If you have family wealth, Florida has just made it easier to have your own family trust company .
Family Wealth = Family Office …… Now ….. Florida Family Trust Co.
- Families with wealth used to simply set up family trusts in Florida
- Hire a good Florida trust lawyer and viola! Not too complex or difficult, right? And not demanding (that much)
- A few, very few, like, a handful, if that, of wealthy families created companies to manage their family wealth and seek new clients (to manage other families’ wealth)
- Then, the trend became for families with $100 Million or more to create so called Family Offices….. little or small private trust companies that may or may not have been incorporated or operated under a business entity like a Florida Limited Liability Company
- These Family Offices might be adminstered by the family trust document written by a trust lawyer, or the Family Office might have been simply run out of a larger money manager’s office
Trend is to Permit Family Trust Companies
- The trend now is to permit families to create Family Trust Companies without all the red tape and hassle normally attributed to a business which wants trust powers in the state of Florida
- There are many advantages and disadvantages for this matter and some potholes and pitfalls to avoid
Why Florida is Good for Family Trust Companies
- Florida can be an excellent venue or state to house your family wealth
- There are a number of distinct and important advantages to having your family wealth in a Florida trust and having your family money administered in a Florida Trust Company including
- No state income tax
- Evolving and cutting edge trust law
- Active, informed and knowledgeable trust lawyers in Florida who actually suggest and evaluate new trust laws and legislation
- Wide use of trusts and revocable trusts by Florida citizens
- Sunshine !
- Green and clean!
- Easy access in and out of Florida