Illinois Private Trust Company
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How to fill out Private Trust Company?
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According to independent rankings, the top states with the best trust laws are South Dakota trust law and Nevada in the US.
Private Trust Definition: A Private Trust is a legal contract that holds and manages assets for relatives, family members and friends of the Grantor (the Trust creator and owner).
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.
One of the most important things to keep in mind is that a trust must be funded. As the Illinois State Bar Association (ISBA) notes in a writing, a trust controls only the assets which are registered in its name. This means that you must be proactive about transferring assets into the trust over time.
States that recognize regulated private trust companies include:Alabama.Colorado.Delaware.Massachusetts.Nevada.New Hampshire.Pennsylvania.South Dakota.More items...
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.
A Private Trust Company (PTC) is often created to be the trustee of one or more (typically) family trusts, but is not run as a commercial trust company. PTCs are popular with ultra-high net worth families who want to retain significant control over trustee decision-making.
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.
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...
Plus, because trusts are private arrangements, they're a great way to plan the future ownership of any family business interests while keeping your financial affairs under wraps.
