2022 FOX Private Trust Company Fundamentals Workshop

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

Attendees Will Learn

  • Why families form a PTC
  • The role of the PTC in supporting the family enterprise
  • What differentiates the structure from other trust and regulated structures
  • Which questions to ask when forming the entity 
  • The differences between a regulated and unregulated structure
  • The leading charter states and their varying characteristics
  • Best practices related to governance and operations 
  • Lessons learned from seasoned PTC executives and experts
     

Who Should Attend

This workshop is for families currently forming or considering forming a Private Trust Company as well as family members and qualified trustees who want to better understand their PTC structure.

 

Attendee Quotes

“The content, quality of speakers, and quality of peers is excellent."

“If you are thinking about setting up a Private Trust Company, I highly recommend that you attend this workshop first to make sure you understand what you are committing to.”

 

Online registration for this event is now closed. If you would like to attend, please contact us at events@familyoffice.com.

  • About
  • Agenda
  • Speakers
  • FAQs

REGISTRATION: The Private Trust Company Fundamentals Workshop is open to family members, PTC board members, and family office and PTC executives. FOX also allows 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.

REFUND POLICY: For event registrations, refunds of payments 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.

Field of Study: Specialized Knowledge - 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 Internet Based

Learning Objectives: Upon completion of this program, participants will be able to make informed decisions about developing a private trust company for a family enterprise. Program objectives include: Learn how to satisfy trustee requirements, how to choose the proper charter state for a PTC, how to govern the PTC with boards and directors, how to develop the PTC into an operating trust company and how to understand the approval, supervision and examination of PTCs.


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.

    Tuesday, February 15, 2022

    All times listed are in U.S. Central Time

       
    10:00 am

    Welcome to the Workshop

    Glen W. Johnson, President of Membership, FOX

       
    10:30 am

    Introduction to the Private Trust Company

    As the family enterprise evolves over time, eventually, many families will consider the question of whether to form a private trust company (PTC). The PTC can be quite useful to many families, providing unique benefits and capabilities, but also comes with its own special concerns requiring careful consideration.

    Attendees will learn:

    • What a private trust company is and who might benefit from creating one
    • The various purposes, advantages and roles that a PTC can add to support the enterprise
    • Major considerations to keep in mind throughout the exploration and planning process

    Scott Winget, Enterprise Market Leader, FOX

    CPE is not offered for this session.

       
    10:45 am

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

    The PTC represents a graceful 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 the family’s strategic plan. This session will explore how the PTC supports the family in managing the wider enterprise and how it interacts with the family office in support of the broader family vision.

    Attendees will learn:

    • How the PTC plays a role in implementing the family’s strategic plan
    • About the evolution of the PTC over time, including adapting to the needs of the family
    • How the PTC contributes to elevating services and family governance

    PANEL OF FAMILY OFFICE EXECUTIVES

     

    1.0 CPE | Specialized Knowledge

       
    11:45 am Lunch Break
       
    12:45 pm 

    Being a Trustee: What Does It Really Mean and How Can a Private Trust Company Satisfy the Requirements?

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

    Attendees will learn:

    • About the different trust structure types and various options
    • The circumstances for which each option may 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

    Richard Johnson, Attorney, Waller Lansden Dortch & Davis

    Moderated by Glen W. Johnson, President of Membership, FOX

    1.0 CPE | Specialized Knowledge

       
    1:45 pm

    Reflections and Questions

    Day 1 review and closing remarks

    Scott Winget, Enterprise Market Leader, FOX

       
    2:00 pm Day 1 Adjourns
       

    Wednesday, February 16, 2022

    10:00 am

    Opening Remarks and Recap of Day 1

    Glen W. Johnson, President of Membership, FOX

       
    10:15 am

    Choosing The Right PTC Charter State

    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 weights convenience, trust and trust-company laws, regulatory environment, quality of probate courts and trust bar, as well as the tax environment of the states under consideration.

