The New Hampshire Trust Council is pleased to announce that it will host the first annual New Hampshire Trust Conference – a one-day gathering of thought-leaders and practitioners, focusing on developments in trust law and best industry practices in the Granite State and beyond. Please join us at the Wentworth by the Sea Hotel & Spa in New Castle, NH on Friday, September 29. To see a full list of speakers and topics, please click here. To register and save your place, please visit the event registration page. Please contact Glenn Perlow (email@example.com) with any questions regarding the event.
The June 2017 Issue of the STEP Journal featured "New Horizons," an article by Todd D. Mayo, which reviews SB 225. If enacted, New Hampshire will be the first state in the US to permit the establishment and domestication of foundations. See the full article (originally appearing in STEP Journal, Volume 25, Issue 5) here.
The New Hampshire Trust Council has filed its first friend of the court (amicus) brief in the New Hampshire Supreme Court, in the matter of Hodges, et al. v. Johnson, et al., Docket No. 2016-0130. Prepared by Todd Mayo and Glenn Perlow of Perspecta Trust, the brief seeks reversal of a ruling by the 7th Circuit Court, Probate Division that voided a series of decantings of an irrevocable trust established in 2004. Three beneficiaries, whose beneficial interests were extinguished as a result of the decantings, complained that the Trustees had failed to duly consider those interests when exercising discretionary powers under the trust to undertake the decantings. Following a trial, the Probate Court agreed. On reviewing the final order, the Trust Council felt that the Trustees had been held to an incorrect standard. It filed the amicus brief in support of the Trustees’ appeal, in order to ensure that “the New Hampshire Trust Code’s provisions are interpreted and applied by the courts accurately and consistent with well-established precedent and the intent of the legislature.” The amicus brief can be read in its entirety here.
The New Hampshire Trust Advantage: Why the Granite State Rocks When it Comes to Administering Trusts
This article was previously published in the June 2016 issue of Estate Planning (Thomson Reuters/Tax & Accounting) and in the Q3 2016 issue of Terralex. Authors: STEVEN BURKE, THANDA FIELDS BRASSARD, VON E. SANBORN, AND CONSTANCE E. SHIELDS The State of New Hampshire has some of the most progressive and flexible trust statutes in the United States. Consequently, it is one of the premier jurisdictions for establishing and administering trusts. Over the last decade, New Hampshire legislators have actively engaged in modernizing New Hampshire’s trust laws so that the state is an attractive safe-haven for both domestic and foreign private wealth. Among other benefits, New Hampshire affords asset protection legislation that is as good as or better than that offered by other U.S. jurisdictions. New Hampshire law compares favorably to the laws of the few United States jurisdictions that, like New Hampshire, have adopted progressive trust legislation. However, New Hampshire is unique among these states because of its accessible East Coast location, the relatively low cost of trust services in New Hampshire, and its Uniform Trust Code (“UTC”) based code that enables more seamless relocation of other UTC state law trusts to New Hampshire, in contrast to non-UTC states, such as Delaware. In addition, New Hampshire has a specialized court solely focused on resolving trust disputes. Premium Flexibility in Trust Administration Since 2004, the New Hampshire legislature has continually modernized its trust legislation to make trust administration significantly more efficient and flexible. New Hampshire trust law now includes favorable provisions permitting, for example non-judicial settlement agreements, trustee decanting, trustee modification, and virtual representation, each of which allows trustees to administer trusts more efficiently and to modify a trust’s operative provisions when circumstances require, without the [...]
CONCORD, N.H., July 30, 2015 (GLOBE NEWSWIRE) -- On Monday, Governor Maggie Hassan signed into law a bill modernizing and simplifying New Hampshire’s trust company and family trust company laws (also known as private trust companies). The New Hampshire Trust Council (www.nhtrustcouncil.com) supported and helped to write the bill. “By modernizing and simplifying the trust company and family trust company laws, the new law further enhances New Hampshire’s attractiveness on both the national and international stages as a leading trust jurisdiction,” said Todd D. Mayo, president of the New Hampshire Trust Council and a principal and general counsel of Perspecta Trust (www.perspectatrust.com). Mr. Mayo was a member of the working group that drafted the new law. The new law simplifies, clarifies, and reorganizes the banking, trust company, and family trust laws. The new law eliminates 21 chapters of statutes—which were sometimes potentially confusing and redundant—and replaces them with just five chapters. The new chapters include a chapter devoted to trust companies and a chapter devoted to family trust companies. In contrast to many aspects of prior law which were written in another era and often did not reflect the differences between trust companies and other types of banking institutions, the new law is tailored to modern trust law and modern business practices of trust companies and family trust companies. For trust companies and family trust companies, the new law’s notable features include: Creates a streamlined application process for new trust companies and family trust companies. Allows a trust company or family trust company to invest its capital consistent with the prudent investor rule. Reduces assessments on trust companies and family trust companies, caps the assessments on family trust companies, and generally reduces the reserves for [...]