Announcements & Articles
As a Trustee, You Need Trusted Resources
As an organization dedicated to the service and support of private trustees and their trusts, the Private Trust Consortium is pleased to provide the following resources, which are available exclusively to members.
Announcements
PTC Update: The Corporate Transparency Act and Trustee Reporting
The Corporate Transparency Act (CTA) and its beneficial ownership information (BOI) reporting requirements to the Financial Crimes Enforcement Network (FinCEN) currently remains subject to a nationwide injunction, and of a...
PTC Update: The Corporate Transparency Act and Trustee Reporting
Last week, the District Court for the Eastern District of Texas held that the Corporate Transparency Act (“CTA”), which took effect January 1, 2024 with a reporting deadline of December 31st, “appears likely...
PTC Update: The Corporate Transparency Act and Trustee Reporting
The new Corporate Transparency Act (“CTA”), which took effect January 1, 2024, has been held unconstitutional by the U.S. District Court in Alabama. The District Court Judge held there was lack of case precedent for the argument that national security supports such...
Articles
Selecting and Engaging the Investment Advisor for the Trust
The course of selecting and engaging an investment advisor for the trust is one of the most important tasks for you as trustee and comes with great responsibility and risk. This usual course of delegating the investment...
Uniform Fiduciary Income and Principal Act Unitrust Conversion
If an irrevocable trust pays "income" to a beneficiary, the Uniform Fiduciary Income and Principal Act, and many States’ laws already enacted, authorize the trustee to convert this irrevocable trust from an "income" trust to...
Select Jurisdictional Trust Regulation
There are many factors to consider when deciding on where to locate a trust and which State’s laws will govern the trust. A handful of these factors continue to garner much attention, and be on the forefront of States’...
The Corporate Transparency Act and Trustee Reporting
The new Corporate Transparency Act (“CTA”) takes effect January 1, 2024, and trustees are preparing for the reporting required of them for potentially the trusts they administer and certain entities owned by those trusts. The CTA has established various requirements...
The Crummey World of Irrevocable Life Insurance Trusts
An Irrevocable Life Insurance Trust (ILIT) is a commonly used tool for preserving wealth and providing for beneficiaries. The plan is to create an irrevocable trust and fund it with enough money to purchase life insurance on the life of the grantor, typically, so...
Trouble Waiting to Happen – When a Trustee is Also a Beneficiary
A trust is a legal arrangement in which a trustee holds and manages assets for the benefit of one or more beneficiaries. The trustee is responsible for administrating trust assets and in so doing is charged with making decisions in the best interests of the...
The Importance of Record Keeping
Many people establish trusts to protect their hard-earned wealth and ensure a future for their beneficiaries. Commonly, a trustworthy (no pun intended) close friend or relative is chosen to serve as trustee. But what happens if that trustee, who is otherwise...
A Rock & Roll Trust Gone Bad
There are times when you can’t “trust” the person you name as the trustee of your trust. As an example of what can happen when the trustee goes bad, take the current saga involving the trust of the late Leonard Cohen – one of the greatest singer-songwriters of all...
Trouble in Paradise
Whether you are the trustee, settlor, or beneficiary of a private trust, changing circumstances over the passage of time can present unforeseen challenges to the ultimate fulfillment of the purpose of the trust. Such challenges can, rightly or wrongly, place trustees...
Important Considerations for Trustees of Special Needs Trusts (Also Referred to as Supplemental Needs Trusts)
Special Needs Trusts are a specific type of trust generally designed to provide special protection for a vulnerable beneficiary and ensure that the beneficiary does not lose public benefits due to receipt of income or other distributions from the trust. Thus, Special...