    Attendees will learn:

    • Which states support PTCs
    • Important factors to consider when evaluating a particular state, such as:
        • Advantageous trust and tax laws
        • Positive public policy support
        • Geographic convenience

    Miles Padgett, Partner, Kozusko Harris Vetter Wareh Duncan LLP

    Moderated by Scott Winget, Enterprise Market Leader, FOX

    1.0 CPE | Specialized Knowledge

       
    11:15 am AM Break
       
    11:30 am

    Governing the PTC: Owners and Directors

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

    Attendees will learn:

    • How to identify a proper ownership structure
    • How to design the board composition
    • How to select officer positions
    • How to construct and implement committees

    Robert R. Galloway, Partner, BakerHostetler

    Moderated by Glen W. Johnson, President of Membership, FOX

      1.0 CPE | Specialized Knowledge

         
      12:30 pm Lunch Break
         
      1:30 pm

      Transforming the PTC Idea into an Operating Trust Company

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

      Attendees will learn:

      • How to align the PTC within the family enterprise
      • About staffing and outsourcing
      • How to develop strong communication and processes
      • How to migrate to a fiduciary culture

      PANEL OF TWO FAMILY OFFICE EXECUTIVES

      Moderated by Glen W. Johnson, President of Membership, FOX

        1.0 CPE | Specialized Knowledge

           
        2:30 pm

        Reflections and Questions

        Day 2 review and closing remarks

        Scott Winget, Enterprise Market Leader, FOX

           
        2:45 pm Day 2 Adjourns
           

        Thursday, February 17, 2022

        10:00 am

        Opening Remarks and Recap of Day 2

        Glen W. Johnson, President of Membership, FOX

           
        10:15 am

        Approval, Supervision, and Examination of PTCs

        Depending on where the entity is chartered, a PTC may receive a limited scope review once every three years or shorter based on volume and type of fiduciary activity. To be adequately prepared, it is important to know what to expect from “standard” examination procedures.

        Attendees will learn:

        • The process of charter application approval
        • How to prepare for an examination
        • What the examination process looks like
        • Post-examination responsibilities

        FAMILY OFFICE EXECUTIVE

        Moderated by Scott Winget, Enterprise Market Leader, FOX

        1.0 CPE | Specialized Knowledge

           
        11:15 am AM Break
           
        11:30 am

        Insights and Perspectives from Experience

        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.

        Attendees will learn:

        • How to leverage the PTC as a strategy for the family
        • Best practices for establishing operational guidelines
        • How to define the roles of the PTC and the family office
        • Advice on how to integrate the structure into the family system

        PANEL OF FAMILY OFFICE EXECUTIVES

        Moderated by Scott Winget, Enterprise Market Leader, FOX

          1.0 CPE | Specialized Knowledge

             
          12:30 pm

          Reflections and Questions

          Workshop review, questions and closing remarks.

             
          1:15 pm Workshop Adjourns
             
             
             
             

           

           

           

          Presenters

          Robert R. Galloway
          Partner, BakerHostetler

          As leader of the firm's national Private Wealth team, Rob Galloway provides nationwide counsel to the firm's wealthiest and most prominent fiduciary and family clients. He works closely with family offices, private trust companies, bank trustees, individual trustees and privately held companies to bring creative solutions to complicated tax and fiduciary issues. Rob understands that lasting client relationships are built on trust, collaboration and a sensitive approach to family and business issues.

          Rob has assisted many clients in the formation of private trust companies, and he co-authored the Ohio Family Trust Company Act which became effective in September 2016.  He has structured the ownership of various family office entities and brings more than 30 years of experience in counseling families on the different approaches to business ownership and succession.
           

          Richard Johnson
          Attorney, Waller Lansden Dortch & Davis

          For over 30 years, large family-owned and closely held businesses, family offices, and high net worth individuals, 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.

          Clients appreciate his understanding of family dynamics - and the unique challenges families encounter - and have confidence in his ability to protect their wealth by applying common sense solutions.

          Clients benefit from Richard'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.

          Richard 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 with the option to allow the family's business to own the private trust company as a wholly owned subsidiary.

          Richard 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.
           

