"Private Family Trust Companies Find New Homes in Tennessee" by Richard A Johnson Family Office Elite Magazine
Since 1999, when it was an early adopter of the state banking regulators’ model private trust company act, Tennessee has earned a reputation for responding to the sophisticated trust and financial needs of ultra-high net worth families and their private offices. By enacting progressive trust laws building on the uniform trust code, Tennessee is attracting a growing number of family offices that are seeking flexibility to adapt to changes in family circumstances and the world around them. These families find a favorable environment in Tennessee for asset protection, community property trust laws, purpose trusts, silent trusts, and other types of trusts and private trust companies to serve as their trustees. To maintain the state’s leadership position as a venue for ultra-high net worth families, Tennessee evaluates the effectiveness of the state’s trust and private family trust company (PFTC) laws annually. In response to these assessments, the Haslam administration determined to update its laws in 2016 to ensure that such families and family offices enjoy the full benefits of the use of private family trust companies.