It has been a while since our last newsletter. After the Trust Code trailer bill passed, I was busy with numerous presentations on the new law. The new law has been immediately impactful on trust administration, especially with respect to the definition of qualified beneficiary, NJSAs, decanting, and the expanded concept of representation (see detailed training outline). For 2025 and 2026, we will be advocating for passage of the Uniform Directed Trust Act and a statute authorizing Domestic Asset Protection Trusts.

2024 was another very strong year for Prairie Trust. Our assets under administration (AUA) grew from about $1 billion to almost $1.25 billion. We collected more than $200 million in new assets for the first time. New business was strongly connected to matters involving estate settlement, special needs trusts, and irrevocable trusts requiring an independent trustee. These are matters that other corporate trustees often shy away from, and our team has keen expertise. We also continue to add directed/delegated trust accounts as well as investment management and IRA accounts. We expect the estate tax exemption to continue at about $14 million, adjusted for inflation, so we expect slow growth in tax-related trusts. Trust administration will continue to be the foundation for the growth of our wealth management services. 

Thank you for your business referrals in 2024. We appreciate your trust and confidence in recommending our services and look forward to working with you in 2025. If you know of someone who would like to learn more about our trust and investment management services, please contact our Director of Fiduciary Sales, Terry Doyle, at (262) 953-2435 or tdoyle@prairietrust.com. 

Very truly yours,