Private trust companies play an increasingly important role in the wealth structures of many ultra-wealthy families, offering a high degree of control and flexibility in the administration of a family's trusts and the management of trust assets. Featuring chapters written by leading practitioners from firms including Appleby, McDermott, Will & Emery and Squire Patton Boggs, this edition fully explores the legal, regulatory and practical dimensions of forming and operating a private trust company.

The relevant law in prime jurisdictions including Bermuda, the Cayman Islands, Hong Kong, Jersey and key US states is thoroughly examined. In addition, content shines a light on organisational and operational issues such as designing a private trust company's ownership structure, implementing proper internal controls, outsourcing services and working with professional advisers. Important matters like coordinating with the family office, communicating with family, protecting privacy and handling disputes involving private trust companies are also tackled.

This second edition features:

a new chapter covering Guernsey;

regulatory developments in the Cayman Islands;

tax law changes in Hong Kong;

legislative developments in Wyoming and other US states;

recent cases relevant to private trust companies;

discovery disputes involving private trust companies; and

developments concerning beneficial ownership disclosure requirements in the United States and Europe.

This handbook is a comprehensive resource for lawyers, accountants, family office executives and others who advise families on private trust companies.

Introduction 7

Todd D Mayo

Wealth structuring strategist

Part I. Design and operation of private trust companies

Considerations when forming a private trust company 11

Todd D Mayo

Wealth structuring strategist

Ownership and governance structures 33

Vanessa Schrum

Appleby (Bermuda) Limited

Kathryn von Matthiessen

Katten Muchin Rosenman LLP

Coordinating with the family office 45

Sara Schroter

Michelle L Wolfe

Meritus Trust Company Limited

Facilitating essential communication with family members 67

Babetta von Albertini

Institute for Family Governance

Helping hands: utilising service providers 89

Ryan M Harding

Garden Trust Company

Jonathan W Motto

McDermott Will & Emery LLP

Internal controls 109

Elise J McGee

McDermott Will & Emery LLP

Beneficial ownership registers: the balance between transparency and privacy 123

Paolo Panico

Private Trustees SA Teton Trust Company LLC

US tax and regulatory considerations 143

Osvaldo Garcia

JP Morgan Private Bank

Sasha Grinberg

Cadwalader, Wickersham & Taft LLP

Dorothy Mehta

Fried, Frank, Harris, Shriver & Jacobson LLP

William S Schaaf

Cadwalader, Wickersham & Taft LLP

Disputes involving private trust companies 171

Nicholas Holland

Joseph J Viviano

McDermott Will & Emery LLP

Part II. Non-US jurisdictions

Bermuda 191

Ashley Fife

Keith Robinson

Carey Olsen Bermuda Limited

British Virgin Islands 201

Fraser Allister

Andrew Miller

Bedell Cristin

Cayman Islands 211

Fraser Allister

Andrew Miller

Bedell Cristin

Guernsey 221

Joanna Caen

Natasha Kapp

Carey Olsen (Guernsey) LLP

Hong Kong 231

Patricia Woo

Squire Patton Boggs

Jersey 241

Robert Dobbyn

Carey Olsen Jersey LLP

Sevyn Kalsi

Bedell Cristin Jersey Partnership

Part III. US jurisdictions

Florida 255

Christopher W Boyett

Nichole D Scott

John L Stansbury

Holland & Knight

Nevada 267

Thomas M Cota

Jason Nomsen

Matthew Tobin

SDTC Services of Nevada LLC

New Hampshire 281

Steven M Burke

Patrick O Collins

McLane Middleton

Todd D Mayo

Wealth structuring strategist

South Dakota 325

James Paladino

South Dakota Planning Company

Matthew Tobin

South Dakota Trust Company LLC

Tennessee 343

John M Bunge

Aaron B Flinn

Jill C Mastroianni

Holland & Knight (formerly with Waller Lansden Dortch & Davis)

Wyoming 355

Christopher M Reimer

Amy M Staehr

Long Reimer Winegar LLP

About the authors 365

About Globe Law and Business 379