Who to Call — In Order
Key Things to Know
- Trust distributions from the AT-078 Trust require written authorization from the Independent Trustee (James Tuton). No distribution can be made without this letter.
- All account credentials are in 1Password. The master password paper copy is in the home safe and at Galbut & Beabeau law firm.
- Asset Vantage (www.assetvantage.com) shows a consolidated view of all family office assets. Contact David Pagliaro (646-413-2146) for access help.
Who to Call — In Order
Authority & Succession
- Michelle Tuton is the Executor of Adam's estate and becomes the Initial Primary Beneficiary of the AT-078 Trust.
- If Michelle is also unavailable: Keith Galbut serves as Executor.
- Keith Galbut becomes Successor Trustee of the AT-078 Trust. He is already fully briefed on the trust structure.
- Walker and Grace Tuton become Successor Trustees of the Adam and Michelle Tuton Revocable Family Trust, provided they are over age 30 at the time. If not, Keith Galbut serves.
- Contact all investment managers (IEQ, RBC) to notify them and receive guidance on account transitions. Do not liquidate positions without legal and tax guidance.
- The Prudential life insurance policy (Policy V2783302, $4 million) should be claimed promptly. Contact Galbut & Beabeau to initiate.
Who We Are
The Tuton Family begins with Adam and Michelle as patriarch and matriarch. There are currently two generations and four living members. Children of the Family — both legally adopted and biological — are considered members. All other non-biological family members are not members for purposes of this statement.
Our Values
As a Family, we:
- Honor the primacy of Family
- Be humble and act with humility
- Respect and encourage individual achievement and self-actualization
- Prize education, hard work, and initiative
- Allow and require all members to speak their minds on all matters
- Support the taking of reasonable and considered risk
- Understand and accept the challenges and responsibilities of significant economic wealth
- Recognize that economic wealth, when managed wisely, can achieve spiritual, emotional, and cultural wealth — but is not an end in itself
- Promote charitable activity and civic and community involvement
The Role of Family
The Family should be a haven, but not an island; close, but not confining; supportive, but not suffocating; a safety net, but not a crutch.
Family Wealth
The Family recognizes that economic wealth brings challenges and responsibilities as significant as its benefits. We are thankful for it but not idolatrous of it. Family legacies — economic and otherwise — do not constitute entitlements. Estate plans should reflect our shared values and encourage each member to contribute to the Family's ongoing success rather than rely upon it.
Family Accord
Each family member commits to strive to be respectful of one another; encourage full participation in Family matters; foster open exchange of information; and recognize the contributions of all members to the spiritual, cultural, emotional, and economic wealth of the Family. The Senior Generation has implemented protective devices in the estate plan — explained at Family meetings — designed to reduce the potential for destructive disagreement.
Entity Structure Diagram
Updated May 17, 2026 — Confidential
AT-078 Trust (Primary Vehicle)
The AT-078 Trust and its related sub-entities comprise the bulk of the family office structure. It is an Irrevocable Generation Skipping Trust.
The manager is Adam Tuton. Adam is the initial primary beneficiary. Upon Adam's demise, Michelle becomes the initial primary beneficiary. Successor beneficiaries are Walker and Grace Tuton.
Distributions from the Trust must be pre-approved by the Independent Trustee (currently James Tuton). Operationally, the Independent Trustee issues an annual authorization letter to the Family Trustee (Adam) permitting distributions. Copies go to Heidi Freeman at Simmons Freeman.
Trustee Adviser role is currently vacant as of 12/1/20 following the passing of Edward Tuton Sr. This does not need to be filled immediately.
The Trust is authorized to provide housing for the Initial Primary Beneficiary. This is accomplished operationally through TFB Holdings LLC funding the LLCs that own individual properties, which then pay bills from their own LLC checking accounts.
Adam & Michelle Tuton Revocable Family Trust
A separate trust created primarily to hold the lifetime exemption allocation for Adam and Michelle Tuton (up to $28 million under current statute — $13.99mm per person). At present, this entity has no assets.
