Speakers cover the basics of what is a Private Trust Company (PTC), including answering common questions families may have about them. Scott D. Weaver, J.D., General Counsel & Chief Fiduciary Officer, Willow Street Moderated by Scott Winget, Enterprise Market Leader, FOX
At some point, most families ask if they should have a family meeting, recognizing the importance of providing a forum for sharing news, concerns, opportunities, and challenges in an open and direct way. Family meetings are often seen as a great place to learn, whether the topic is investments, business, legal matters, or the family itself. Further...
If you are wondering how it is possible that everyone in your family is offering an excuse for missing the family meeting date, then it is time for some new ideas or approaches to turn these meetings into events that no one wants to miss. How? By planning a purposeful family event that also happens to include the family meeting. In addition, it wil...
This handbook is designed to support families connected through wealth understand the importance and value of family meetings. It provides the concepts, tools, and resources with the intention of helping them optimize their family meetings and build towards a more cohesive, resilient, adaptive family.
Poorly structured family meetings that lack a clear purpose and agenda can do more harm than good. Failing to get buy-in from all family members can cause irreparable damage to relationships, despite the best of intentions. There are five key tips for holding a successful family meeting, which is an essential ingredient for managing wealth across g...
Black swan events—like the 2008 financial crisis and the COVID pandemic—often come with high velocity and are slow to recover. While these events are difficult to predict, the best way to get ready for the next crisis is with extreme preparation. Looking ahead with intentional risk management, here are 8 ways to prepare your business, family enterp...
Even if you are not yet ready to share the family's wealth numbers, communicating your intentions to the next generations promotes family harmony and is a best practice for successfully sustaining and transferring family wealth. It may also be time to schedule a family meeting for this purpose. There is no right way to conduct this meeting, bu...
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...
For most families, a large part of multigenerational success hinges on how they approach challenges and create opportunities. In unprecedented times of social distancing and school closures, there are ways you can use this unexpected “family time” to your advantage, including enhancing education for younger generations and foster family communicati...
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.
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 wealthy face compounding risks and a growing gap in protecting what they value most. Their insurance planning and coverage requires more customization—especially for assets that carry an emotional value. This research study examines the growing gap between what successful individuals and families value and how they choose to protect it against ...
If you’re not used to having conversations surrounding family wealth, it can be an uncomfortable experience that can lead to in-fighting and a breakdown in trust. That’s especially true when talking about inheritance: older generations often question if their kids are ready to grow into their roles as stewards of wealth, and younger generations oft...
Resilient enterprise families have learned how to see beyond the crisis at hand to find the opportunities hidden underneath. FOX Foresight keeps you up to date on our latest thinking about matters affecting Enterprise Families. It gives you our forward look on what we're learning from our members and subject matter experts. Please share it broad...
With the varied viewpoints, personalities, and emotions of UHNW family members, finding consensus can be a difficult topic, yet it is imperative to reach goals and move ahead. Gain insight into the structure and practices required for consensus and consider real-life situations resolved using these techniques. ...