How to Form a Private Trust Company 

Many ultra-high-net-worth families have heard of the benefits of establishing a private trust company to serve as trustee of their trusts. (We prefer “private family trust company” or “PFTC”) . However, they might not understand the nuanced best practices on forming a PFTC. This blog explores some of the legal and structural issues that families […]

Top 8 Reading List for the Family Office

This family office reading list addresses the unique ecosystem of the family office. Any discussion of family office administration has to consider the complex relationships between elder and rising generations, trustees and beneficiaries, advisors and family members. The following family office books are not the only books on the subject, nor are they ranked in […]

Revocable Living Trusts

At a Glance What Do Revocable Living Trusts Do? A revocable living trust (RLT) allows an individual to avoid probate and plan for incapacity. However, by itself, an RLT does not provide asset protection or estate tax benefits. Instead, it often serves as the foundation for a broader estate plan that may include one or more irrevocable trusts designed for those […]

Unique Assets: A Family Office Guide

A Family Office Private Client Services Team Perspective Family offices, which manage the wealth of ultra-high-net-worth individuals or families, often deal with a variety of unqiue assets that can be challenging to administer and value. This challenge arises from the fact that the asset is one-of-a-kind or lacks a liquid market.  The Private Client Services (“PCS”) […]

Avoiding 4 Traps of Core Values Discovery

Conducting a core values discovery exercise is a common first step in developing a family governance plan. Businesses will often perform a similar exercise to discover core values. Unfortunately, a values discovery exercise can become an ineffective cliché if it does not actually reflect or impact the behavior of the family. Even worse, poorly chosen […]

Understanding Power of Attorney in Estate Planning

There are various kinds of power of attorney (POA). Knowing which to use is critical in making sure your goals are accomplished.  For purposes of this article, we will focus on “financial” powers of attorney.  Financial powers of attorney deal with a person’s assets or financial matters. This includes contract powers, signing authority, and dealing with third […]

Using Probability in Family Office Decision-Making

Family Offices face complex decisions every day. These involve not just financial matters, but also multi-generational family relationships. The family office is responsible for thinking decades into the future to allocate resources and manage dynamics. These decisions can have multi-generational consequences. For any of these decisions, a simple binary is not the most effective way […]