Discover Why Increasing Numbers Take This Path
- Trustee For “Family” of Trusts
- No Regulatory Oversight
- Family Owned & Operated
- Simplifies Asset Management
- Reduce Costs
- Enhance Privacy
- Control Assets Directly
- Separate Investment Activities
- Financially Tutor Younger Family
- Division of Banking Approval
- Secretary of State Approval
- There Must Be A Member
- Family Office
- We Assist With All The Above
You and your family generally own the entity. Family members and advisors fill member, officer, committee and other relevant positions.
Though not required, committees are used for administration and operations. These may include a Trust Administration, Distribution or an Investment Committee.
The PTC may form agreements with family offices, advisors, trust companies, legal advisors and accountants regarding PTC administration.
Articles of Organization/Incorporation:
These contain clauses preventing the PTC from providing services to the public. The PTC may act as Trustee for a related family of trusts.
The Bylaws or Operating Agreement govern the company. One should ensure the documents are wrritten to avoid estate tax inclusion. The PTC may form service agreements for administration of said trusts.
The requirements are surprisingly simple. The filing process is fast and the PTC is recognized in the same manner as other business entities. There are no additional processing fees, filing fees, or capital requirements.
Numerous states actively compete for trust business. This trend has led to the enacting of statutes which ease the creation of unregulated private trust companies. With this in mind, the PTC should be formed in a jurisdiction friendly to larger asset protection goals.
The PTC iis often set up as a limited liability company (LLC) to protect family members serving on an investment committee from personal liability for their decisions. Wyoming was the first state to allow for the creation of an LLC and remains at the forefront of LLC innovations. For this reason, Wyoming is a popular jurisdiction due to the ease of administration and formation, minimal regulation, low filing fees, no income tax and no minimum capital requirements.