          Miles Padgett
          Partner, Kozusko Harris Vetter Wareh Duncan LLP

          Miles 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. Miles routinely writes and speaks on the topics of family governance, wealth management, and structuring and regulatory matters.

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

          Miles 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.
           

          Jennifer Remondino
          Partner, Warner Norcross + Judd LLP

          Jennifer is an estate planning attorney who is dedicated to building relationships with clients. She finds it rewarding to help clients with some of life’s most difficult situations – death and disability. She specializes in sophisticated tax planning, charitable giving, estate and gift tax audits, formation and operation of family offices, trust and estate administration, governance agreements and business succession planning. She takes a practical, yet personal, approach to planning and enjoys working with clients to structure inheritances that fit each family’s unique circumstances.

          Jennifer is the Chair of the firm’s Trust and Estates Practice Group, the Executive Partner of Warner’s Holland Office and a Fellow of the American College of Trust and Estate Counsel. She has received numerous awards, including Best Lawyers in America for Closely Held Company, Family Business Law, and Trusts and Estates, as well as Michigan Super Lawyer Rising Star, and the Grand Rapids Business Journal’s 40 Under Forty, which recognizes the area’s top business leaders.
           

          Domingo P. Such, III
          Partner, Firmwide Chair, Family Office Services Practice, Perkins Coie LLP

          Domingo P. Such, III is a Partner in the law firm of Perkins Coie LLP based in the Chicago office, focusing his practice on excellence in the delivery of legal advice that is results oriented.  He serves as the firmwide chair of Family Office Services, a multi-disciplinary practice representing operating companies, boards of directors, fiduciaries, beneficiaries, and family offices including trust companies and quasi-family office arrangements that has been recognized by Chambers and Partners High Net Worth 2020 guide.  A trusted advisor with significant corporate and trusts & estates tax experience, Domingo has been cited in various publications including Bloomberg, Business Week, Crain’s Business Magazine, The Wall Street Journal, and Worth, and is a frequent author with multiple published law review and magazine articles. 

          He lectures nationally on trust and business planning involving complex estates and trusts which are at times contested in court.  Domingo received his undergraduate and M.B.A. degrees from Washington University in St. Louis, and his law degree from the Loyola University of Chicago School of Law.  He earned his Certificate in Family Business Advising from the Family Firm Institute.  He is listed in Who’s Who in America and Best Lawyers in America, Super Lawyers and is a fellow of the American College of Trust and Estate Counsel, and the American Bar Foundation reflecting his experience, integrity and recognized professional excellence.
           

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

          Matthew Tobin is Chief Operating Officer and General Legal Counsel for South Dakota Trust Company LLC (SDTC) 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 servesas a member of Board of Managers for SDTC, Director of the SDTC Foundation, Treasurer of the SDTC Companies PAC, and he is a Board of Director member for the South Dakota Trust Association. 

          Prior to working in the trust industry, Mr. Tobin was in private law practice where he focused on general and business litigation.He also received considerable experience in negotiations, mediation, and alternate dispute resolution. Mr. Tobinalso served as a law clerk to The Honorable Roger Wollman, U.S. Court of Appeals, Eighth Circuit.


          Plus Additional Family Office Executives
           

          FOX Presenters

          Glen W. Johnson
          President of Membership

          Glen W. Johnson is President of Membership at Family Office Exchange (FOX). In this role, he is responsible for all aspects of the member experience, ensuring that each family member, family office executive, and trusted advisor has an unsurpassed experience partnering with FOX by providing unique industry knowledge and insights coupled with a safe and confidential environment where members can share best practices. In addition, Glen oversees the operations of FOX and is charged with establishing and executing systems to execute FOX’s strategic plan, promoting its vision and service-centric culture, and enabling the FOX team to work together to exceed our member’s expectations.

          Glen has over 30 years of experience working with family offices, business owners, and executives, first as an attorney and then as a wealth advisor, eventually founding Mirador Family Wealth Advisors – the multi-family office for Fifth Third Bank. He has worked with business owners and executives across all stages of their business life cycle including business succession.  Glen writes and speaks nationally focusing on family and business governance and the unique challenges faced during the sale and transition of closely held businesses.

