Private Trust Companies: A Handbook for Advisers

Private Trust Companies: A Handbook for Advisers
Product ISBN: 9781787423145
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Private Trust Companies: A Handbook for Advisers by Todd Mayo.

Ultra-wealthy families have incorporated private trust companies into their wealth structures with increasing frequency over recent decades. Private trust companies can offer greater control over the administration of the family’s trusts and can provide greater flexibility in the management of the trust’s assets. For many families, a private trust company is a natural complement to the family office, enabling it to include fiduciary services among the services that it provides to its members. Reflecting the rising popularity of private trust companies, more jurisdictions have enacted legislation allowing them.

This handbook is a comprehensive resource for lawyers, accountants, family office executives and any others who advise ultra-wealthy families on private trust companies. Featuring chapters written by leading practitioners, it fully explores the legal, regulatory and practical dimensions of forming and operating a private trust company.

A series of chapters examines the relevant law in prime jurisdictions including Bermuda, the Cayman Islands, Hong Kong, Jersey and key US states. Other chapters focus on organisational and operational issues, such as designing a private trust company’s ownership structure, implementing proper internal controls, outsourcing services, working with professional advisers, managing trust investments and managing inter-jurisdictional activities. Important matters like coordinating with the family office, communicating with family, protecting privacy and handling disputes involving private trust companies are also covered.

Contributors include practitioners from Appleby, Bedell Christin, Carey Olsen, Cadwalader, Day Pitney, Holland & Knight, McDermott Will & Emery, Meritus Trust Company, Saffery Champness, South Dakota Trust Company, Squire Patton Boggs, Walkers, Wickersham & Taft and Withers.

Introduction by Todd D. Mayo of Perspecta Trust
Part 1: Design and Operation of Private Trust Companies
Ownership and Governance Structures by Miles C Padgett of Kozusko Harris Duncan and Vanessa Schrum of Appleby
Coordinating with the Family Office by Sara Schroter Ross and Michelle L. Wolfe of Meritus Trust Company
Communicating with the Family by Babetta von Albertini of ATM Capital Partners
Working with third-party service providers (coordinating with advisers, outsourcing fiduciary and administrative functions etc.)
Managing Trust Investments (including Family Businesses) by Von E. Sanborn of Day Pitney
Internal Controls (Policies, procedures etc.)
Privacy and Confidentiality by Paolo Panico of Private Trustees SA
Interjurisdictional Activities
US Tax and Regulatory Considerations by Sasha Grinberg of Cadwalader, Wickersham & Taft
Disputes involving Private Trust Companies by Nicholas Holland of McDermott Will & Emery
Part 2: Overview of non-US jurisdictions
Overview by Todd D. Mayo of Perspecta Trust
Bermuda by Ashley Fife and Keith Robinson of Carey Olsen
British Virgin Islands by Andrew Miller of Bedell Christin
Cayman Islands by Andrew Miller of Bedell Christin
Guernsey by Angela Calnan and Ben Havard of Collas Crill Advocates and Ajay Wiltshire of Saffrey Champness
Hong Kong
Isle of Man
Jersey by Robert Dobbyn and Sevyn Kalsi of Walkers
Malta by Anthony Cremona of Ganado Advocates
Part 3: Overview of US jurisdictions
Overview by Todd D Mayo of Perspecta Tust
Florida by Christopher Boyett of Holland & Knight
Nevada by Gregory E Crawford of Alliance Trust Company of Nevada and Lance McKenzie Esq of McDonald Carano
New Hampshire by Todd D. Mayo of Perspecta Trust
South Dakota by James Paladino of South Dakota Planning Company and Matt Tobin of South Dakota Trust Company LLC
Wyoming by Christopher Reimer and Amy Staehr of Long Reimer Winegar Beppler