2019 FOX Private Trust Company Fundamentals Workshop

The Private Trust Company (PTC) has passed the test of time as a robust structure for achieving the multi-generational goals of wealth preservation, stewardship, and promoting flourishing families. This program is essential for families forming or considering a PTC and insightful to family members and qualified trustees wanting to better understand their PTC structure.

Feb 20-21, 2019  |  New Orleans, LA    

The Private Trust Company (PTC) has passed the test of time as a robust structure for achieving the multigenerational goals of wealth preservation, stewardship, and promoting flourishing families. This program is essential for families forming or considering a PTC and insightful to family members and qualified trustees wanting to better understand their PTC structure. It brings together leading experts and executives to share their experience and insight about the PTC’s special role in the family enterprise.

Attendees will learn the following fundamentals about forming a Private Trust Company (PTC):

  • Benefits to families
  • The role of the PTC in supporting the family enterprise
  • What differentiates the structure from other trust and regulated structures
  • Key questions to consider
  • Differences between a regulated and unregulated structure
  • The leading charter states and their characteristics
  • Best practices in governance and operations
  • Lessons learned from executives and experts


NOTE: The Private Trust Company Fudamentals Workshop is open to family members, PTC board members, and family office and PTC executives. FOX also reserves limited seats for qualified prospective members who are developing, operating, or considering a PTC. Advisors from multi-family offices and professional service firms may be qualified to attend. All registrations subject to approval by FOX.
 

  • About
  • Agenda
  • Presenters
  • Accommodations
  • Sponsors

Field of Study: Finance - Up to 7 CPE credits can be earned by attending this event. CPE credits are accepted at the option of state certifying boards. Requirements, compliance procedures and acceptance may vary by state.

Program Level: Overview | No prerequisites are required for any of the sessions. | Delivery Method: Group Live Program

Learning Objectives: Upon completion of the program, participants will have an understanding of: what a private trust company (PTC) is, the best uses for a PTC, the role of trustees, various PTC governance structures, suitable states for chartering a PTC, and considerations for establishing PTC services. Participants will also have the opportunity to gain best practices and strategies while interacting with presenters and peers in structures networking sessions.


Family Office Exchange is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

 

Please note that a discount may be available to additional paid attendees from your firm.  Contact Family Office Exchange via phone at 312.327.1221 or email events@familyoffice.com to receive the additional paid attendee coupon code. Registrations are subject to approval by FOX.

REFUND POLICY: For event registrations, refunds of payment or forum allotments will be offered if the cancellation is made in writing to Family Office Exchange at events@familyoffice.com five (5) or more business days prior to the start of the event. For more information regarding administrative policies please contact FOX office at: 312.327.1200.

Wednesday, February 20, 2018
   
11:00 am Registration Opens
   
12:00 pm Networking Luncheon
   
1:00 pm

Welcome

Presenters: Ruth Easterling, Managing Director, Member Services, Family Office Exchange
Mariann Mihailidis, Managing Director, Councils, Family Office Exchange

   
1:15 pm

The Highest and Best Use of the Private Trust Company

Presenter: Sara Hamilton, Founder and CEO, Family Office Exchange

Family Enterprises grow out of successful family businesses, but they expand to include other operating companies, the family’s philanthropic interests, a family office, and eventually a private trust company. Both the family office and the private trust company support the broader enterprise, which is governed by enterprise boards that set strategic direction and capital allocations for the collective family enterprise. How the family office and private trust company interact together is critical to the success of the family and the enterprise. The roles that the PTC might play in support of the enterprise will be discussed in this session, along with how to ensure that strategic planning is done in tandem across the enterprise.

