Tuesday, January 23, 2024

Introduction to the Private Trust Company
As the family enterprise evolves over time, eventually, many families will consider the question of whether to form a private trust company (PTC). The PTC can be quite useful to many families, providing unique benefits and capabilities, but also comes with its own special concerns requiring careful consideration.

Attendees will learn:

• What a private trust company is and who might benefit from creating one 
• The various purposes, advantages, and roles that a PTC can add to support the enterprise
• Major considerations to keep in mind throughout the exploration and planning process

Gaby Griffin, Managing Director, Council Memberships, FOX
Chris Herbert, Senior Relationship Manager, FOX

CPE is not offered for this session.

The Evolution of the US Situs PTC    
Families of wealth are increasingly evaluating whether a Private Trust Company (PTC) is a solution for their multi-generational fiduciary needs. This session will introduce common PTC structures, uses, benefits, and planning considerations to aid families and their professional advisors as they evaluate whether a PTC is right for their family.

Scott D. Weaver, General Counsel & Chief Fiduciary Officer, Willow Street

1.0 CPE | Specialized Knowledge

Structuring and Governing the PTC: Owners and Boards

Once a family has decided to develop a PTC and establish its role, it needs to consider how to structure and manage the entity. We will discuss how to identify a proper ownership structure, how to design the board composition and select officer positions, and how to construct and implement committees. 

1.0 CPE | Specialized Knowledge

Approval, Supervision, and Examination of PTCs
Working on the PTC with state regulators needn’t be worrisome, but it’s wise to know what to expect during the entire process, from initial approval through supervision and examination. Attendees will learn the process of charter application approval, how to prepare for an examination and what the process looks like, and post-examination responsibilities. 

Matt Tobin, COO, Managing Director, Legal Counsel, South Dakota Trust Company LLC

1.0 CPE | Specialized Knowledge

"Ask the Experts" Breakouts
Participants will join small breakout groups to discuss what they learned from the day, share their thoughts, and ask our industry experts questions. 

Wednesday, January 24, 2024

Governance to Minimize Fiduciary Liabilities of PTCs and their Directors
While a Private Trust Company is a fiduciary and thus subject to several fiduciary duties, Directors of a Private Trust Company also have fiduciary duties to the Private Trust Company itself. This presentation will provide a brief overview of the fiduciary duties of a Private Trust Company, in general, as well as those of individual Directors. We will examine how good governance policies and procedures can minimize both of these areas of fiduciary liability.

Aaron Flinn, Partner, Holland & Knight LLP

1.0 CPE | Specialized Knowledge

Situs and New Legislation
Join our panel of industry experts and a member of a PTC to discuss situs and new legislation’s tax developments affecting business and individual taxpayers. We will analyze how these new developments will affect your PTC and your clients.  

Miles Padgett, Partner, Kozusko Harris Vetter Wareh Duncan LLP
Jennifer L. Remondino, Executive Partner, Warner Norcross & Judd

1.0 CPE | Specialized Knowledge

Late breaking session with Domingo P. Such III, Firmwide Chair, Family Office Services Practice, Perkins Coie.

1.0 CPE | Specialized Knowledge

Leading Practices:  Operations and Administration
At a minimum, a PTC must adhere to applicable state laws and its operating documents. But truly effective PTCs plan proactively and strategically to integrate compliance, operations, and administration to optimize outcomes for families. We will cover basic administrative procedures necessary to meet minimum standards and what to watch to mitigate risk and maximize opportunity. 

Scott D. Weaver, General Counsel & Chief Fiduciary Officer, Willow Street

1.0 CPE | Specialized Knowledge

Thursday, January 25, 2024

What you need to know about the Corporate Transparency Act
How does the Corporate Transparency Act affect a Private Family Trust Company? This presentation will review the basic framework of CTA, exempt entities, reporting companies, and who needs to file a report. The presentation will also explore a trustee’s responsibility related to compliance with CTA, and what this means for a trust company’s governing board.  

Matt Tobin, COO, Managing Director, Legal Counsel, South Dakota Trust Company LLC

1.0 CPE | Specialized Knowledge

The Future of the Private Trust Company
PTCs have been evolving over time, as the industry and states react to protect trusts and beneficiaries, serve constituents, and compete for trust business. A panel of experts will discuss what they are watching and what’s next for PTCs. We will review factors currently impacting the PTC industry, and current focus areas for state legislatures and regulatory agencies. 

1.0 CPE | Specialized Knowledge

PTCs at the Intersection of Business and Charity
Join us for a unique discussion of the recent use of charities and purpose-driven trusts in the succession for highly successful, closely held businesses, such as Patagonia, Newman’s-Own-type entities, and non-charitable employee and business purpose trusts. We will address challenges presented in like structures, such as anticipating major changes affecting the business, the do-good mission of the charity or purpose-driven trust, navigating fiduciary duties concerning concentrations, and dealing with excess assets. PTCs and their governing structures will be highlighted as lending themselves to address those challenges. 

Miles Padgett, Partner, Kozusko Harris Vetter Wareh Duncan LLP

1.0 CPE | Specialized Knowledge

Navigating PTC Compliance ‘Requirements’
Many private trust companies question compliance boundaries: what’s necessary and how to implement and execute efficiently. In this discussion we address both the regulatory and legal requirements and “nice-to-haves”.

Albert Forkner, Chief Risk and Compliance Officer, Two Ocean Trust
Elise McGee, Partner, McDermott Will & Emery LLP  

1.0 CPE | Specialized Knowledge