Co-managed by Adam and Michelle as Trustees. Successor Trustee: Keith Galbut, and if unavailable, Walker and Grace Tuton (if over age 30). Beneficiaries are Walker and Grace Tuton.
Last Wills & Testaments
Initial Executor: Michelle Tuton
If Michelle is unavailable: Keith Galbut
Initial Executor: Adam Tuton
If Adam is unavailable: Keith Galbut
Grace Walker Charitable Fund (DAF)
A Donor Advised Fund managed by Vanguard Charitable. Initial donation was $1 million. The mission is to support 501(c)(3) organizations that: (a) provide support for those unable to provide for themselves due to conditions present from birth or through no fault of their own, or (b) enable disadvantaged individuals — especially children — to gain skills, education, and resources to become self-sufficient.
Legal
Lead attorney for all trusts and wills. Simmons Freeman LLC (formerly Oshins & Associates), Las Vegas NV. Consult Heidi for any tax and legal questions about transactions, entity changes, or trust structure.
The quarterback for all legal services. Keith is fully briefed on the trust and will structures and leads all legal work including contracts and litigation. He also holds the position of Co/Successor Trustee in the AT-078 Trust and serves as a key family advisor upon death or incapacitation of Adam and/or Michelle. Call Keith first in any emergency.
Tax & Accounting
Strategic tax planning, accounting, and preparation for Adam & Michelle Tuton and all disregarded entities. Palm Beach office. Lead contact for all tax matters.
Handles daily bookkeeping and accounting for Nicodemus Farms LLC.
Systems
Manages the family office's Asset Vantage cloud application (www.assetvantage.com), which consolidates and reports on all family office assets. Previously employed by Asset Vantage; has direct experience with our implementation. Fee: $1,750/month paid by TFB Enterprises via Zelle.
All daily-use bank accounts for Trust and Family use reside at Bank of America. Daily banking contact: Hayley Meno (480.624.0592 · hayley.meno@bofa.com). Senior VP Client Manager: Michele Elliott (480.624.0376).
Family & Personal
Main family account for everyday expenditures. The Family Visa (…4603) credit card is paid from this account.
Grace Tuton's personal bank account.
Walker Tuton's personal bank account.
Trust & Entities
Primary purpose is to make distributions from the Trust to the Primary Beneficiary. Distributions must flow up from TFB Enterprises or TFB Holdings to this account — not directly from outside sources.
General Partner of the family office structure. Owns 1% of TFB Holdings. Functions as a corporate cost center and hub for many distributive transactions. Also leases and operates the family aircraft (N610GW). Separate TFB Enterprises MasterCard (…5638) for aircraft-related expenses.
Primary investment vehicle for direct private equity and real estate LP interests. Receives periodic distributions from those investments. Owns TFB Commercial Real Estate Holdings (commercial RE) and TFB Real Estate Holdings (residential RE). Note: TFB Lending, LLC has been merged into TFB Holdings and is no longer operationally active. It was originally formed to segregate collateral for Bank of America and Morgan Stanley secured lines of credit; those lines are no longer in effect and the entity is vestigial.
Tracks expenses for Dickenson Partners LLC (Copperstate Farms cannabis investment). Very few transactions. See Private Investments section.
Property Accounts
Captures all costs for the Scottsdale primary residence (6711 N Rocking Rd, Scottsdale AZ 85250).
Captures all costs for the Chicago condominium (411 W Sangamon Ave, Unit 8E). Property owned by TFB Real Estate Holdings LLC. Purchased August 24, 2023 for Grace to live in during college.
Captures all costs for the Ketchum, Idaho residence (631 Alpine Ln, Ketchum ID 83340). Owned by Alpine631, LLC; member is TFB Real Estate Holdings, LLC (100%). Purchased October 2025 for $4,550,000.
Pays all equestrian operations expenses. Nicodemus Farms Visa (…0244) is paid from this account. Equestrian costs generally exceed revenues; deficits are funded by TFB Enterprises LLC.
Assets are managed internally by Adam and externally by several wealth managers. The primary direction is to consolidate liquid assets at IEQ Capital / AQR. Morgan Stanley and Bank of America equity positions are being transitioned out.