   
1:45 pm

The Private Trust Company – A Strategic Solution for the Family Enterprise

Moderator: Mariann Mihailidis, Managing Director, Councils, Family Office Exchange

Panelists: Laura Liang, Vice President of Operations and Accounting, Duncan Family Office / Dan L Duncan Foundation
Bob Puck, Retired President and CEO, WLD Enterprises, a Single Family Office

The PTC represents an elegant evolution of the family enterprise by solidifying the role of the family in managing all of the family assets (more than just trust assets) and implementing its strategic plan. In this session, family office executives share considerations in forming a PTC, the role the PTC plays in supporting the enterprise, and how it interacts with the family office in support of the broader family enterprise.

Attendees will learn:

  • The role of the PTC in implementing the family strategic plan through discretionary trust decisions and family member development
  • The contributions the PTC makes to elevating the services provided to the family and to family governance
  • How the PTC can evolve over time and adapt to the needs of the family within the family enterprise
   
2:35 pm Networking Break
   
3:00 pm

What Does it Really Mean to be a Trustee? How Well Can a Private Trust Company Satisfy the Requirements?

Presenter: Richard Johnson, Partner, Waller Lansden Dortch & Davis, LLP

An industry expert provides a candid assessment of the powers, responsibilities, duties and potential liabilities of a trustee and how a PTC can effectively address them while meeting a family’s needs and goals.

Discussion will include:

  • Types of trust structures and options available to families
  • Distinguishing characteristics of each option
  • Circumstances for which each option might best suit a particular family
  • How a family-owned and controlled trust company is well-suited to effectively meet a family’s needs and goals
   
3:50 pm

Governing the PTC: Owners and Directors

Presenter: Rob Galloway, Partner, Baker Hostetler LLP
Additional Presenter TBA

Once a family has decided to develop a PTC and establish its role, it needs to consider how to structure and manage the entity.

Factors include:

  • Identifying a proper ownership structure for a dynastic charter
  • Choosing a board; knowing what to look for and considerations about using non-family members
  • Implementing required/desired officer positions, and the qualifications for each
  • Implementing required and desired committees, understanding how they function, and how to go about choosing members
  • Accepting trusts and making trust decisions
   
4:45 pm Reflections and Questions
   
5:30 pm Day One Review and Closing Remarks
   
6:30 pm Cocktails and Dinner
   
Thursday, February 21, 2018
   
7:30 am Networking Breakfast
   
8:30 am

Opening Remarks and Recap of Day 1

Presenters: Ruth Easterling, Managing Director, Member Services, Family Office Exchange
Mariann Mihailidis, Managing Director, Councils, Family Office Exchange

   
8:45 am

Choosing the Right PTC Charter State

Presenter: Miles Padgett, Partner, Kozusko Harris Vetter Wareh Duncan LLP

The first step after deciding to form a PTC is choosing the best home state for the family to help achieve its vision. This requires a balancing act that weighs convenience, trust and trust-company laws, regulatory environment, quality of probate courts and trust bar, and tax environment of the states under consideration. This session will explain the “Four Building Blocks” that make a state suitable for chartering a PTC and identify which states currently have them.

Building blocks include:

  • Excellent trust laws
  • Tax laws and policies focused on economic development
  • Positive public policy context
  • Geographic convenience (location and interstate authority)
   
9:45 am

Turning the PTC Idea into an Operating Trust Company

Presenter: Carleen Schreder, Partner/Owner, Levin Schreder & Carey

Once the PTC has been legally formed comes the critical step of bringing it to life within the family enterprise. This session provides a roadmap for considerations in establishing services, optimizing the role of the PTC, family office and service structure.

The roadmap will cover:

  • What is the alignment of the PTC services with other entities within the Family Enterprise – the Family Office, Family Council, etc.?
  • What activities will be outsourced?
  • Who will staff the trust company?
  • What communications and processes do we need?
  • Where do we execute and house operational documents?
  • How do we migrate to a fiduciary culture?
   
