CORONAVIRUS UPDATE: What We Are Doing to Protect Our Clients

Articles Posted in Family Trust Company

In 2014, the Florida Legislature passed the Florida Family Trust Company Act, which established a structure for the formation, operation, and regulation of Family Trust Companies (“FTCs”). An FTC is a corporation or limited liability company, exclusively owned by one or more family members, that provides trust services to a related group of people. FTCs can serve as trustees and provide other fiduciary duties, such as investment advisory, wealth management, and administrative services. There are many advantages of forming a FTC, including:

  • Increased flexibility and control over asset management
  • Greater protection of family privacy
  • Increased liability protection for fiduciaries
  • Continuity of the trustee upon death, resignation, or removal of a decision maker
  • The ability to integrate the younger generation into the family wealth management

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