Maine Private Trust Company
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FAQ
In terms of ownership structure, private trust companies may be held by the establishing family, another trust or a foundation. Private trust companies may be regulated or unregulated. A regulated private trust company offers trust services and is subject to state and/or federal laws.
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.
The California Department of Financial Institutions ("DFI") licenses trust companies in California.
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.
States that recognize regulated private trust companies include:Alabama.Colorado.Delaware.Massachusetts.Nevada.New Hampshire.Pennsylvania.South Dakota.More items...
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.
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.
The trustee is the legal owner of the property in trust, as fiduciary for the beneficiary or beneficiaries who is/are the equitable owner(s) of the trust property. Trustees thus have a fiduciary duty to manage the trust to the benefit of the equitable owners.