Increasingly, families of substantial wealth, particularly families with a minimum of $500 million in assets, are contemplating or actually setting up a private trust company (PTC) to serve as the trustee of their family trusts. By one recent estimate, “hundreds” of families have created PTCs in the U.S. jurisdictions that authorize formation of a PTC as a distinct entity.1 Clearly, there’s a demand for PTCs, and states are responding to the demand. From less than
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