Selected as the primary investment manager. IEQ is the RIA implementing AQR Flex, a highly tax-efficient solution for holders of highly appreciated publicly traded stock.
Holds a portfolio well in excess of $5mm of trust assets. Focuses on momentum trading. Jonathan MacNaughton is a high-net-worth individual who invests alongside his clients.
USD $4,500,000 revolving demand facility secured by assets held in this account (RBC Acct. No. 04712-4514717). Current balance: $0. Available for standby use; may be drawn, repaid, and redrawn at will. Rate: RBUSBR – 2.00%. Repayable on demand by the Bank at any time. Facility dated November 3, 2025.
Contact: Michael Cheng, Senior Credit Specialist — RBC Canada Asia Centre, 1055 West Georgia St., 33rd Floor, Vancouver, BC V6E 3S5 · 778-512-7410
Holds remaining legacy private equity fund commitments; as these roll off, no additional commitments will be made here. Still the primary bank for all daily accounts.
Holds the following accounts, all self-managed by Adam:
| Account | Type | Last 3 |
|---|---|---|
| TFB Holdings LLC | Brokerage | …843 |
| TFB Enterprises LLC | Brokerage | …269 |
| Adam Tuton — AET Roth IRA | Roth IRA | …611 |
| Walker Tuton — Roth IRA | Roth IRA | …404 |
| Grace Tuton — Roth IRA | Roth IRA | …453 |
Holds legacy PE fund commitments, Alkeon funds, and a municipal bond portfolio. Key contact is Collin Beardslee.
All private investments are held through TFB Holdings, LLC. New investment products offered by major wealth managers (BofA/Merrill, Morgan Stanley) will not be added to the portfolio. Qualified private investment opportunities sourced independently or through other channels will be evaluated on a case-by-case basis using the Claude Cowork deal screening process. Do not renew or roll existing commitments without consulting advisors.
Private Credit
Lends against commercial and industrial properties. Returns have reliably been 12–14%. Tax-advantaged REIT structure. Founded by Lee Brodsky, a family office forum contact.
Private credit using loan origination platforms backed by corporate counterparties with US residential real estate collateral. RTL investing and power buying with short holds. Lender to PropTech originators. Referred by 3i Members.
Asset-backed credit platform investing in mid-life commercial aircraft and engines (10–20 years old), generating income through leasing to global airline operators. Non-correlated to broader market with opportunistic equity-like upside.
Acquires defaulted Home Equity Conversion Mortgages (HECMs) insured by HUD at ~50% discounts to original loan value. Non-correlated, asset-backed, short-term. Fund does not recycle endlessly. Referred by 3i Members.
Short-term asset-backed bridge loans to house flippers in North Carolina and other states. Private credit REIT with ~10% annual distributions paid monthly. Temporary bucket for idle cash. Referred by Dave Grounds (long-term family friend).
Large-Cap PE — LP Interests
Seven institutional PE fund LP interests held through TFB Holdings LLC. All positions were evaluated for secondary sale in a formal hold-vs-sell analysis. Secondary bids were obtained at approximately 67% of NAV through Chuck Doppelt, Melting Point Solutions (secondary broker).
| Fund | Manager | Net IRR | ~NAV | Status |
|---|---|---|---|---|
| KKR Infrastructure IV | KKR | 10.44% | ~$1,100K | Hold |
| Blackstone Capital Partners VIII | Blackstone | 6.60% | ~$1,075K | Hold / Watch |
| KKR Custom Equity | KKR | 6.75% | ~$927K | Lean Sell — long tail |
| Hamilton Lane PE IX | Hamilton Lane | 13.31% | ~$632K | Hold |
| KKR Dislocation | KKR | 5.94% | ~$474K | Hold |
| Cerberus RIF | Cerberus | 7.34% | ~$461K | Hold |
| Blackstone Alt. Solutions Trust 2015 | Blackstone | 7.53% | ~$325K remaining | Sell — fund expires Dec 2026 |
BTAS 2015 is an active secondary sale in process. Fund term expires December 2026 with no extensions remaining. 4 unrealized positions; 26% unfunded commitment transfers to buyer. Contact Chuck Doppelt to execute. BCP VIII and KKR Custom Equity are under active consideration for sale due to extended tail risk.
