Also known as a family trust company, a private trust company (PTC) is an entity that allows families to unbundle fiduciary services in furtherance of family and financial goals. In this overview and primer, learn more about the elements of the PTC structure, board roles and responsibilities, and when it makes sense to form a PTC.
Every family’s succession journey is unique, and the change can feel uncomfortable. To help navigate that transition in leadership, 32 former family office CEOs offer their succession stories with the intent of sharing their advice and lessons learned to light the path for those for whom such a transition may be on the horizon. Along with the impor...
Trusts are valuable tools frequently used to transfer wealth within families, preserve and protect wealth, and reduce taxes. Understanding trusts and the role of the trustee is important for the people establishing trusts and the beneficiaries of those trusts. Building on this foundation, answers are provided to some questions about trusts and trus...
The use of a specific ownership structure to provide for the deduction of investment management fees has evolved since 1941 to most recently in 2018 when guidance was provided by the U.S. Tax Court in determining whether the activities of a family investment management company constitute a trade or business. With a review of the details of tha...
Avoiding the issue of succession planning is much easier than starting a conversation about handing over the reins to other family members. But avoidance does not defer the inevitable, and it puts family harmony and wealth at risk. As patriarchs and matriarchs of wealth families confront the issue of succession planning, there are seven questions f...
Robust governance practices form the cornerstone of success for the family wealth enterprise, and ongoing succession planning is one element of a mature governance system. As family considers its future succession, it is vital to understand why a well-conceived plan is so important and what the critical elements of the plan entail. Here, we outline...