Rhode Island Private Trust Company
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FAQ
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).
According to independent rankings, the top states with the best trust laws are South Dakota trust law and Nevada in the US.
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.
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...
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.
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.
Private Trust Companies (PTCs) are established with the sole purpose of acting as corporate trustee to a trust or a number of trusts, created by a settlor or individuals connected to the settlor described in the trust instrument creating the private trust.
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.
States that recognize regulated private trust companies include:Alabama.Colorado.Delaware.Massachusetts.Nevada.New Hampshire.Pennsylvania.South Dakota.More items...
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.