Private Equity & Venture
Boutique PE firm specializing in idiosyncratic non-correlated assets with private credit and equity/warrant upside. Based in Palm Beach.
| Investment | Status |
|---|---|
| Harlan Special Opportunities Fund V LP | Fully drawn |
| HCP Fiber LP (Connext — home internet, Salt Lake City) | Fully drawn · For sale |
Acquires VC secondaries at a discount from late-vintage funds where early risk has been eliminated by fund age. Founded by Dave McClure (creator of 500 Startups). Significant return of capital and asset write-ups to date.
| Vehicle |
|---|
| SPV 1 — PVC Flash 1A LP |
| SPV 3 — PVC Flash 2A LP |
| SPV 2 — PVC Flash 1C LP |
| PVC Secondary Fund 2 |
| PVC Secondary Fund 3 |
| Co-Invest — RecargaPay |
| Co-Invest — Quicknode |
Specializes in secondary shares of private AI companies. Referred by PVC.
| Company | Notes |
|---|---|
| Cohere (AI) | Special terms on mgmt fee & carry negotiated |
| xAI (Elon Musk) |
Under-$10B community bank in Hawaii. Investment came through James Tuton's relationship with Steve Hilton. Total investment vehicle is $44.5mm (just under 10% of bank shares). Thesis: improve net income to ~$100M, institute $60M annual dividend, pursue public listing in 2026+.
Medical devices and therapeutics fund via two sub-funds: Biostar and Invivium. Referred by John Gorski (co-owner of family aircraft). Classified as early-stage venture capital with a 10-year horizon.
Founded by Luke Morong (nephew of David Watson, connected through James Tuton). Investment is in Country Club Terrace (Chimney BFC 1) — a manufactured housing community at 446 NW California St., Hutchinson, MN. Acquired Oct 2024; performing well ahead of budget as of Q2 2025.
Phoenix-based boutique PE firm, lower middle market. Does not seek committed capital — funds deals discretely. Two investments made: Solly Baby (infant carriers) and RDD Associates (food broker, NJ). Neither has performed according to plan.
Invests in lower middle market healthcare and tech-enabled services. Majority of commitment drawn.
New York advisory that finds co-investment opportunities in pre-IPO companies. Two investments made: Epic Games (Fortnite/metaverse) and Klarna (BNPL platform).
$100K total commitment via TFB Holdings LLC — two $50K tranches through separate SPVs. Tranche 1 ($50K) wired and closed Feb 2026. Tranche 2 ($50K) pending; no call issued as of April 2026. Terms: 2% annual management fee, 20% carry.
DG Matrix (Raleigh, NC) makes next-generation solid-state transformers — 70–90% smaller, 3–7% more efficient than legacy systems. Targeting data centers, EV charging, and microgrids. Active pilots with Amazon, PowerSecure, Bloom Energy, and Duke Energy. Syndicate includes ABB, Chevron, Cerberus, and Clean Energy Ventures. Referred by Luke Morong / Chimney Pond Capital.
Direct Holdings
| Entity | Ownership | Industry |
|---|---|---|
| Somm, Inc. (SommSelect.com) | 50% | E-commerce wine merchant |
| Dickenson Partners LLC (Copperstate Farms) | 1/3 | Cannabis — AZ's largest vertical operator, 80 acres, 9+ dispensaries. TFB manages K-1 reporting. |
| Tallwave Holdings | <1% | Digital transformation / UX consulting — marked to zero. Both Tallwave and Wiser came via Jeff Pruitt; do not invest with him again. |
| Wiser Solutions | Note holder | Retail software solutions — bankrupt, no recovery expected. |
Investment-Grade Wine Portfolio
Large investment-grade wine portfolio managed by Lay & Wheeler and stored duty-free at Coterie Vaults, Great Britain. ~1,174 cases (~8,000 bottles) across 1,147 line items. All holdings are duty-free; duty & VAT become payable upon import to the UK or sale into duty-paid channels.
