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Heather Flanagan, J.D., LL.M., TEP
Vice President - Senior Wealth Planner
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PNC Delaware Trust Company

With roots that go back to the first bank charter in Wilmington, Delaware in 1795, PNC Delaware Trust Company has grown by providing customized strategies for personal and business asset protection and innovative wealth planning approaches.  

A limited purpose trust company established under the laws of Delaware, PNC Delaware Trust Company provides a number of benefits unique to Delaware.

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PNC Delaware Trust Company

Do you want to find better approaches for business succession and transition of company interests?

Do you see the need to protect your family assets against frivolous legal actions or disruptions?

Do you want to find ways to possibly reduce state capital gains taxes on the sale of a business?

Do you want to name specialized fiduciaries or manage  highly concentrated stock positions?

I’m Heather Flanagan, Senior Wealth Planner for PNC Delaware Trust Company.

With roots that go back to the first bank charter inWilmington,Delawarein 1795, PNC Delaware Trust Company has grown by providing useful responses to these common business and personal dilemmas.

A limited purpose trust company established under the laws of Delaware, PNC Delaware Trust Company provides a number of benefits unique toDelaware. These include

  • Estate Tax free compounding for the benefit of future generations
  • Favorable state income tax treatment
  • Asset protection
  • And the ability to name specialized advisors

Let’s look at a few examples of how these benefits can help individuals in a variety of situations achieve their goals. 

For example, a business owner who has spent a lifetime building the businesses may not have spent much time developing a good business succession plan. 

BecauseDelawaretrust laws have addressed the needs of family businesses for decades,Delawareis a favorable place to plan for business succession. 

A closely held business can be held in aDelawaretrust which could set out how and when interests to family members will vest. A properly set up Asset Protection Trust can also protect the business from  lawsuits and allow the family to maintain control of the family assets if disruptions occur.

If one of the shareholders of the business is sued or gets divorced, the company shares could be protected and not subject to attempts to gain interest by those outside the family.(Pause, change in thought)

Let’s say a business owner is selling a closely-held business and is concerned about paying State and Local income taxes on the capital gains. If the business is transferred to A Delaware Incomplete-Gift Non-Grantor Trust, the business owner may be able to eliminate state and local taxes on the capital gains generated by the sale of the business.  This technique works well in certain jurisdictions likeNew York,New Jersey,Kentucky,California, and many other states.

Many clients already have trusted advisors in place and want to include those advisors in their overall estate plan. Delaware’s direction trust statute is different than many states in that it allows the Grantor to name separate fiduciaries to oversee specific duties within the trust. This would allow a named investment advisor to direct the investment of marketable securities in the trust and another advisor may direct the trustee regarding closely held assets in the trust.

The Grantor may name a distribution advisor in the trust who knows the family members and can make determinations on the appropriateness of distributions to beneficiaries. 

Delawareprovides a lot of flexibility in wealth planning to tailor the plan to the Grantor’s specific needs.  A Grantor can also direct that the investment advisor hold a highly concentrated stock position in the trust, which may not be allowed under trust laws in the Grantor’s home state.

These are just a few of the ways PNC Delaware Trust Company can help resolve complex financial planning situations. For more information, please contact me using the information on the next screen, or reach out to your relationship manager.

Thank you for your time and attention.

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The materials or video that you are going to view were prepared for general information purposes only and are not intended as legal, tax or accounting advice or as recommendations to engage in any specific transaction, including with respect to any securities of PNC, and do not purport to be comprehensive. Under no circumstances should any information contained in those materials or video be used or considered as an offer or commitment, or a solicitation of an offer or commitment to participate in any particular transaction or strategy. Any reliance upon any such information is solely and exclusively at your own risk. Please consult your own counsel, accountant or other advisor regarding your specific situation. Any opinions expressed in those materials or videos are subject to change without notice.

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