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Home | BakerHostetler

Julian Perlman Appointed as Chair of Exemptions and Immunities Committee of ABA Antitrust Section for Second Consecutive Year

Katherine Lowry Shares Legal AI Insights in <em>Bloomberg Law</em> Article

James Sherer Participates in Bridge-the-Gap II: Ethics and Skills for Newly Admitted New York Attorneys 2026

IP Intelligence Report

As Ex Parte Reexamination Requests Rise, the USPTO Expands Its Threshold Review 

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We understand that one of the principal functions of a Family Office is to promote efficiencies with outside service providers, and we believe this is best achieved through a collaborative effort. For example, a Family Office may be better suited to carry out certain necessary functions such as financial analysis, tax return preparation, insurance monitoring, and other administrative matters, all of which provide an important foundation for legal counsel to provide creative and effective advice. Our Private Wealth lawyers also serve as the gateway to the full array of legal&nbsp;services BakerHostetler brings to bear. Understanding the role of a Family Office has allowed us to maintain meaningful and longstanding relationships with the managers of our Family Office clients.

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We often help our clients set up the proper structure and ownership of their Family Offices. Clients rely on our securities law experience to work within the new “Family Office” exception under the federal Investment Advisers Act. Likewise, for those families who manage their own investments through partnerships or limited liability companies, we advise on how to comply with the many facets of the Investment Company Act of 1940, the Securities Act of 1933, and the Securities Exchange Act of 1934. We have also worked with Family Offices to develop template estate planning documents tailored specifically to a family’s unique values, and traditions. This not only creates long-term efficiencies, but it also provides a platform for unified family estate planning principles which can be applied throughout many generations, regardless of family geography.

In recent years, many families have formed their own Private Trust Company (PTC) to install a permanent, family-controlled entity as Trustee of family trusts. A PTC can be structured as a stand-alone entity, or it can be incorporated into the structure of a Family Office. We advise clients on choosing the most favorable state of formation, assist in developing creative ownership structures that meet family objectives, and provide ongoing counsel regarding the operation of a PTC.

We have been a thought-leader in the PTC area for decades. Our Private Wealth lawyers formed one of the first PTCs in the State of Wyoming many years ago and we have obtained several private letter rulings from the IRS regarding the income, estate, and generation-skipping tax consequences of forming a PTC. We also obtained a cutting-edge ruling just prior to the IRS moratorium on issuing further IRS rulings.

We work with local counsel in several states, including Wyoming, Nevada, South Dakota, Delaware, and others, to provide efficient representation of PTCs in those states. Our understanding of the PTC laws in different states allows for sophisticated trust planning, often resulting in a change to the state situs of trusts for the purpose of increased administrative flexibility.

Due to the unique issues involved with Family Offices and PTCs, and our firm’s longstanding work in this area, we have a team of lawyers who provide these specific services. Our Family Office/PTC team includes not only Private Wealth attorneys, but also experienced attorneys in securities law, corporate law, and partnership taxation.

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Edward J. Beckwith

Robert R. Galloway

Chad W. Makuch

Lisa A. Roberts-Mamone

Samantha M. White

James S. Judd

Lisa B. Canarick

Jonathan M. Forster

Rebecca S. Manicone

Keith C. Durkin

Carmela T. Montesano

Adam D. Gale

George R. McCormick

Samuel F. Toth

Lisa A. Peterson

Steve Rockoff

Cleveland

Partner

Kristin Yokomoto Discusses Ethical Considerations in the Estate Planning World on Podcast

BakerHosts

Next Generation Legacy Management – The Essence of Developing, Managing and Implementing a Plan for Future Generations

BakerHostetler Unveils Revolutionary Estate Planning Fintech Application in Private Wealth Law

Family Office and Private Trust Companies

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