The ownership and governance structure of a private family trust company (“PFTC”) is highly customizable. This is important because all families are different, with different goals, family dynamics, asset composition, family sizes, and family affiliates. With that in mind, there are some key considerations in structuring the entity ownership and governance of a PFTC, both tax-related and not tax-related.
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Although high-net-worth families and individuals recognize the importance of instituting formal family governance structures, doing so presents a complex task. For families who are committed to creating a flexible and durable system of governance, the benefits are lasting.