Among PNC's exceptional and specialized resources is our capability to offer the benefits of Delaware Trusts through the PNC Delaware Trust Company. It is distinguished for its tradition of favorable personal trust laws which help wealthy individuals preserve wealth for themselves and future generations. Delaware is recognized for it's progressive tax legislation emphasizing flexibility, tax savings, perpetual trusts, and asset protection.
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In today's increasingly litigious society and uncertain economy, wealthy individuals are focused on preserving hard-earned assets for retirement and passing a legacy to heirs. Professionals, business owners and others concerned about potential lawsuits are using Delaware Asset Protection Trusts to protect assets from future creditors. The creator of the trust ("Settlor") has the ability to receive distributions from the trust and can retain control over the investment of trust assets.
Delaware's Direction Statute adds significant flexibility to Delaware Trusts by permitting the Settlor to allocate distribution, investment, and administrative decisions among co-trustees, advisors, and/or trust protectors. The Settlor can appoint an Investment Advisor to be responsible for investment decisions and a Distribution Advisor, who has personal knowledge of beneficiaries' needs, to make distribution decisions. A Trust Protector may also be appointed with specific powers to address changes in the law and other circumstances.
Sometimes the provisions of an irrevocable trust can become problematic or difficult to administer. Delaware offers the possibility to amend irrevocable trusts to better help fulfill the needs of beneficiaries and to address administrative issues. Delaware law permits a trustee, in certain circumstances, to effectively amend a problematic trust without court costs by "decanting," or pouring over the assets of a trust to a new amended trust.
The creation of a Delaware Tax-Advantaged Trust, sometimes called a "DING" Trust (Delaware Incomplete Gift Non Grantor Trust) can create a unique opportunity to minimize, or even eliminate, state income taxes. Delaware effectively does not impose any income tax on accumulated income or retained capital gains in a trust that does not have any Delaware resident beneficiaries. So, for example, in certain circumstances a business owner may be able to save state income tax on the capital gain realized upon the sale of his or her interest in a closely held business with the use of a Delaware Tax-Advantaged Trust.
The PNC Financial Services Group, Inc. (“PNC”) uses the name PNC Wealth Management® to provide investment and wealth management, fiduciary services, FDIC-insured banking products and services and lending of funds through its subsidiary, PNC Bank, National Association (“PNC Bank”), which is a Member FDIC, and uses the name PNC Wealth Management® to provide certain fiduciary and agency services through its subsidiary, PNC Delaware Trust Company. Securities products, brokerage services and managed account advisory services are offered by PNC Investments LLC, a registered broker-dealer and a registered investment adviser and member of FINRA and SIPC. Insurance products may be provided through PNC Insurance Services, LLC, a licensed insurance agency affiliate of PNC, or through licensed insurance agencies that are not affiliated with PNC; in either case a licensed insurance affiliate may receive compensation if you choose to purchase insurance through these programs. A decision to purchase insurance will not affect the cost or availability of other products or services from PNC or its affiliates. PNC does not provide legal, tax or accounting advice and does not provide services in any jurisdiction in which it is not authorized to conduct business. PNC Bank is not registered as a municipal advisor under the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Act"). Investment management and related products services provided to a “municipal entity” or “obligated person” regarding "proceeds of municipal securities" (as such terms are defined in the Act) will be provided by PNC Capital Advisors, LLC, a wholly-owned subsidiary of PNC Bank and SEC registered investment adviser.
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