A Safe Harbor for Private Trust Companies

Trusts are amazing. During the past 100 years alone they have proven their ability to change and respond to changes in circumstances. Trustee succession provisions were enhanced by the demands of two world wars; facility of payment provisions responded to a desire for less court supervision; spendthrift provisions grew in importance as the litigiousness of our society increased and tax and cultural changes led to the revamping of how we viewed perpetuities periods—and the rule against perpetuities became no rule against perpetuities. Neal Gerber Eisenberg partner and Private Wealth Services chair Lawrence I. Richman authored an article that appears in the September/October 2008 edition of CCH's Journal of Passthrough Entities.