How do you measure your wealth? Most of us immediately think about bank accounts, investments, or real estate. Thinking more broadly, we might include skills we’ve acquired, a social network, and health. In fact, all of these are equally valid definitions of wealth. Wealth is really what makes us flourish as human beings. That includes […]
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The Wyoming Private Family Trust Company
Families have a variety of options when they select a trustee to administer their trusts. There are two traditional options: an institutional trustee, such as a trust company, or an individual trustee, such as a family member or trusted advisor. In either case, these traditional trustees may not meet all of a family’s unique goals […]
Private Client Services: Family Office Quarterback
The term “family office” is hard to define because it appears in so many different forms. There’s a well-known saying, “Once you’ve seen one family office, you’ve only seen one.” Some family offices are comprised of nothing more than a financial advisor. This advisor coordinates services with external tax experts, insurance providers, bankers, brokers, and perhaps […]
The Family Dynamics of an Estate Plan
People Planning for Family Dynamics Estate planning is about protecting assets over time for the good of beneficiaries. The last part is the most complex and also the most important. While many grantors intend for their trusts to become a gift of love that enhance the lives of beneficiaries, in reality trusts often become a […]
The Reason to Tell Your Family Story
How long does wealth typically stay in the family? The old proverb “shirtsleeves to shirtsleeves in three generations,” which indicates accumulated family wealth largely dissipates by the third generation. However, there are families–sometimes referred to as Legacy Families or Century Families–that persist in transferring wealth across multiple generations. These families transfer more than financial assets; […]
Do You Need a Family Constitution?
A family constitution is a morally (rather than legally) binding document that defines the family’s vision, mission, and values, and which broadly explains the legal structure and asset or business operations of the family enterprise. Any family wanting a multi-generational legacy should have a family constitution, especially if the 3rd generation is moving into a […]