Full Description
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.
Contents
Introduction 5
Todd D Mayo
UBS
Part I. Design and operation of private trust companies
Considerations when forming a private trust company 9
Todd D Mayo
UBS
Ownership and governance structures 31
Miles C Padgett
Kozusko Harris Vetter Wareh
Duncan LLP
Vanessa L Schrum
Appleby (Bermuda) Limited
Coordinating with the family office 43
Sara Schroter
Michelle L Wolfe
Meritus Trust Company Limited
Facilitating essential communication with family members 63
Babetta von Albertini
Institute for Family Governance
Helping hands: utilising service providers 85
Ryan M Harding
President of a Nevada family trust company
Jonathan W Motto
McDermott Will & Emery LLP
Internal controls 101
Elise J McGee
McDermott Will & Emery LLP
Beneficial ownership registers 115
Paolo Panico
Paolo Panico's Law Chambers Private Trustees SA
US tax and regulatory considerations 143
Osvaldo Garcia
Sasha Grinberg
Dorothy Mehta
Cadwalader, Wickersham & Taft LLP
Disputes involving private trust companies 165
Nicholas Holland
Joseph J Viviano
McDermott Will & Emery LLP
Part II. Non-US jurisdictions
Bermuda 181
Ashley Fife
Keith Robinson
Carey Olsen
British Virgin Islands 191
Andrew Miller
Bedell Cristin
Cayman Islands 201
Andrew Miller
Bedell Cristin
Hong Kong 211
Patricia Woo
Squire Patton Boggs
Jersey 221
Robert Dobbyn
Sevyn Kalsi
Walkers (Jersey) LLP
Part III. US jurisdictions
Florida 233
Christopher W Boyett
Nichole D Scott
John L Stansbury
Holland & Knight
Nevada 243
Gregory E Crawford
Alliance Trust Company of Nevada
Robert E Armstrong
Lance N McKenzie
McDonald Carano
New Hampshire 261
Todd D Mayo
UBS
South Dakota 305
James Paladino
South Dakota Planning Company
Matthew Tobin
South Dakota Trust Company LLC SDTC Services LLC
Tennessee 323
John M Bunge
Aaron B Flinn
Richard A Johnson
Jill C Mastroianni
Waller Lansden Dortch & Davis LLP
Wyoming 335
Christopher Reimer
Amy Staehr
Long Reimer Winegar LLP
About the authors 345
About Globe Law and Business 357
