A trend is emerging of wealthy families creating private trusts companies in order to have more investment control than they would have by continuing to rely on bank run trust companies. Some states are embracing this trend with favorable legislation to encourage these companies in their states. Private family trust companies are allowed in Nevada, New Hampshire, South Dakota, Tennessee, Texas, Wyoming, and Florida.
See Liz Moyer, Private Trusts for the Very Rich, The Wall Street Journal, Dec. 14, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
