In the late 1980s, not long after I took my traditional bank-and-trust-companies practice to the new Chicago office of a mega law firm, Jay Hughes, generations-bridging counsel to wealthy families and one of my new partners, paid me a visit. “You know trust companies and I know the wealth-management needs of extraordinarily wealthy American families,” he said. “I believe that in the next decade there will be a great deal of interest in private trust companies, like the one the Rockefeller ...

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