While individual state law can govern the construction and validity of the trust, The Private Trust Company can administer trusts under a variety of state laws. PTC is headquartered in Ohio and appreciates Ohio law due to its consistent, fair, and flexible legal and tax environment. As a national bank, PTC also has the ability to administer trusts drafted with other state situs.
Unlike many states, Ohio does not tax trusts based on the location of the trustee. Rarely is a trust taxed in Ohio, since tax situs is based on whether the grantor was a resident at the time the trust became irrevocable as well as the current residency of the beneficiaries.
The benefits of Ohio administrative law include:
- The Uniform Prudent Investor Act provides flexible and modern investment rules, which, among other positive aspects, allows for the ability to delegate investment management responsibility to the client’s financial advisor and outside money managers
- Use of Total Return Trusts, which may be more favorable to both current and future beneficiaries
- Trusts can continue for as long as desirable since Ohio law allows for opting out of the Rule Against Perpetuities
- Attractive statutory environment for those setting up trusts
- Settled statutory and case law protecting beneficiaries of trusts
- Clear standards for trustees, promoting consistent administration
- The ability to utilize a family member as a “Trust Advisor” or “Trust Consultant”
- The ability to create self-settled domestic asset protection trusts