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An In-Depth Examination of Private Trust Companies: What the Sophisticated Advisor Needs to Know



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A private trust company, also known as a family trust company or an exempt trust company, is an entity formed and authorized under state law to act as a fiduciary for a single family. In determining a single family, family members are typically defined under state law by their degree of kinship to a designated relative, such as a patriarch or a matriarch.  One of the most attractive features of a private trust company is that it provides a means for current and future generations of a family to have an ongoing active voice in the management of family wealth inside of irrevocable trusts.  In other words, family members can participate in the governance of a private trust company serving as trustee of family trusts.

In his exclusive LISI Webinar, Jim Weller will present an in-depth examination of private trust companies with a particular focus on the following topics:

  • Types of Private Trust Companies
  • The Pros and Cons of Private Trust Companies
  • The Steps in Forming a Private Trust Company
  • Impact of IRS Notice 2008-63 on Private Trust Companies
  • Developing the Proper Governance Structure of a Private Trust Company
  • Prudent Practices for Private Trust Companies
  • State Law Nuances

James P. Weller, JD, LL.M, is President of Greenway Capital Advisors, LLC in Houston and Las Vegas. Greenway provides an array of administrative services to private trust companies, individual trustees, individuals, and family entities. Jim has written estate and tax planning articles for the ACTEC Law Journal, Leimberg Information Services, Inc., the Journal of Practical Estate Planning, and the Journal of Financial Planning. His book titled “Tax-Smart Wealth Planning” was published in 2006. Jim has over 30 years experience in the trust, estate, and tax planning industry, and he is member of the State Bar of Michigan.

 



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