SFOs & Private Trust Companies with Holly Isdale

SFOs & Private Trust Companies with Holly Isdale

SFOs & Private Trust Companies with Angelo J. Robles

In Part 7 of the Family Office Association Podcast Audio Series, Angelo J. Robles is joined by Holly Isdale as they discuss SFO’s and private trust companies. You can either read the transcription or listen to the podcast and learn more.

Transcript Preview:

Angelo Robles: Hello everyone, it is Angelo Robles at Family Office Association. Today, in our Family Office Association audio podcast, I am joined by Holly Isdale, founder and CEO of Wealthaven. Holly is a treasure within the industry, incredible background, very knowledgeable and experienced in legal, tax and finance. We are so fortunate to have the audio podcast with her today. We will likely have much more with Holly in the future. Today’s topic is going to be rather narrow, although we are going to take a broad view of it. That is going to be the incredibly important topic to understand within the single-family office community of a private trust company. We may use the acronym in our conversation that would be PTC. On that note, Holly, how are you?

Holly Isdale: I am well, Angelo, how about you?

Angelo: I am doing great. A pleasure to have you on our audio podcast.

Holly: Thank you so much for having me.

Angelo: Thank you, let us start and again we are going to start off a little more broad. We will get a little narrow on some of the nuances of a private trust company as we go along, but let us make the assumption that there is some education to be done early on in our dialogue. Let us start with very simply what is a private trust company?

Holly: A private trust company is an entity. It can be a corporation or a trust that you set up just like you would set up a family partnership or an LLC. It is a state regulated entity, so you have set up in certain states. It is permitted under state law to act as a trustee, usually for a very limited group of people. It is often limited by state law to a certain amount of family members or a certain number of generations of family members. It is used to function instead of a corporate fiduciary and provides all the fiduciary services that a family would want with just a lot more of their own bells and whistles added into it.

Angelo: What would make a family think about wanting to set up a private trust company?

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