* Living or deceased ∆ May include up to 12th degree of lineal kinship or 11th degree of collateral kinship, including spouses, former spouses, their estates and trusts (either formed by or benefitting family client) STATE OF TENNESSEE PRIVATE FAMILY TRUST COMPANIES: THE “EXPANDED FAMILY” UNIVERSE © 2017 Waller Lansden Dortch & Davis, LLP CHILDREN to include “their” children, step-children, adopted children, foster children and minor wards to include the former spouses of both designated relatives and the relatives of their former spouses FAMILY BUSINESS OFFICERS + DIRECTORS to include the full-time employees of the family business and other full-time employees Prior to 2016, Tennessee’s private family trust company (PFTC) laws were limited to serving a single designated relative* and that relative’s parents and siblings. This diagram illustrates the newly amended laws and the “expanded family” universe of family members/clients which may now be served. to include the parents and siblings of both designated relatives ∆ TWO DESIGNATED RELATIVES* FORMER SPOUSES FAMILY- SUPPORTED FOUNDATION, NONPROFIT OR CHARITY ORGANIZATION to include the directors and/or officers of the entity
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* Living or deceased
∆ May include up to 12th degree of lineal kinship or 11th degree of collateral kinship, including spouses, former spouses, their estates and trusts (either formed by or bene�tting family client)
STATE OF TENNESSEE PRIVATE FAMILY TRUST COMPANIES:
THE “EXPANDED FAMILY” UNIVERSE
© 2017 Waller Lansden Dortch & Davis, LLP
CHILDREN
to include “their” children,
step-children, adopted children,
foster children and minor wards
to include the former spouses of bothdesignated relatives and the relatives
of their former spouses
FAMILY BUSINESS OFFICERS + DIRECTORS
to includethe full-time employees of
the family business and
other full-time employees
Prior to 2016, Tennessee’s private family trust company (PFTC) laws
were limited to serving a single designated relative* and that relative’s
parents and siblings. This diagram illustrates the newly amended lawsand the “expanded family” universe
of family members/clientswhich may now be served.
to includethe parents and siblingsof bothdesignatedrelatives ∆
TWO DESIGNATED
RELATIVES*
FORMERSPOUSES
FAMILY-SUPPORTEDFOUNDATION, NONPROFIT OR CHARITY
ORGANIZATION
to include thedirectors
and/or of�cers
of the entity
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