BENEFITS

For decades, trusts have been an essential financial planning tool for high net worth families to pass wealth from one generation to the next, preserve family wealth for future generations, provide for family member’s needs in case of illness or incapacity, reduce income and estate tax, and allow for tax efficient gifts to charities.

The establishment of a private trust company (PTC) – set up to serve the members of a single family – has become an increasingly popular alternative to the more traditional institutional bank or individual trustee arrangement for trust and fiduciary services.  A few key benefits of the PTC structure include: allowing the family to have more flexibility in the management and involvement in their trusts’ administration, the ability to consolidate family assets – particularly closely-held, illiquid assets, and continuity of trusteeship.

While a handful of states have advantageous legal and tax laws for trusts and PTCs, Reliance FSC LLC has chosen to work with PTCs formed in Wyoming. The benefits of establishing a PTC in Wyoming include: a high degree of privacy, low or no income tax, 1,000 year dynasty trusts, strong asset-protection legislation, and a state legislature that adopts modern trust laws and is proactive on wealth protection.