Wyoming is one of a few US jurisdictions that allow a private family trust company (PFTC) to serve as trustee over the family's trusts. Family members serve on the governing board and committees that preside over the activities of the PFTC. Therefore, PFTCs permit families to retain significant control over trust administration, policies and procedures, and, ultimately, their family wealth. We believe that the private family trust company is an excellent way for ultra-affluent families to build their Heroic Wealth. 

Some of the benefits for ultra-affluent families that utilize PFTCs include the following:

  • Retention of family control;
  • Flexible governance;
  • Family members on boards and committees;
  • Financial parenting of rising generation;
  • Trustee succession;
  • Family selection of professional advisors;
  • Improved ability to hold concentrated positions and unique assets;
  • Reduction of trustee liability;
  • Family privacy; and
  • Access to Wyoming law for trust law and administration.

In our experience, we believe that the best practice for a Family Enterprise is to directly integrate the family office under the private family trust company structure. This system consolidates the costs and unites the efforts of what would otherwise be two separate infrastructures.

 

To schedule a consultation or for more information on the benefits of a Wyoming private family trust company, contact The Grupp Law Firm LLC.

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    Family Trust Companies
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    Family Trust Companies