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A solid governance structure is critical to any private trust company’s long-term success. Through a thoughtful review that includes useful diagrams and outlines, learn the common elements of the PTC structure; the Board role and responsibilities; the Board attributes, composition, selection process, and succession planning; and addi...

While April may be the official month of financial literacy, investors should commit to staying informed all year round. Whether dealing with terms like meme stocks (stocks that typically trade on hype instead of fundamentals) or older ones like tracking error, there can be plenty of confusion around the language of investing. For both new and expe...

Coming into financial independence and taking on more responsibilities for your own income and spending is both a liberating and intimidating experience. To help navigate some of the most important and common financial and investment decisions, a collection of articles is provided for guidance. The goal is to help break down complicated concep...

The creation of a charitable remainder trust can provide you with a lifetime income stream while helping fulfill legacy goals of supporting charitable organizations that are important to you. There are two kinds, which are minor variations of each other: the Charitable Remainder Annuity (CRAT) and the Charitable Remainder Unitrust (CRUT).

Irrevocable trusts have been part of estate planning for years. They have been used for a variety of purposes, such as to remove assets from a person’s estate in order to reduce taxes, to protect assets from creditors, and to provide management of assets for beneficiaries. However, many do not like the idea that the trust is irrevo...

The U.S. Supreme Court will revisit state tax nexus for the second year in a row after granting North Carolina’s petition for certiorari in North Carolina Department of Revenue v. The Kimberley Rice Kaestner 1992 Family Trust (Docket No. 18-457). Kaestner and Fielding could have significant implications on the state taxation of trusts. All multista...

Families with complex assets, such as family businesses, as well as those who have portfolios managed by multiple advisors, may find trustees reluctant to administer their trusts. This is because, in many states, the trustees remain liable for the actions of delegated third-parties or even named advisors. Delaware directed trusts can alleviate this...

Over the past decade, matriarchs and patriarchs of successful families have been shifting their focus from their children to a broader group of individuals, such as grandchildren, siblings, and nieces. Often, they choose to create family banks, which are typically trusts that are funded to help individuals pursue entrepreneurial opportunities, vent...

Trusts classified as foreign for U.S. tax purposes, whether established under the law of a U.S. state or of an offshore jurisdiction, must review whether they have any U.S. tax or information reporting filings to make in 2019 with regard to income earned and distributions made in 2018. This article provides trust officers and family advisers with a...

As more and more investors look to implement impact investment strategies, interesting questions are being raised in the context of impact investing by fiduciaries appointed to administer a trust for beneficiaries. Suppose the beneficiary of a multi-generational, non-charitable trust is interested in integrating her values in a trust established fo...

The raison d’être for families to form a Private Family Trust Company (PFTC) is to maximize their lawful control over their wealth held in trust. A cynic might suggest families want that control just to inflate current distributions to family members, but in practice that isn’t what motivates families. What motivates them is that contro...