Todd Mayo – författare

Trust disputes can be tremendously costly, in terms of legal fees, hiring experts and lost opportunity costs, as well as the costs attendant with the often emotionally charged atmosphere that can pit family members against one another. Despite the high toll, trust litigation continues to increase around the world – both in the number of matters being initiated and the amounts in controversy – as trust instruments become increasingly important vehicles in the management and transfer of wealth of various sizes.Preventing a fire is substantially less costly than fighting one. Identifying and appreciating the potential causes of trust disputes puts settlors, trust officials and beneficiaries in the best position to prevent a dispute from developing or accelerating.This Special Report examines the causes of trust disputes and explores the steps that settlors, trustees, beneficiaries and others can take during each stage of a trust’s lifecycle – design, execution, administration and termination – to reduce the risk of sparking a dispute. Supported by real world experience and input from leading international trust practitioners, including estate planners, general counsel and experienced trust litigators, this Special Report delves into key concepts such as:thoughtful design of a trust’s governance;incorporating flexibility and adaptability into a trust structure;the need for constructive communication and engagement between fiduciaries and beneficiaries;practices and procedures trust officials should consider implementing in trust administration; andhow trustees and beneficiaries can avoid adding fuel to the fire once a dispute arises.The authors also examine the benefits of involving different perspectives, including those of experienced trust litigators, at various stages of the trust’s lifecycle, and offer practitioner insight into the measures and approaches both fiduciaries and beneficiaries should consider taking when a dispute first presents itself.Filled with real-world practitioner guidance, perspective and insight on issues of critical importance to fiduciaries, trust officials and beneficiaries alike, this Special Report is essential reading.

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; anddevelopments 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.

In the United States, trusts are widely used for wealth transfer and tax planning purposes. The laws governing trusts vary from state to state, although the evolution of those laws this century has led to increasing uniformity of those laws among many states. But important distinctions remain, and several states notably stand apart, endeavoring to be more attractive to those seeking to form and administer trusts. Overlaying the state laws, some federal laws – particularly those concerning taxes – play a central role in the design and administration of trusts. Written by experienced attorneys and other subject matter experts, this book is an in-depth survey of trust laws in the United States. It provides clear explanations of the law and practical insights into its application. A series of state-specific chapters cover key aspects of each state’s trust laws in the most populous states, as well as key jurisdictions like Delaware, Nevada, New Hampshire, South Dakota, Tennessee, and Wyoming. Topics covered include: the creation of trusts, modification of trusts, decanting, trustee duties, directed and divided trusts, and state income taxation of trusts. In addition, a series of chapters covers subjects that are relevant to trusts throughout the United States. These topical chapters include: the federal income taxation of trusts, wealth transfer tax considerations in the design and administration of trusts, considerations in selecting a trust situs, choice of law principles, and the use of mediation to resolve trust disputes. This book is a comprehensive resource for lawyers, accountants, trust officers, and others who advise settlors, beneficiaries, and trustees on the formation and administration of trusts in the United States.