Private trust companies
More and more families are choosing to set up their own private trust companies to facilitate the preservation of family wealth for multiple generations.
For those who have resources, private trust companies provide several advantages. These include the opportunity to choose the fiduciaries involved in managing the assets with limited trustee liability. They also offer continuity in management, reduced fiduciary risk and personal service which is becoming more important to families.
We regularly construct private trust companies for families, and for other groups who share a common interest. Popular locations include the Isle of Man, Jersey, Cayman Islands, Bermuda, British Virgin Islands, Bahamas and some US states including Wyoming, New Hampshire and Nevada. We also advise on the tax implications of operating a private trust company so as to ensure that it is properly structured from inception.
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