10:45 am Networking Break
   
11:15 am

Approval, Supervision, and Examination of PTCs

Presenter: Matt Tobin, COO, Managing Director, and Legal Counsel, South Dakota Trust Company LLC

Depending on where the entity is chartered, a PTC may receive a limited scope review, once every three years or sooner, based on its volume and type of fiduciary activity. In this session, a veteran of trust company examinations and a PTC executive will provide insight into what to expect from “standard” examination procedures, including:

  • Chief criteria for charter application approval
  • State regulatory requirements for operations that PTCs sometimes do not expect
  • Goals and focus of examinations
  • Preparing for the examination
  • Examination process
  • Post-examination responsibilities of management
   
12:15 pm Luncheon
   
1:15 pm

Insights and Perspectives from Experience

Presenter: David Spohngellert, President, United Continental Corporation

PTCs are known to be a powerful tool in long term family governance. Once the structure is established, the challenge is transforming the structure to maximize its potential as the center of the family’s wealth preservation pursuits. PTC Executives share insights on their journey in utilizing the PTC as a strategy for the family, selecting a situs, establishing operational guidelines, defining role of the PTC and family office and integrating the structure into the family system.

   
2:15 pm Recap and Closing Remarks
   

 

 

 

Presenter Biographies
 
Rob Galloway
Partner, Baker Hostetler LLP

Rob Galloway is a national Team Lender for Baker Hostetler’s Private Wealth Group. In this role, he provides counsel to the firm’s wealthiest and most prominent fiduciary and family clients.

Mr. Galloway works closely with family offices, private trust companies, bank trustees, and privately held companies to bring creative solutions to complicated tax and fiduciary issues. He understands that lasting client relationships are built on trust, collaboration, and a sensitive approach to family and business issues.

 

Richard Johnson
Partner, Waller Lansden Dortch & Davis, LLP

For nearly 30 years, large family‐owned and closely held businesses, high net worth individuals, family offices including their private family trust companies, and tax‐exempt organizations have sought out Richard Johnson to provide practical tax, business, and estate and trust planning solutions.

These clients rely on Mr. Johnson to provide practical tax and business planning solutions. Clients benefit from Mr. Johnson's vast experience with S‐corporations, LLCs, private trust companies, and partnership law which, when combined with strategic tax planning, helps minimize corporate and personal tax liabilities on both the state and federal levels.

Mr. Johnson organizes and advises private family trust companies in Nashville, Tennessee. He formed the first private family trust company under Tennessee law and has been responsible for forming more than half of Tennessee's private family trust companies. He helped draft new legislation updating Tennessee’s private trust company law, which greatly expanded the definition of a private family trust company to make Tennessee’s private trust company statutes more attractive than those in other states. The updated law now provides the family the option to allow the family’s business to own the private trust company as a wholly owned subsidiary.

Mr. Johnson works with wealthy individuals, families, and their family offices to structure their assets and ownership interests to keep wealth in the family and to foster the use of that wealth to perpetuate the family's values and purposes.

 

Laura Liang
Vice President of Operations and Accounting, Duncan Family Office/Dan L Duncan Foundation

Laura Liang is Vice President of Operations and Accounting for the Dan L Duncan Family Office and the Chief Grants Officer for the Dan L Duncan Foundation both based in Houston, Texas. Ms. Liang has worked in this family office since its formal inception in 2000. She led the task to form the Duncan Family’s private trust company, and continues to oversee operations serving as Vice President, Director, and a member of the Audit Committee. The private trust company was chartered in Tennessee in December of 2015.

In addition to her duties in the various Duncan Family entities, Ms. Liang serves on the board of the Private Investor Coalition and has served on the Advisory Committee for the Southeast Family Office Forum.
  
Ms. Liang has an accounting degree from Western Illinois University and lives in Houston, Texas with her husband, two college age and two high school age children, and their 11 year old lab Lexie.

 

Miles Padgett
Partner, Kozusko Harris Vetter Wareh Duncan LLP

Miles Padgett focuses on tax, business and regulatory planning for family offices and their family member clients, tax planning for managers of private equity and other investment funds, and on the chartering and management of private and retail trust companies for highly successful, strategic families and domestic and international financial institutions. Mr. Padgett routinely writes and speaks on the topics of family governance, wealth management, and structuring and regulatory matters.

