There are numerous laws and regulatory issues to take into account when considering a state in which to form a Private Trust Company (PTC), including requirements around annual reporting, residency of personnel and capital...more
On April 4, Kentucky enacted HB 88, which will amend laws related to unlawful trade practices, and prohibit entities that are not banks or trust companies from: - suggesting that they are engaged in banking or trust...more
Bermuda is a British Overseas Territory with a parliamentary legislature and has been largely self-governing since 1620. It has economic, legal and political stability which attracts international businesses and...more
Introduction - With its corporate laws based upon those of the UK, Malta has incorporated laws and principles into its own legislation, providing comfort and security to the commercial and business community. The most...more
Recognised as a global leader in private client advice, our Cayman Islands and British Virgin Islands (BVI) Private Client & Trust teams have been working with clients in the Middle East for decades. Our experienced team of...more
On October 13, 2023, California enacted two bills that significantly expand the regulation of virtual currency-related activities in California: Assembly Bill 39 (AB 39), known as the California Digital Financial Assets...more
Many high-net-worth individuals and families use a private trust company (PTC) when looking to structure their family wealth. Given that settlors of trusts are sometimes reluctant to relinquish control over the assets...more
The Government, further to consultation with the Jersey Financial Services Commission ("JFSC"), has recently published an Order clarifying the scope of the Proceeds of Crime (Duties of Non-Professional Trustees) (Jersey)...more
Executive Summary - On 30 January 2023, legislation came into force that amended the Proceeds of Crime (Jersey) Law 1999 ("the POCL") and expanded the scope of Jersey's anti-money laundering, counter-terrorist financing,...more
If I own or manage a private trust company (PTC), what insurance do I need? This is a great question and, as in many situations, the answer is that it depends. It depends on whether a public trust company is involved, whether...more
The popularity of private trust companies (PTCs) is increasing. This is because PTCs offer privacy to families, more flexibility, and potential cost savings when compared to a family office or a corporate trustee....more
More and more families are turning to private trust companies (PTCs) for their trusts and estates. Are they right for you?...more
“It is only when the tide goes out that you learn who has been swimming naked”. This quote – usually attributed to Warren Buffett – resurfaces when economic conditions worsen, but what does it mean? In the context of the...more
Cayman Foundation Companies are booming in popularity. Statistics from the Register of Companies have shown a significant uptick in registrations in recent months. 2021 saw 281 per cent year-on-year growth in the...more
With its corporate laws based upon those of the UK, Malta has incorporated laws and principles into its own legislation, providing comfort and security to the commercial and business community. The most common form of...more
Welcome to the fourth edition of our Private Client Bulletin, bringing you the latest private client and trust news and insights from Bermuda, the Cayman Islands, BVI and Asia....more
On September 15, 2020, the Financial Crimes Enforcement Network (FinCEN) issued a final rule that requires state chartered non-depository trust companies, including private trust companies (PTCs), to implement anti-money...more
At best, audits by the Internal Revenue Service (IRS) and other regulators drain resources from a family office, racking up professional fees and diverting the time and attention of family members and staff. At worst, the...more
Join McDermott presenters Timothy Halleron, Richard Lang and Carlyn McCaffrey as they describe six not-so-obvious planning ideas. In certain situations these creative planning techniques may be more effective than the usual...more
Governor Andrew Cuomo signed S8428/A10530 and S8243-C/A10351-B into law on June 17, 2020. Collectively, in relevant part, the legislation creates N.Y. Banking Law § 9-x, which relates to residential forbearances as a result...more
Join us at our first McDermott Private Client Forum in Munich on Thursday, 28 November 2019. With this series of events, we want to create a forum for exchanging ideas on the topics of wealth, succession, inheritance and tax...more
Cabinet resolution number 31 of 2019 concerning economic substance requirements was recently published on the Ministry of Finance website. The issuance of this resolution requires companies operating a ‘relevant activity’ in...more
Wyoming is one of the few states that authorize by statute private trust companies that serve a single family and trust companies that serve the general public. Effective July 1, 2019, House Bill 0030 updates the laws...more
In order to address concerns raised by the EU Code of Conduct Group, a number of jurisdictions have recently taken steps to meet the European Union’s tax good governance principles by introducing “substance” rules for...more