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ATG Trust Acquires Land Trust Business from Northern Trust Company
ATG Trust Company will operate land trust administration and Starker Exchange services from Northern Trust's Lake Forest Deerpath financial center. As part of the acquisition, Peggy Peters, who was a Northern Trust Vice President and Land Trust Officer, will join ATG Trust in the same capacity. Additionally, ATG Trust will make its § 1031 or "Starker" Exchange services available from this location, as it does in Chicago and Kankakee. Just call 312.752.1031.
"A land trust is an inexpensive and simple way to own Illinois real estate in a private and protected manner," explained ATG Trust President Robert Lopardo. "It allows for total control by the owner while providing a private method of naming a beneficiary without the need for probate, which generally, estate planning lawyers want their clients to avoid. Additionally, a §1031 Exchange allows investors to make tax-deferred sales of appreciated property and acquire 'like kind' replacement property under the umbrella of ATG Trust as the Qualified Intermediary to comply with federal tax law."
ATG executives and the ATG Trust Board of Directors welcome Peggy Peters (fourth from left), who is a former Northern Trust Vice President and Land Trust Officer and joined ATG Trust in the same capacity. From left: Andrew Dystrup; Wally O'Brien, ATG Trust Chairman; Dennis Norden, ATG Trust Senior Vice President and General Counsel; Peggy Peters; William Austin, ATG Chairman; Carol Simpson; Robert Lopardo, ATG Trust President; Daniel Marsh; and Peter Birnbaum, ATG President.
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Explained Lopardo, "This acquisition will enable ATG Trust to provide seamless continuity to Northern Trust clients who have land trusts, and allow us to grow this business by targeting owners of residential and commercial real estate or investment property who may benefit from a land trust and our high quality and responsive §1031 Exchange services."
"Land trusts and §1031 Exchanges are a natural fit for our real estate and trust-oriented member attorneys," said Lopardo. "We have been extremely pleased to work with Northern in making this agreement possible and giving us this opportunity."
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