Purpose
The purpose of a private family trust company (“PFTC”) is to serve as a corporate trustee for family trusts. The name denotes private because it cannot provide trustee fiduciary services to the public; it may only act as trustee for those family members (or affiliated family entities) of the family creating the PFTC. This article lays out the several benefits a PFTC may provide to families with multi-generational wealth.
Benefits Beyond Trustee Services
While the legal function of the PFTC is to operate as a trustee responsible for the administrative duties, trust distributions, and investment of trust assets for the benefit of trust beneficiaries, there exist many non-legal and non-tax benefits beyond these more familiar required activities.
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