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1、THEPRIVATETRUSTCOMPANYSOLUTIONEXECUTIVESUMMARY:Wealthyfamiliesplaceahighpremiumongivingeachgenerationtheopportunitytoparticipateindecisionsregardingthepreservationandgrowthoftheirwealth.Someofthethreatsthatwealthyfamiliesfaceinpreservingandgrowingfamilywealtharethefederaltransfertaxsyst
2、em,divorce,andlitigation.Tocombatthesethreats,wealthyfamiliestypicallytakeadvantageofplanningstrategieswhichofteninvolvetransferringfamilywealthtoirrevocabletrusts.Whenanindividualorafinancialinstitutionisservingastrusteeofirrevocabletrusts,theabilityoffamilymemberstohaveavoiceinthemana
3、gementoftheirwealthinsideofthosetrustsisdifficultifnotimpossible.Consequently,wealthyfamilieslookforstructuresthatencourageandallowtheparticipationofeachgenerationintheinvestmentmanagementoffamilywealthheldinirrevocabletrusts.Onesuchstructurethatisgettingmoreandmoreattentiontodayisthepr
4、ivatetrustcompany.COMMENTS:DefinitionofaprivatetrustcompanyAprivatetrustcompanyisalsoreferredtoasafamilytrustcompanyoranexempttrustcompany.Exceptasnotedbelow,itisastatecharteredentitythatisformedfortheexpresspurposeofprovidingtrustandfiduciaryservicestoasinglefamily,andasaresult,itispro
5、hibitedfromtransactingbusinesswiththegeneralpublic.Moreimportantlyforwealthyfamiliesdesiringinvolvementinthemanagementoffamilywealthinirrevocabletrusts,itcreatesaforumforcurrentandfuturegenerationstodiscussandinfluencethepreservationandgrowthofthatwealth.BriefHistoryofPrivateTrustCompan
6、iesintheU.S.U.S.TrustCompany,NorthernTrust,andBessemerTrustwereoriginallyformedasprivatetrustcompanies,buttodaytheyareknownandrespectedaspublictrusticompaniesthatprovideawiderangeoffiduciaryandtrustservices.Inthatregard,U.S.TrustCompanywascreatedin1853byindustrialistandphilanthropist,Pe
7、terCooper,founderoftheMarshallFieldDepartmentStore,MarshallField,andrailroaddeveloperandmanufacturerofironandsteel,ErastusCorning.In1889,NorthernTrustwasformedbyByronLaflinSmith,arespectedbankerinChicago,andBessemerTrustwasestablishedin1907byHenryPhipps,apartnerintheCarnegieSte