Puerto Rico Private Trust Company
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For now, note that the top states for perpetual trusts are Alaska, Delaware, Nevada, and South Dakota. These states all allow perpetual trusts and don't assess state income taxes on these trusts....Which States Allow Perpetual Trusts?Alaska.Delaware.District of Columbia.Hawaii.Idaho.Illinois.Kentucky.Maine.More items...
As a trust domiciled in Puerto Rico, the IRS is, without a doubt, a federal government subcontractor that is subject to this Act.
'Express trusts have been a part of the law of Puerto Rico since enactment of C§ 1-41 of the Act of April 23, 1928, No. 41, page 294. This Act was incorporated into the Civil Code of Puerto Rico by the final provisions of the Code, as amended April 28, 1930, No. 48, page 358, § 9.
What is a private trust? A designated private trust is a trust that includes family trusts, testamentary trusts and those fixed trusts with fewer than 50 members. This includes overseas trusts.
States that recognize regulated private trust companies include:Alabama.Colorado.Delaware.Massachusetts.Nevada.New Hampshire.Pennsylvania.South Dakota.More items...
Puerto Rico enacts a new Trusts Act The Trusts Act provides new requirements for the creation or establishment of trusts and creates a Special Registry of Trusts ascribed to the Notarial Inspection Office to register trusts. Failure to timely complete such registration will render the trust null and void.
Private trust companies are designed to preserve ownership of family wealth, which may include business assets, real estate, alternative assets such as hedge funds or private equity. These assets are managed by the trustee in accordance with the wishes of the family.
Because trust companies are subject to regulation substantially similar to that applicable to banks, they enjoy many of the same exemptions from securities and other laws.
Advantages of a Private Trust CompanyEnhanced privacy protection. Potential tax advantages. No need to meet SEC registration requirements. Increased flexibility with regard to decision-making and asset management.
According to independent rankings, the top states with the best trust laws are South Dakota trust law and Nevada in the US.
