CFAR Presenter: Todd Smith

Bringing Generations Together – The Importance of Governance Utilizing Private Family Trust Companies

Cindy Steeb, CLS Consulting, and Todd Smith, CFAR discuss how the expansive use of trusts to transfer wealth between generations has fundamentally changed the ways in which business-owning families need to think about governance. This includes how to keep beneficial owners engaged in a meaningful way, how they can make decisions together that are within the proper areas of authority & how to expand their shared learning to include the structure & usage of trusts. Private Family Trust Companies (“PFTC”) can be set up with a focus on bringing generations together at the same table providing more education & transparency in an attempt to harmonize wealth planning & facilitating family business shareholder transitions. Understanding the family dynamics and considering these dynamics when structuring a PFTC are important components to the design of a PFTC. From the structure to the operations, thoughtful consideration can help create a positive experience for family members having a PFTC as Trustee of family trusts.

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Bringing Generations Together – The Importance of Governance Utilizing Private Family Trust Companies