Description
Book SynopsisPrivate trust companies play an increasingly important role in the wealth structures of many ultra-wealthy families, offering a high degree of control and flexibility in the administration of a family’s trusts and the management of trust assets. Featuring chapters written by leading practitioners from firms including Appleby, McDermott, Will & Emery and Squire Patton Boggs, this edition fully explores the legal, regulatory and practical dimensions of forming and operating a private trust company. The relevant law in prime jurisdictions including Bermuda, the Cayman Islands, Hong Kong, Jersey and key US states is thoroughly examined. In addition, content shines a light on organisational and operational issues such as designing a private trust company’s ownership structure, implementing proper internal controls, outsourcing services and working with professional advisers. Important matters like coordinating with the family office, communicating with family, protecting privacy and handling disputes involving private trust companies are also tackled. This second edition features: a new chapter covering Guernsey; regulatory developments in the Cayman Islands; tax law changes in Hong Kong; legislative developments in Wyoming and other US states; recent cases relevant to private trust companies; discovery disputes involving private trust companies; and developments concerning beneficial ownership disclosure requirements in the United States and Europe. This handbook is a comprehensive resource for lawyers, accountants, family office executives and others who advise families on private trust companies.
Table of ContentsIntroduction 7 Todd D Mayo Wealth structuring strategist Part I. Design and operation of private trust companies Considerations when forming a private trust company 11 Todd D Mayo Wealth structuring strategist Ownership and governance structures 33 Vanessa Schrum Appleby (Bermuda) Limited Kathryn von Matthiessen Katten Muchin Rosenman LLP Coordinating with the family office 45 Sara Schroter Michelle L Wolfe Meritus Trust Company Limited Facilitating essential communication with family members 67 Babetta von Albertini Institute for Family Governance Helping hands: utilising service providers 89 Ryan M Harding Garden Trust Company Jonathan W Motto McDermott Will & Emery LLP Internal controls 109 Elise J McGee McDermott Will & Emery LLP Beneficial ownership registers: the balance between transparency and privacy 123 Paolo Panico Private Trustees SA Teton Trust Company LLC US tax and regulatory considerations 143 Osvaldo Garcia JP Morgan Private Bank Sasha Grinberg Cadwalader, Wickersham & Taft LLP Dorothy Mehta Fried, Frank, Harris, Shriver & Jacobson LLP William S Schaaf Cadwalader, Wickersham & Taft LLP Disputes involving private trust companies 171 Nicholas Holland Joseph J Viviano McDermott Will & Emery LLP Part II. Non-US jurisdictions Bermuda 191 Ashley Fife Keith Robinson Carey Olsen Bermuda Limited British Virgin Islands 201 Fraser Allister Andrew Miller Bedell Cristin Cayman Islands 211 Fraser Allister Andrew Miller Bedell Cristin Guernsey 221 Joanna Caen Natasha Kapp Carey Olsen (Guernsey) LLP Hong Kong 231 Patricia Woo Squire Patton Boggs Jersey 241 Robert Dobbyn Carey Olsen Jersey LLP Sevyn Kalsi Bedell Cristin Jersey Partnership Part III. US jurisdictions Florida 255 Christopher W Boyett Nichole D Scott John L Stansbury Holland & Knight Nevada 267 Thomas M Cota Jason Nomsen Matthew Tobin SDTC Services of Nevada LLC New Hampshire 281 Steven M Burke Patrick O Collins McLane Middleton Todd D Mayo Wealth structuring strategist South Dakota 325 James Paladino South Dakota Planning Company Matthew Tobin South Dakota Trust Company LLC Tennessee 343 John M Bunge Aaron B Flinn Jill C Mastroianni Holland & Knight (formerly with Waller Lansden Dortch & Davis) Wyoming 355 Christopher M Reimer Amy M Staehr Long Reimer Winegar LLP About the authors 365 About Globe Law and Business 379
