Concord Trust Launches In N.H.
|
| Print | |
|
February 17, 2012 |
The Concord Trust Company, a state-chartered, non-depository trust company, has been created in New Hampshire to enable high-net worth-families to take advantage of the state’s trust and estate tax laws.
New Hampshire was chosen because it has progressive trust and estate laws that are available to non-resident families, according to company officials. The Concord Trust Company (CTC) has been created to help non-resident families take advantage of these laws, according to the four founders of CTC.
Joe McDonald and Amy Kanyuk, trust and estate attorneys, and Ray Martin and Chip Martin, business and trust professionals, have created Concord Trust based in Concord, N.H.
Advisors often help their clients establish trusts in one of a handful of states with favorable tax, trust and banking environments. New Hampshire is one such state. It passed favorable legislation in 2006 and has enhanced it since then to make it favorable to creating trusts, according to CTC.
“Because of its recent legal reforms and low taxes, New Hampshire is among the most advantageous jurisdictions in the country in which to establish and administer trusts,” said McDonald, who is a CTC director. CTC provides unbundled trust and trust company administration services that allows trust portfolio management to be left with the family’s own investment advisors. CTC does not provide investment management services.
CTC provides formation, administration and virtual office support for ultra-high-net worth families interested in creating their own regulated private family trust companies, who might be discouraged by the cost and regulatory burdens of traditional family office structures in other states, says CTC.
—Karen DeMasters
|
