Modern Trust Law and the Evolving Trust Industry:

In Defense of the New Paradigm

Wed, November 16, 2023, 2:00 PM - 3:00 PM EDT

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 properly administer trusts in a given state. Often fueled and emboldened 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 will gain 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.

This free, one-hour webinar will take place on Wednesday, December 6 at 2:00 p.m. EDT. CPE credit will be available for this webinar and more information will be forthcoming. The level for this webinar is intermediate and no prerequisites are required. This program is a live webinar which offers the opportunity to ask questions and interact with the presenters.