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.
With the shift moving away from a fear-based approach to a more positive paradigm in the wealth management space, the expertise and the many advisory disciplines are adapting to the transformational journey of the family, with integrated services and professional standards emerging as best practices over time.