          Glen earned a Bachelor of Sciences degree in Education from the University of Michigan in Ann Arbor, MI and a Juris Doctorate degree from Wayne State University Law School in Detroit, MI.
           

          Scott Winget
          Enterprise Market Leader

          Scott Winget is the Enterprise Market Leader at Family Office Exchange (FOX). In his role, Scott serves as Co-Chair for Enterprise Councils and Executive Councils, where members can share experiences, ideas and best practices with veteran peers in a confidential environment. Scott also serves as relationship manager for Enterprise Family members, in order to understand their unique needs and provide them with access to important research and objective guidance. He is as a member of the FOX leadership team, helping to develop and execute service strategies designed to meet the needs of his market segment, and also participates in new research and thought leadership meaningful to members.

          Serving families for over 25 years in the areas or family office, wealth management and estate and tax planning, Scott brings significant experience to FOX and its members. Prior to joining FOX, Scott created and led multi-disciplinary and award-winning consulting groups that provided comprehensive family office services at both Cresset and Ascent Private Capital Management. Earlier, he was a senior wealth planner at Wells Fargo Family Wealth (later, Abbot Downing) and began his career as an income tax and estate planning specialist with Arthur Andersen and EY. Scott has participated in the FOX community for over 15 years.

          Scott is a CPA and holds a J.D. from The Ohio State University, where he also earned a B.S. in Business Administration with a dual major in Accounting and Finance. He is a member of the Rocky Mountain Estate Planning Council, Colorado Society of CPAs and the Colorado Bar Association. He has also held several securities and insurance licenses and served on the board of the Mountain Area Land Trust as Treasurer and head of the Finance Committee among other roles with non-profits.

           

          Private Trust Company Workshop Frequently Asked Questions:

          Where is the workshop and how do I access it?

          The workshop is taking place virtually and can be accessed via our virtual portal. Information on accessing the portal will be emailed to you directly. For access assistance please email events@familyoffice.com. You must be registered to access the event.

           

          How do I log in?

          To log in to the workshop, you will need the email address you used to register . Once you enter your first name, last name, and email address on the login screen, you will be sent a verification code to your email address. Once you enter your verification code, you will have access.

          Please note: once you have entered your email address in the virtual portal, it can take up to 10 minutes to receive your verification code. Your verification code will send from support@crowdcompassmail.com

          If you need assistance, please reach out to us at events@familyoffice.com.

           

          What do I do now that I’ve logged in?

          We recommend:

          • Completing your profile.
          • Reviewing the “attendee” section and requesting to connect with other attendees.
          • Taking some time to become familiar with the portal, and the “My Schedule” page, where you will access the sessions.

           

          How do I access the sessions?

          To access workshop sessions, click on “My Schedule”, the day you wish to participate in at the top, and then the session you wish to attend. Once inside the session – click the “Begin Session Here” button.

           

          When should I log in to attend the session?

          We recommend you log into the portal at least five minutes prior to the session to ensure you have enough time to receive a verification code (if needed) and navigate to your session.

           

          Do I have to log in every time I visit the event?

          If you do not close your browser windows or log out of the workshop, you will not need to log in again. Otherwise, you will need to log in again.

           

          What is the schedule?

          Please visit the Agenda tab.

           

          What is the time zone?

          All published times are in U.S. Central Time.

           

          Which technologies are you using?

          CVENT CrowdCompass is our virtual portal.
          Zoom facilitates video streaming.
          Zoom polling will be used for in-session polling.

           

          What device should I use?

          Some offices prevent access to external conference platforms from corporate VPN accounts. You may find it easiest to use a personal device to access this event.

           

          Can other people see me, and if so – what is the dress code?

          Please note that participants can see each other on camera, and camera use is encouraged. Business casual attire is recommended.

           

          How can I change my visibility setting from hidden to visible or vice versa?

          Navigate to “edit your profile,” where you can change your visibility.

           

          My question isn’t here, how can I get additional help?

          Please email events@familyoffice.com and we’ll be delighted to assist you.