In addition to being a lawyer, Mr. Padgett spent over 5 years as an investment consultant focusing on asset allocation and manager search and selection.

Mr. Padgett earned a Bachelor of Arts degree, with distinction, from Cornell University and a Juris Doctor degree from Vanderbilt University, where he was a member of the Vanderbilt Journal of Transnational Law.

 

Bob Puck
Retired President and CEO, WLD Enterprises, a Single Family Office

Until his recent retirement, Robert J. Puck served as President and CEO of a Florida based single family office. Mr. Puck was in the Family Office industry for more than 30 years. During that time, he established and managed two single family offices for investment based families. These offices provided a broad range of services including investment management and advice, trust administration, financial reporting, risk management, foundation management, tax planning and compliance, estate planning, Private Trust Company management, etc. He also has significant experience with family generational transition planning.

 

Carleen Schreder
Partner/Owner, Levin Schreder & Carey

Carleen focuses her practice on estate tax and income tax planning, working with both U.S. and international clients. She works extensively with families on multiple strategies for wealth transfer while minimizing taxes. She is experienced in the formation and operation of private trust companies to administer trusts for a client’s family and is an officer of two such companies. She advises on charitable planning, including private foundations, charitable trusts, and donor advised funds.

Ms. Schreder has also handled tax controversies, including estate tax and income tax audits and litigation. She works with many clients, particularly in the real estate area, to structure loans, investments, and sales or exchanges in order to maximize the deductibility of available losses, and defer income taxation as appropriate. She represents family owned businesses and helps them with succession planning, governance, and implementation of techniques to minimize gift and estate tax on transferring interests to the next generation.

Ms. Schreder is recognized as a Leading Lawyer in Tax Law as well as Trust, Will, and Estate Planning Law by the Illinois Leading Lawyers Network. In addition to her legal work, she has been recognized by her peers for her community achievements. She was a recipient of the Chicago Bar Foundation’s Maurice Weigle Award as an Outstanding Young Lawyer in Chicago. She has been recognized by Illinois Super Lawyer® in Estate Planning and Probate. Ms. Schreder is active in several social service and support organizations which have included leadership positions with the Chicago Foundation for Women, Chicago Legal Advocacy for Incarcerated Mothers, and Chicago Abused Women Coalition.

 

David Spohngellert
President, United Continental Corporation

For 30 years, David has worn many hats in his capacity as a family office executive. As a fourth generation family member, he is currently the President of United Continental Corporation (“UCC”) – the service office for his multi-generational extended family. 

David is also President of I J Trust Company, LLC (“IJTC”); a South Dakota private trust company established in 2004.  

UCC and IJTC provide investment, tax, estate planning, risk management, trustee, and other services to third, fourth and fifth generation family members – currently including 100 households.

Prior to joining the family office, David worked for US Trust Company for five years working in a bond fund administration.

David received an MBA in Finance from Fordham University in 1989 and a BA in Economics from Carleton College in 1983.

David lives in New York City with his wife and four sons.

 

Matt Tobin
COO, Managing Director, and Legal Counsel, South Dakota Trust Company LLC

Matt Tobin is Chief Operating Officer and Managing Director for South Dakota Trust Company LLC in Sioux Falls, South Dakota. His primary responsibilities include business management, legal, risk management, human resources, and public relations/legislation.

Mr. Tobin also serves as President of SDTC Services LLC, which is also located in Sioux Falls, South Dakota. SDTC Services LLC provides consulting services to the non-depository trust company industry. As President, he is primarily responsible for managing the Company’s Private and Public Trust Company client relationships. Mr. Tobin serves as a Board of Director and committee member for several private and public trust companies, and has experience and specialized knowledge in the areas of trust company management, organization, compliance, and fiduciary standards. Mr. Tobin also serves as the Director of the SDTC Foundation, and he is a Board of Director member for the South Dakota Trust Association.