| Region | Cases | Purchase Value | Market Value |
|---|---|---|---|
| France — Bordeaux | 1,001 | £528,630 | £389,560–£438,480 |
| France — Burgundy | 65 | £293,597 | £168,490–£191,470 |
| France — Champagne | 51 | £50,755 | £25,810–£29,100 |
| Mixed Cases | 3 | £210,000 | £31,450–£35,740 |
| Italy | 23 | £27,200 | £24,360–£27,700 |
| France — Rhône | 5 | £23,750 | £17,180–£19,500 |
| USA | 6 | £26,295 | £11,060–£12,570 |
| Spain | 2 | £16,890 | £6,330–£7,200 |
| Australia | 4 | £5,040 | £4,040–£4,600 |
| Argentina | 12 | £1,710 | £1,820–£1,960 |
| Total | ~1,174 | £1,184,082 | £680,100–£768,320 |
Current plan: Ship the portfolio from Coterie Vaults to SommSelect (sommselect.com) for retail sale on the website. Coordinate with Amanda Skinner at Lay & Wheeler and the SommSelect team to manage logistics, import duties, and fulfillment. Do not liquidate through Lay & Wheeler's brokerage channel without first consulting Adam or, in his absence, the SommSelect partners.
Market values as of report date. Separate from the US wine blanket policy held under PURE Insurance (CO216557807).
Digital Assets
4.21 BTC held entirely offline in cold storage. No exchange account or custodian — the coins are self-custodied and inaccessible without the physical devices and their PINs/seed phrases.
Storage devices (both in the home safe — two devices for redundancy):
| Device | Model | Location |
|---|---|---|
| Trezor | Trezor Model One | Home safe |
| Ledger | Ledger Nano S Plus | Home safe |
Trust invests in commercial/residential real estate LP interests through TFB Commercial Real Estate Holdings LLC and directly via residential entities. Three primary GP relationships for commercial.
Residential Properties
6711 N Rocking Rd, Scottsdale AZ 85250
Entity: Rocking Road 6711 LLC (BofA …9438)
411 W Sangamon Ave, Unit 8E, Chicago IL
Owned by TFB Real Estate Holdings LLC (BofA …1234)
Purchased Aug 2023 · $510,000
631 Alpine Ln, Ketchum, ID 83340
Entity: Alpine631, LLC (BofA …5028) · EIN 39-5042951
Member: TFB Real Estate Holdings, LLC (100%)
Purchased Oct 2025 · $4,550,000
Commercial Real Estate — Harrison Properties (Industrial)
Phoenix-based industrial RE specialist. Over 100mm sqft in the Southwest. Structure: 6% preferred return + 75% of asset appreciation. Harrison's strengths are buying properties at the right basis and adding value through expansions where possible. He does not typically sell — the portfolio is income-focused — which means equity can remain trapped for extended periods. Offsets to this include consistent distributions and periodic refinancings at higher valuations as cash flow grows. A meaningful risk is key man concentration: Jim Harrison is clearly the driving force, and while he has indicated he is training his daughter to take over, that is not a substitute for his lifetime of experience and relationships. For these reasons, no new commitments have been made to the Harrison industrial portfolio recently.
| Investment | Initial |
|---|---|
| AZ NM Multi — Multi-tenant industrial, AZ & NM | $275,000 |
| AZ CF1 Partners — 1mm sqft warehouse (Lucid Motors, Riverview) | $500,000 |
| CADC Industrial — 581K sqft multi-tenant distribution | $416,667 |
| PHX Buckeye Partners — Multi-tenant industrial, Phoenix | $250,000 |
| Hawkview Industrial Park — 11 buildings, Midland TX | $250,000 |
Commercial Real Estate — RW Partners (Diverse)
Owned by the Winssinger Family Office (family always a major co-investor). Conservative management. Structure: 8% preferred return. Trust invests via TFB Commercial Real Estate LLC.
