States such as Delaware have arguably become even more attractive jurisdictions in the wake of recent US tax reforms that cap ability to deduct for local, state taxes.

Greenleaf Trust Delaware has been granted a Delaware limited purpose trust company charter to become a trust in the US state that is renowned for its trust laws.

This charter enables Greenleaf Trust Delaware to provide trust administration under the trust infrastructure commonly known as the Delaware Advantage, the firm said in a statement.

Greenleaf Trust Delaware will now serve as a trustee for a wide range of trusts including dynasty trusts and directed trusts. The Delaware office will be led by Tonia Kennedy and Lara Jones-Perrins. 

Kennedy has over 20 years of trust administration experience and will serve as its Delaware vice president and trust officer. Jones-Perrins, Delaware Trust administrator, has nearly 20 years of trust taxation experience. She most recently served as a trust officer at a family office.

"This is yet another step in our quest to anticipate and to deliver enhanced services to our high net worth clients,” said Mike Odar, president of Greenleaf Financial Holding Company. “We can now better serve trust clients and partnering professionals who desire the sophisticated benefits of enhanced control, asset protection, and tax planning afforded by a Delaware situs trust." 

Greenleaf Financial Holding Company is the parent of both Greenleaf Trust Delaware and Greenleaf Trust, a Michigan Chartered Trust Only Bank.

Delaware, along with states such as New Hampshire, South Dakota, Nevada and Alaska, have carved out a status for providing tax-efficient trusts and related structures for corporations and individuals. This publication recently examined developments in this space. It has been argued that the new US tax reforms, which have reduced ability of citizens to deduct state and local income taxes from their federal bills, will further encourage use of trust structures in states such as Delaware.