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Delaware Trusts

Tom Forrest, President of U.S. Trust Company of Delaware, discusses how the nation's first state has a tax and legal environment that can be as friendly toward trusts as it is toward business.

Greetings from Delaware, renowned for history, beauty, beaches — and as one of the friendliest states in the United States for individuals and families looking to address their wealth management and legacy goals through trusts.

Whether you live here or not, Delaware’s trust laws are favorable for the creation of certain types of trusts that can address your unique needs.

Thomas M. Forrest, president of U.S. Trust Company of Delaware, has worked with Delaware trusts for over 30 years.

In Delaware, the same court that governs corporations also governs trusts. So it’s a trust-friendly jurisdiction with an equity court that supports the bar and the banking industry for trusts.

Also, it’s a place where families can create trusts and have flexibility in naming outside Investment Advisors, for example, or having any of the unique advantages that Delaware offers put into their trust documents.

Delaware has several unique advantages, including the ability to move a trust in from another jurisdiction and take advantage of, for example: asset protection, dynasty trusts, no state income tax, privacy and confidentiality.

A flexible trust structure allows you to build a team of experts empowered to do what they do best on behalf of your family.

For example, your Investment Advisor can direct the trustee regarding investment decisions; manage assets; and select or supervise other Investment Managers, allowing the multiple-manager approach in a trust structure.

The fundamental question is what impact would you like your wealth to have on your life and the lives of your family?

Based on our clients’ response to that question, we will be able to pose more targeted questions and be better able to gauge whether and what specific types of Delaware trusts might meet the client’s personal and family’s needs.

IMPORTANT INFORMATION:

Opinions expressed herein are those of the featured participant, U.S. Trust Company of Delaware, and may differ from those of U.S. Trust and Bank of America Corporation and its affiliates. The information presented in this video is for discussion purposes only and is not intended to serve as a recommendation or solicitation for the purchase or sale of any type of security. This video does not constitute investment advice and is issued without regard to specific investment objectives or the financial situation of any particular recipient.

Neither U.S. Trust nor any of its affiliates or advisors provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

Always consult with your independent attorney, tax advisor, investment manager and insurance agent for final recommendations and before making any tax-related investment decisions or changing or implementing any financial, tax or estate planning strategy.

Investment products:

Are Not FDIC Insured
Are Not Bank Guaranteed
May Lose Value

U.S. Trust operates through Bank of America, N.A., and other subsidiaries of Bank of America Corporation (“BofA”). Bank of America, N.A. and U.S. Trust Company of Delaware (collectively the “Bank”) do not serve in a fiduciary capacity with respect to all products or services. Fiduciary standards or fiduciary duties do not apply, for example, when the Bank is offering or providing credit solutions, banking, custody or brokerage products/services or referrals to other affiliates of the Bank.

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