| Investment | Initial |
|---|---|
| Hayden Road Retail — Individual retail suites, Scottsdale Airpark | $250,000 |
Commercial Real Estate — PEM Investments (Apartments)
Nationwide multifamily specialist with full property management capability and significant co-investment. Structure: 10% preferred return / 40% carried interest. Typically monthly distributions. Trust invests via TFB Commercial Real Estate LLC.
| Investment | Start | Contributed | Distributions | Capital Balance |
|---|---|---|---|---|
| Legacy Flats | Feb 2018 | $414,543 | $167,261 | $260,776 |
| Edge and Stone | Feb 2021 | $166,940 | $51,814 | $166,940 |
| The Mark | Oct 2021 | $179,113 | $30,235 | $179,113 |
| The Preserve at Preston Trails | Jan 2022 | $338,133 | $31,919 | $338,133 |
| Citadel (LF Citadel LLC) | May 2022 | $202,019 | $11,453 | $197,156 |
| Total | $1,300,748 | $292,682 | $1,142,118 |
Commercial Real Estate — Saxum Real Estate (New 2025)
Industrial warehouses, apartments, and cold storage. Found through 3i Members. Intended to start replacing PEM as one of the apartment/industrial outlets.
| Investment | Commitment |
|---|---|
| Special Opportunities GP Industrial Fund (cold storage development) | $500,000 |
| Arcadia Cold Storage & Logistics (6 facilities nationwide — build & sell) | $500,000 |
There is an active lawsuit related to an insurance claim for damage done to the aircraft in 2024. Contact Keith Galbut (kgalbut@gb.law) for status.
Property & Casualty — PURE Insurance
All P&C insurance is consolidated with PURE, which specializes in high-net-worth clients. Total annual P&C premium: ~$28,861.
6711 N Rocking Rd, Scottsdale AZ 85250. Dwelling $3,990,525 · Other Structures $2,296,929 · Contents $1,995,261 · $1M personal liability. Deductible: $25,000 (highest of all properties). Annual premium: $8,312.
Includes Fraud & Cyber Defense endorsement ($100K combined aggregate). Additional insureds: Rocking Road 6711 LLC and AT-078 Trust. BofA mortgage on file.
631 Alpine Ln, Ketchum ID. Dwelling $4,000,000 · Other Structures $800,000 · Contents $2,000,000 · Loss of Use $400,000 · $500K personal liability. Deductible: $10,000. Annual premium: $6,194.
Extended Replacement Cost endorsement (up to 100% additional coverage above dwelling limit). 1994 frame construction, 3,106 sqft. Central reporting alarm credit applied. Held through Alpine631 LLC.
411 S Sangamon St, Apt 8E, Chicago IL. Contents $810,589 · $1M personal liability. Deductible: $10,000. Annual premium: $1,902.
Additional insured: Sangamon 411-8E LLC.
Scheduled jewelry: $35,178 (includes 2.01ct pear diamond engagement ring). Blanket jewelry: $127,628 (single article limit $30,388). Wine blanket: $351,775 (single article limit $12,155). Annual premium: $2,146.
$25M personal excess liability · $5M excess UM/UIM. Covers all three locations (Scottsdale, Ketchum, Chicago). Named operators: Adam, Michelle, Grace Tuton. Annual premium: $5,919.
Additional insureds: Rocking Road 6711 LLC, Nikodemus Farms LLC, AT-078 Trust, Sangamon 411-8E LLC.
2025 Jeep Grand Cherokee Summit Reserve. Agreed value: $54,230. VIN: 1C4RJHEG4S8745086. Garaged: Chicago 60607. $250K/$500K BI · $100K PD · $250K/$500K UM/UIM · $5K med pay. Deductibles: $2,500 collision / $2,500 OTC. Annual premium: $2,317.
Replaced Tesla Model Y as of April 27, 2026.
