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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Estate Planning

Date & Time
  • event Date

    Tuesday, April 9, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$297.00
CLE
ALL

This CLE webinar will provide estate planners guidance on structuring and utilizing private trust companies (PTC) as an estate planning tool for high net worth families. The panel will discuss the design and operation of PTCs and how they are used as an estate planning mechanism, required documentation and key provisions, advantages and disadvantages of regulated vs. unregulated PTCs, U.S. tax implications and planning, the impact of the Corporate Transparency Act (CTA) and other regulations, and other key considerations.

Faculty

John Bunge
Partner
Holland & Knight LLP

Mr. Bunge helps clients navigate the complex confluence of tax planning, business succession planning, and estate planning, and seeks to find the most elegant solutions possible to reach their goals. 

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Aaron Bradley Flinn
Partner
Holland & Knight LLP

Mr. Flinn is a private wealth services attorney in Holland & Knight's Nashville office. Business owners and entrepreneurs, corporate officers and executives, and investors and families with inherited assets seek advice from Mr. Flinn for the purpose of ensuring financial stability and continued prosperity. Serving clients with trust and estate as well as wealth preservation needs, he helps craft and deliver strategies that reflect the client's values while capturing the tax benefits available under their given circumstances. He also works with assisting business owners in succession planning and other issues often encountered by closely held companies. Mr. Flinn offers advice to clients on how to protect and retain wealth through strategic planning related to income, estate, gift and generation-skipping transfer taxes. Tax-exempt and nonprofit organizations also rely on him for day-to-day guidance in relation to taxation and governance matters. Mr. Flinn also assists trust officers and other fiduciaries in the administration trusts and decedents' estates, and works with ultra-high-net-worth families with regard to all facets of Private Family Trust Companies in Tennessee, including the migration of trusts and other administration issues.

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Description

Estate planning with trusts is a critical need for high net worth families to protect assets, minimize taxes, and ensure seamless transfers to beneficiaries, but families with large amounts of wealth often have succession planning, tax planning, liability, and regulatory concerns that are not addressed through traditional trustee options. Utilizing PTCs can provide a mechanism for fulfilling these needs but the use of PTCs requires a complete understanding of complex federal and state laws in order to ensure optimum tax and estate planning benefits.

A PTC is a family-owned trust company that offers fiduciary and trustee services to a single family group with the goal of managing wealth across generations. By establishing a PTC, families can position their estate planning strategies to meet specific succession and governance needs, obtain certain tax benefits, and take advantage of favorable regulatory regimes, trust laws and asset protection offered by certain jurisdictions.

Estate planners must consider various issues when structuring PTCs, such as (1) selecting a jurisdiction for establishing a PTC; (2) optimizing the PTC structure for gift, estate, GST, income, and other taxes; (3) choice of entity; (4) governance structure; (5) regulatory compliance; and (6) the impact of the CTA and other federal regulations.

Listen as our panel discusses the design and operation of PTCs and how they are used as an estate planning mechanism, required documentation and key provisions, advantages and disadvantages of regulated vs. unregulated PTCs, U.S. tax implications and planning, and the impact of the CTA and IRA.

Outline

  1. Design and operation of private trust companies
  2. PTC structure, ownership and governance
  3. U.S. tax and regulatory considerations
  4. Navigating disputes involving private trust companies

Benefits

The panel will discuss these and other key issues:

  • Key factors that must be considered when structuring a PTC
  • Selecting the right jurisdiction to set up a PTC
  • Mechanisms to reduce tax liability and risk
  • Navigating disputes with family members and beneficiaries
  • Impact of the CTA
  • Structuring transfers and utilizing trusts under a PTC model