 

Family Office Exchange Presenters

Sara Hamilton
Founder and CEO, Family Office Exchange

Sara Hamilton is the founder and chief executive officer of Family Office Exchange (FOX). Sara is a recognized visionary and credited with professionalizing the family office industry. Sara founded FOX in 1989 as a peer network for family office executives. Within 10 years, FOX could see that families needed help with their enterprise vision, managing financial transitions, and educating family members on responsible ownership.

Today, Sara provides strategic direction for FOX and leads the development of new programs and services supporting family enterprises, family office executives, and wealth advisory firms in more than 27 countries. FOX has built a unique team of professionals serving multi-generational families, led by 15 technical experts who are supported by a dedicated team of 30 additional employees based in Chicago, New York, San Francisco, Sydney, and Madrid.

Sara is the co-author of Family Legacy and Leadership: Preserving True Family Wealth in Challenging Times. She also serves on the executive education faculty of the University of Chicago Booth School of Business, where she is an adjunct faculty member for their Private Wealth Management course. She is on the founding boards for the International Private Directors Association and the Foundation for Gender Equality.

 

Ruth Easterling
Managing Director, Member Services, Family Office Exchange

Ruth Easterling is managing director of member services for Family Office Exchange (FOX). In her role, she works with family and advisor members to understand their objectives and provides guidance to help address their unique needs through the resources available at FOX. Ruth also moderates the Private Trust Company Network and works with the team at FOX to develop programming and insights for the Network. Ruth has held multiple roles at FOX including leading FOX member services, supervising the delivery of learning programs, and overseeing marketing to drive the redesign and brand initiatives that differentiate FOX today.

Prior to joining FOX, Ruth worked with the professional services firm Smith, Bucklin & Associates, which provides management and consulting services to more than 180 associations. She served as executive director to professional associations ranging in size from 300 to 4,000 members, reengineering membership structures and planning processes to better enable organizations to maximize their potential through efficient governance structures and member participation. In addition, Ruth often consulted with international and national organizations on strategic planning and governance design.

Ruth holds a B.A. degree in Management and Leadership from Judson College.

 

Mariann Mihailidis
Managing Director, Councils, Family Office Exchange

Mariann Mihailidis serves as managing director for Councils at Family Office Exchange (FOX). In her role, she advises members and oversees the management of all domestic family office relationships. Marianne serves as chair for the Executive Council ’04, Executive Council ’14, Senior Management Council, Financial Executive Council, and Owner Operator Council ’10.

As a practicing tax and estate-planning attorney, she develops strategies in wealth transfer issues, taxes, and corporate structures. Mariann has served as an executor and trustee, and her fiduciary responsibilities included administrative, legal, and accounting duties of various trusts and estates. Prior to joining FOX in 1996, Mariann worked in one of America’s leading family offices for four years as an accounting manager for the family’s investment partnerships and operating companies. She also spent more than six years in public accounting, including work as an auditor for Price Waterhouse.

Mariann received a B.S. degree in accounting from the University of Notre Dame and a J.D. from IITKent College of Law.

JW Marriott New Orleans
614 Canal Street
New Orleans, LA 70130

FOX has reserved a limited number of rooms at the JW Marriott at a rate of $259 per night plus applicable taxes. To obtain this discounted rate, please contact reservations at 504.525.6500 and mention Family Office Exchange or reserve your room online using this link: https://book.passkey.com/go/FOXPTCJWNoLa

Workshop attendees are responsible for making their own accommodation arrangements. The cutoff date for hotel reservations at this special conference rate (subject to room availability) is Wednesday, January 23, 2019.

Thank you to our Workshop sponsors!
 

 




Are you insterested in sponsoring the FOX Private Trust Company Fundamentals Workshop?

If so, please email events@familyoffice.com.