2017 Maserati Levante. Agreed value: $21,650. VIN: ZN661XUL2HX250717. Garaged: Scottsdale 85250. $250K/$500K BI · $100K PD · $250K/$500K UM/UIM · $5K med pay. Deductibles: $1,000 collision / $1,000 OTC. Annual premium: $2,071.
Life Insurance — Prudential
$4,000,000 death benefit. Issued by Pruco Life Insurance Company (Prudential), April 2022. Beneficiary: Michelle S. Tuton. Annual premium: $75,636.
Cash value side fund: The contract fund is invested 100% in the Fidelity VIP Index 500 Portfolio (S&P 500 index fund). The fund's value fluctuates daily with the index. Cash surrender value = contract fund balance minus any applicable surrender charges. No fixed balance is recorded here — check the current Prudential statement or log in to Prudential.com for the current value.
Key policy features:
- S&P 500-linked side fund — Contract fund allocated 100% to Fidelity VIP Index 500 Portfolio. Value grows and declines with the S&P 500; potential for substantial cash accumulation in up markets.
- Lapse Protection Rider — No-lapse guarantee keeps the full $4M death benefit in force even if the contract fund is depleted, provided the cumulative premium requirements are met. Critical protection given the variable investment component.
- Flexible premium structure — Premiums may vary in timing and amount within policy limits. Policy can be overfunded (subject to IRS limits) to accelerate tax-deferred cash value growth.
In the event of Adam's death, contact Keith Galbut immediately to initiate the claim.
Professional Networks
YPO (Young Presidents' Organization) is a global leadership community of 34,000+ chief executives across 142 countries. Adam is a member of YPO Gold Arizona, the senior chapter for long-standing YPO members. Adam participates in two YPO forums:
These forum members have a strong understanding of Adam's investing philosophy, family office structure, and estate planning approach. In the event of Adam's incapacitation or death, they are a knowledgeable and trusted resource for the family and advisors navigating next steps.
3i Members is a curated peer network for CEOs and senior executives focused on co-investment and deal sharing. Members participate in regular deal round-up meetings featuring vetted investment opportunities sponsored by fellow members. The network also supports next-generation family engagement through its Next Gen Fellowship program (for adult children of members). Contacts: mark@3imembers.com · deals@3imembers.com. Investments sourced through 3i include Setpoint Credit Fund III LP, Matawin HECM Tactical Opportunity Fund (Tourmelet), and AQR Flex.
Club Memberships
Social membership at The Sanctuary on Camelback Mountain, a private club and resort situated on 53 acres on the north face of Camelback Mountain in Paradise Valley. Offers dining, spa, fitness, and social amenities.
Invitation-only, member-owned club established in 1953. Located at 7101 N. Tatum Blvd., Paradise Valley. Features an 18-hole parkland golf course, tennis, pickleball, aquatics, dining, and fitness. Serves approximately 1,000 members. Prospective members must be sponsored by existing members. Adam is currently on the waitlist.
Private, member-owned club (since 1999) at the gateway to Sawtooth National Forest near Sun Valley. Features a 27-hole golf layout designed by Tom Fazio, Davis Love III, and Beau Welling across 205 acres. Also offers tennis, fitness, dining, and cross-country skiing. Founded 1996. Adam is currently on the waitlist. Contact: 208-788-5400 · thevalleyclub.org.
All user IDs and passwords for all family office accounts are stored in 1Password. This app has a master password not known to 1Password (the company). If lost, access is permanently gone.
Physical paper copy locations:
- Home safe (daily password known to Adam)
- Galbut & Beabeau law firm (Keith Galbut)
In an emergency, contact Keith Galbut (602.955.1455) — he holds the physical copy.
Consolidated view of all family office assets and reporting. Contact David Pagliaro (646-413-2146 · dpags@pagliaro.or) for login assistance or system questions.
Adam's brother. Lives in Park City UT and Paradise Valley AZ. Married to Catharine Biggers; children Jackson and Madison. Sophisticated investor with a trust structure and estate of similar size and complexity. The most capable family resource outside of Adam.
Adam's eldest brother. Lives in New York City. Wife: Heidi Herman. Daughter: Juliette.
Does not have financial experience for trust complexities.
