Tennessee enacted a new trust bill effective July 1, 2024 that made several key changes to Tennessee’s trust laws as well as an important change to the Tennessee general partnership statute. Another highlight includes changes to the Tennessee Revised Uniform Partnership Act, which may enable interests in a family-owned general partnership to qualify for applicable valuation discounts under federal estate and gift tax rules. This Holland & Knight alert takes a closer look at the new law’s impact on family wealth and business planning.
Trust Administration and Compliance
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A Comparison of State PTC Laws
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There are various laws and issues to take into account when considering a state in which to form a Private Trust Company, including requirements around annual reporting, residency of personnel, and capital requirements. This report provides a side-by-side comparison of state PTC laws across key states: Ohio, Florida, Texas, and Tennessee.
The Board of Directors plays a pivotal role in the effective governance of the private family trust company. Along with the management team, the board members should ensure that the trust company is operating in a safe and sound manner and complying with applicable laws and regulations. Board members fulfill their responsibilities, in part, by holding regular meetings that utilize a comprehensive agenda. A vital tool for an effective Board meeting is the meeting agenda.