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Modern Trust Law and the Evolving Trust Industry: In Defense of the New Paradigm

Wednesday, December 6th, 2023

Over the past four decades, modern trust law concepts have revolutionized the trust industry, directly addressing and resolving inherent conflicts of interest and lack of control that families were forced to endure under the traditional, institutionalized trust company model – where asset management, trust services, banking, and often insurance, were sold to families through a “big bank bundled” approach, wrought with hidden and excessive fees and high turnover. A “new paradigm” was a result of this transformation and independent “boutique style” and conflict-free trust companies, delivering direction and control to families proliferated in top-tier no state income jurisdictions.

Understanding the market opportunity that the new paradigm ushered in, large international, multifaceted, and highly institutionalized financial services providers from all over the world have established trust companies in top-tier U.S. jurisdictions, often without essential fiduciary talent, requisite understanding of U.S. trust law, or how to administer trusts in a given state properly. Often fueled and encouraged by private equity dollars, these massive international financial services firms are buying independent trust companies in top-tier jurisdictions, including recently in South Dakota. An unfortunate development in the U.S. trust industry for certain, as once independent trust companies created in the vein of a new paradigm, as a panacea for all that was wrong with the U.S. trust industry, now have become part of the very problem they sought to remedy.

Attendees of this McKonly & Asbury Webinar gained insight on the following:

  • Examination of the evolution of the trust industry over the past 40 years, what it means, and the opportunities it presents for settlor of trusts, beneficiaries, and their advisors, as well as the vital importance of proper situs selection and trust independence.
  • Consideration of the powerful modern trust law planning tools available in top-tier trust jurisdictions around asset protection, privacy, and compelling state and federal tax planning – all achievable while maintaining great direction and control over critical aspects of trust administration.
  • Analysis of whether there is a fiduciary duty on the part of advisors and trustees to use top-tier trust jurisdictions in the planning process, and to embrace the new paradigm in the trust world, with a focus on providing truly independent and conflict-free trust solutions for families across the nation and around the world.

You can download a copy of the slides here.

This free, one-hour webinar took place on Wednesday, December 6 at 2:00 p.m. EDT. One “Specialized Knowledge” CPE credit was available for this webinar. The level for this webinar was intermediate and no prerequisites were required. This program was a live webinar which offered the opportunity to ask questions and interact with the presenters.

If you have any questions regarding the material covered in this webinar, please contact us.

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