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Please stop by our booth at the 46th Annual Southern Federal Tax Institute to meet with the President of CTC, Ms. Cynthia D. M. Brown, to discuss all of your client’s Delaware Trust needs.

The Southern Federal Tax Institute, Inc. is a non-profit corporation organized for the exclusive purpose of developing and presenting annually a professional institute covering current federal tax problems and issues at the post-graduate level. The program is designed for the practitioner who must frequently anticipate and handle federal tax matters. Emphasis is placed on subjects which are new and current, including in-depth coverage of recent developments and problems which often prove difficult in planning clients’ affairs and transactions.

We are pleased to announce that the President of Commonwealth Trust Company, Cynthia D. M. Brown, was elected to the Board of Directors of Delaware CarePlan, Inc. (DCP).

On July 13, 2011, Delaware Governor Jack Markell signed Trust Act 2011 into law, effective August 1, 2011.  Attached is a summary of the material changes to Title 12 of the Delaware Code, relevant to trust administration, included in the Act. Click the following link for a summary of Trust Act 2011

In a recent matter before the Delaware Chancery Court, Vice Chancellor Glasscock confirmed the court’s commitment to honor the settlor’s intent and defer to the language of the trust document with regard to the standard of liability used to measure the conduct of a trustee in exercising its fiduciary duties. Relying on the language of Title 12, Section 3303 of the Delaware Code, a corporate trustee was held to the standard of good faith with regard to a matter of permissible self-dealing due to the specific language found in the trust instrument. For the full opinion, please refer to the above-captioned matter at http://courts.delaware.gov/opinions/list.aspx?ag=court of chancery or utilize our Delaware Law Links section.
Rohlf Memorandum Opinion 7-12-2011

We are pleased to announce that CTC will be celebrating its 80th Anniversary in 2011. Please contact us for all of your Delaware Directed Trustee Administration needs.