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The Human Dimension Estate planning is about protecting assets over time for the good of beneficiaries. Many grantors and advisors work hard on the first part, protecting assets, but do not adequately address the second part, creating a positive impact for beneficiaries. Many grantors intend for their trusts to become a gift of love that...

Asset Protection Trusts Wyoming Domestic Asset Protection Trusts (DAPTs) have become a well-known strategy to secure wealth. Over the past decades, Wyoming has become a leading asset protection situs due to its tax laws, strong legal protection, and privacy. The Wyoming DAPT can provide strong asset protection for high-net-worth individuals and families. However, Wyoming DAPTs...

Many people are worried about liability either through accidents or fraudulent lawsuits and are looking for a legal strategy to protect their assets. The best solution is highly relative to the situation of each individual. While there’s no one-size-fits-all solution, asset protection generally falls into three tiers. Each tier builds on the previous one, offering...

The Family Office Reading List This family office reading list addresses the unique ecosystem of the family office. Any discussion of family office administration has to consider the complex relationships between elder and rising generations, trustees and beneficiaries, advisors and family members. The following family office books are not the only books on the subject...

Families typically have three options when they select a trustee to serve as fiduciary of their Wyoming trusts. There are two traditional options: an institutional trustee, such as a trust company, or an individual trustee, such as a trusted advisor. In either case, these traditional trustees may not meet all of a family’s unique goals...

Many ultra-high-net-worth families have heard of the benefits of establishing a private trust company to serve as trustee of their trusts. (We prefer “private family trust company” or “PFTC”) . However, they might not understand the nuanced best practices on forming a PFTC. This blog explores some of the legal and structural issues that families...

At a Glance What Do Revocable Living Trusts Do? A revocable living trust (RLT) allows an individual to avoid probate and plan for incapacity. However, by itself, an RLT does not provide asset protection or estate tax benefits. Instead, it often serves as the foundation for a broader estate plan that may include one or more irrevocable trusts designed for those...