The Human Dimension Estate planning is about protecting assets over time for the good of beneficiaries. Many grantors and advisors work hard on the first part, protecting assets, but do not adequately address the second part, creating a positive impact for beneficiaries. Many grantors intend for their trusts to become a gift of love that […]
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The Wyoming Asset Protection Trust Explained
Asset Protection Trusts Wyoming Domestic Asset Protection Trusts (DAPTs) have become a well-known strategy to secure wealth. Over the past decades, Wyoming has become a leading asset protection situs due to its tax laws, strong legal protection, and privacy. The Wyoming DAPT can provide strong asset protection for high-net-worth individuals and families. However, Wyoming DAPTs […]
The Three Tiers of Wyoming Asset Protection Explained
Many people are worried about liability either through accidents or fraudulent lawsuits and are looking for a legal strategy to protect their assets. The best solution is highly relative to the situation of each individual. While there’s no one-size-fits-all solution, asset protection generally falls into three tiers. Each tier builds on the previous one, offering […]
Top 8 Reading List for the Family Office
The Family Office Reading List 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, […]
The Benefits of a Wyoming Private Family Trust Company
Families typically have three options when they select a trustee to serve as fiduciary of their Wyoming trusts. There are two traditional options: an institutional trustee, such as a trust company, or an individual trustee, such as a trusted advisor. In either case, these traditional trustees may not meet all of a family’s unique goals […]
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 […]
What Does a Revocable Living Trust Do?
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 […]
What is Flourishing? A Family Office Guide to Human and Family Flourishing
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”) […]
Family Values Discovery – Building Genuine Alignment
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 […]