Michael M. Gordon Speaks on Directed Trusts at STEP Conference

The Society of Trust and Estate Practitioners (STEP) held their 10th Annual International Estate Planning Institute March 13-14 at the Crowne Plaza Hotel in New York.

Among the panelists for a session titled “Directed Trusts, Trust Protectors, Private Trust Companies and Other Bells and Whistles: Onshore v. Offshore” was GF&M’s Michael M. Gordon, who spoke on legal issues related to Directed Trusts, as well as establishing a limited purpose trust company under Delaware law.

The first part of Gordon’s presentation dealt with issues of liability related to trustees and advisors. Citing examples of case law in Delaware and other states, he illustrated the court’s interest in maintaining the integrity of Directed Trusts laws by upholding the trustee’s statutory right to rely on the terms of the trust instrument for protection from liability.

Gordon then detailed procedures for establishing a limited purpose trust company in Delaware,  the powers and restrictions applied to these companies under Delaware law (including choosing a Delaware-based corporate trustee), and recommendations for setting up operations in the state.

Panelists 

Alec R. Anderson TEP, Conyers Dill & Pearman Limited, Bermuda

Michael M. Gordon, Gordon, Fournaris & Mammarella, P.A., USA

Nicholas Jacob TEP, Lawrence Graham LLP, UK

Moderator: G. Warren Whitaker TEP, Day Pitney LLP, USA