption. It will probably be just your immediate family, but you get the idea.
Some of the specific features include a Wi-Fi Do No Track feature that shuts down Android devices and prevents them from transmitting MAC addresses when they're transmitting wirelessly, a data calculator that shows how much your data is "worth" to Facebook or Google, and blockers to thwart more than 1,200 trackers and advertising spam services. You can manage the settings for everyone in your family as part of a central dashboard.
The software comes as an extension for Web browsers (I just downloaded the Google Chrome one), ore as a mobile app for Apple iOS or Android. (A sample interface image for the Apple app appears in this post to the right.)
Did I mention this software is free? At the very least, it will help your family start having much more informed discussions about social network privacy. It might not change what your children think it's OK to share, but at least they'll be able to protect themselves should they choose.