Citizens has launched a trust company in Delaware to offer its wealth management and private banking clients new options under the jurisdiction’s unique trust laws.
Citizens Trust Company of Delaware will enable the firm to offer ultra-high-net-owrth clients trust and fiduciary services aligned with the state’s income and estate tax advantages, enhanced privacy, and asset protection.
Delaware’s laws allow for options including directed trusts, perpetual (dynasty) trusts, and silent trusts and is well recognized for its experienced Chancery Court that make it a favorable destination for those wishing to set up a trust in the US.
Leading the new company as regional trust director is Jennifer Cuva who has more than two decades of experience as a leader in trust and estate planning. She was a former director of Personal Trust at Charles Schwab Trust Company which also has a Delaware-based service.
“Whether preserving family assets, managing philanthropic goals or navigating complex business transitions, Citizens Trust Company of Delaware will provide flexibility, protection and personalized solutions to safeguard and grow wealth for future generations,” said Paul Casey, head of wealth at Citizens. “Jennifer’s deep expertise and dedication to delivering innovative estate and trust solutions furthers our commitment to helping clients achieve their financial goals with enhanced sophistication and tailored service, fueled by an array of differentiated offerings.”
Cuva will be joined in Newark by business development director Dominique DuMochel who is also a senior wealth advisor for Citizens Private Wealth. The duo will serve as ambassadors for the private bank and Delaware trust businesses countrywide to create Delaware Trust solutions.
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