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 […]
Insights
The 3 Tiers of Asset Protection
Many people are worried about liability either through accidents or fraudulent lawsuits and are looking for a legal strategy to protect their assets. The ideal strategy balances simplicity, control, and effectiveness. The best solution is highly relative to the situation of each individual. It is important to engage a good attorney who understands the unique […]
The Benefits of a Wyoming Private Family Trust Company
This article is an overview of the private family trust company structure and its potential benefits for families. For more information on design considerations and best practices for the private family trust company, please read How to Form a Wyoming Private Trust Company. The Private Family Trust Company is an entity formed and controlled by […]
A Reading List for Every 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? Revocable living trusts (RLTs) allow individuals to avoid probate and plan for incapacity. By itself, a revocable living trust does not provide asset protection or estate tax benefits. However, revocable living trusts can serve as the foundation for an estate plan that uses these irrevocable trusts. […]
What is Flourishing? A Family Office Guide
Humans instictively seek flourishing. Whenever we do something, we do it with an aim towards some idea of happiness. The gap between our efforts and the results often comes from our being mistaken about what flourishing truly is or how to attain it.
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 […]
Power of Attorney: the Ins and Outs
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 […]