Family Trust Companies in Florida Whitepaper


Download your free copy of Oakstone Law's Family Trust Companies in Florida whitepaper here.

What is a Family Trust Company?

A family trust company (FTC) is a relatively new legal structure that can offer advantages in wealth management and estate planning for high net worth families. The FTC is like a mini financial institution that is permitted to serve as a fiduciary. It’s an entity — meaning a corporation or LLC, rather than a person. This entity is owned by a family, and it generally serves only that family. FTCs are prohibited from serving the general public.

Your Guide to Family Trust Companies in Florida

Your Guide to Family Trust Companies in Florida

FTCs offer a number of benefits to families looking for an alternative to the traditional individual (human) trustee or corporate trustee choices. If your family is struggling to identify potential trustees who are willing to serve and well-suited to your families’ needs, you may want to consider setting up an FTC. Some of the FTC’s benefits include:

  • providing for orderly succession of trustee services —  an FTC won’t become disabled or pass away like individual trustees;
  • accommodating a wider variety of investments — an FTC is not subject to restrictions on certain holdings or over-weighted allocations like many traditional corporate trustees;
  • avoiding state income tax — when carefully planned and structured, an FTC may change whether certain trusts are subject to state income tax;
  • handling the family business — an FTC is well suited to families whose primary asset is a closely held business; and
  • avoiding onerous investment advisor registrations — properly crafted FTCs will be exempt from the SEC registration requirements many family offices are facing.

Family Trust Companies in Florida

Oakstone Law’s founder Bob Kleinknecht has been an integral part of building the Florida Family Trust Company legislation which became law in June, 2014. He is a key member of the Florida Bar's Family Trust Company Subcommittee of the Estate and Trust Tax Planning Committee. Working on the Subcommittee with a number of other influential attorneys in the state of Florida, Bob has helped craft legislation that will give families the opportunity to create their own family trust company (FTC) right here in Florida.

Bob has also worked with FTC professionals in New Hampshire, Nevada and South Dakota, learning the ins and outs of the setup, structures and mechanics. Now that the FTC is finally coming to Florida, we expect a number of families will decide that Florida has more to offer than these other jurisdictions and move their existing FTC to Florida or create a new FTC in the state. We are ramping up to be ready for this exciting opportunity.

To get a free copy of this Family Trust Companies in Florida whitepaper, please complete the form above!

Click below to watch a video of Estate Planning attorney, Bob Kleinknecht, share his knowledge on Family Trust Companies. 

About Oakstone Law, PL

Oakstone Law PL was founded by Bob Kleinknecht. A member of the Family Trust Subcommittee, the Estate Tax & Trust Planning (ETTP) Committee and the Real Property, Probate & Trust Law (RPPTL) Section of the Florida Bar, Kleinknecht has 15 years’ experience.

Prior to founding Oakstone law, he spent more than eight years serving as a personal, in-house estate, tax and charitable planning attorney for a Forbes 400 family in New York and Florida. Before that he was an estate planning and estate settlement attorney with prominent firms in Boston and Washington, D.C. after beginning his career with a boutique firm in Naples, Florida.

Licensed in Florida and Massachusetts, Kleinknecht has developed a practice model that eliminates billing by the hour and offers a streamlined, customized client process supported by technology, security and a personal approach.

For more information on Oakstone Law, click here. To get in touch with us, click here to send us an email, or call 239-206-3454. Our office is located at 5137 Castello Drive, Suite 2 in Naples, Florida 34103.

Comments are closed.
Client Payment Page
Need to pay a bill? Now it’s faster and easier to pay a bill. It’s secure safe and easy

Oakstone Law
1415 Panther Lane, Suite 439
Naples, Florida 34109
Tel: 239.206.3454