"Considerations When Forming a Private Family Trust Company in the United States" Richard Johnson in Family Office Magazine
Published: July, 2018
Submission: August, 2018
In the U.S. a PFTC is a state-chartered entity which serves as a fiduciary of trusts benefitting a defined group of family members, including as a trustee of the family’s trusts. It is prohibited from providing fiduciary services to the general public.
General Considerations Long-term governance and succession is a common problem UHNW families face. Families with existing trust relationships and trustees often deal with corporate and personnel changes that undermine confidence and erode long-standing relationships between the family (as a grantor or beneficiary) and the fiduciary. A PFTC can eliminate these issues as it serves the needs of a single family, allowing the family greater influence on hiring decisions.
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