Robert R. Galloway

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Governor Kasich Signs House Bill 229 to Create Ohio Family Trust Company Act

By Robert R. Galloway on June 16, 2016 Posted in Family Trust Company

On June 14, 2016, Governor Kasich signed House Bill 229 into law. The bill, which was over two years in the making, allows an Ohio family to establish its own trust company to serve as trustee for its family trusts. The legislation, co-authored by Rob Galloway of BakerHostetler’s Private Wealth Team, had been through a … Continue Reading

Family Trust Company Legislation Passes Ohio House

By Robert R. Galloway on December 16, 2015 Posted in Family Trust Company

On December 9, 2015, House Bill 229 was passed by the Ohio House of Representatives by a vote of 84-8. The bill, which was almost two years in the making, allows an Ohio family to establish its own trust company to serve as trustee for its family trusts. A companion bill is being considered by … Continue Reading

SEC “Common Trust Fund” Exception Narrowly Construed for Private Trust Companies

By Robert R. Galloway on April 16, 2014 Posted in Estate Planning, Trust Administration

Recent years have seen a dramatic increase in the number of Private Trust Companies (“PTCs”) established by wealthy families. PTCs are used to consolidate the trustee function of multiple trusts within a family, and because these trusts are often invested in family-controlled investment vehicles they implicate various federal securities laws. For instance, the Investment Company … Continue Reading