Adam's eldest sister. Lives in Beverly Hills CA. Husband: Roger. Children: Simon, Samantha.
Conservative investor; does not have financial experience for trust complexities.
Lives in Phoenix AZ. Divorced. Sons: Hunter, Riley.
Does not have financial experience for trust complexities, but is highly organized and reliable.
The Tuton Family holds periodic family meetings — typically annual — to review estate structure, finances, investments, the charitable fund, and family matters. Meetings are hosted at Galbut & Beabeau. Keith Galbut attends as family attorney and serves as a key advisor to surviving family members in the event of Adam's incapacitation or death.
Standard Meeting Format
| Time Block | Topic |
|---|---|
| Opening | Introductions and purpose of meeting |
| Estate & Structure | Entity structure changes and explanations — Keith Galbut & Adam |
| Financials | Review of financial performance, markets, and investments |
| Charitable Fund | Grace Walker Charitable Fund balance, portfolio, and giving plans |
| Legal / Documents | Any documents requiring execution (healthcare directives, POAs, wills, etc.) |
| Actions | Review of prior meeting actions; assign new actions |
Regular Attendees
Meeting History
| Date | Location | Key Topics |
|---|---|---|
| December 28, 2023 | Galbut & Beabeau | Entity structure changes; financial review; Healthcare Directive, Living Will & Durable POA execution; Charitable Fund update. Attendees: Adam, Michelle, Walker, Grace, Keith Galbut. |
| November 1, 2022 | Galbut & Beabeau | Entity structure; financial review; Charitable Fund; meeting format establishment. Attendees: Adam, Michelle, Walker, Grace, Keith Galbut. |
| December 21, 2021 | Galbut & Beabeau | Inaugural meeting; roles of advisors; Run Book review; entity structure; meeting calendar establishment. Attendees: Adam, Michelle, Walker, Grace, Keith Galbut. |
| Version | Date | Summary of Changes |
|---|---|---|
| Portal v1.3 | May 17, 2026 | Added pictorial Entity Structure Diagram to Trust & Legal Structure section. Diagram sourced from Entity Matrix (AT-078 Trust) 5.17.26. Shows all three trusts, AIG umbrella, TFB Enterprises and Holdings hierarchies, and all sub-LLCs including farm properties. |
| Portal v1.2 | May 2026 | PURE Insurance section updated: all policy numbers refreshed to current renewal series. Tesla (PA252147200) replaced by Jeep Grand Cherokee Summit Reserve (PA252147201). Ketchum ID homeowners policy (HO258099000) added — was missing from prior portal. Prudential VUL section updated: removed stale side fund balance, added S&P-linked fund mechanics, Lapse Protection Rider detail, and flexible premium description. |
| Portal v1.1 | May 2026 | Added Charles Schwab (Andrew Davault) and Alpine631 LLC / Ketchum residence. Added Walker Roth IRA, Grace Roth IRA, AET Roth IRA at Schwab. Removed GGHC. Aircraft sold — residual lawsuit noted. Updated Morgan Stanley, BofA, and Morgan Stanley descriptions. Removed financial data from Private Investments. Updated Walker role language, Danny Lee placement, Chimney Pond / Country Club Terrace detail. Tallwave marked to zero; Wiser bankrupt. Jeff Pruitt noted. |
| Portal v1.0 | May 2026 | Portal created from Run Book as of July 22, 2025. All sections digitized. Emergency Protocol added. Walker 1Password gap flagged. |
| Run Book v4 | July 22, 2025 | Added Saxum Real Estate (2 investments), Access Ventures (Cohere/xAI), updated IEQ team contacts, added Matawin/Tourmelet, HCP Fiber co-invest. PURE insurance policies updated. |
| Run Book v3 | March 1, 2024 | Added IEQ Capital, Setpoint, ASB/Blue Ocean, BEB Capital. Chicago condo added. Updated BofA/MS transition status. |
| Run Book v2 | December 31, 2021 | Entity structure expanded. Harrison/RW/PEM real estate added. Aircraft co-ownership formalized. |