Forming a Trust |
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| The are multiple reasons for forming a Trust, including asset protection, tax planning purposes, protecting family wealth and businesses or other beneficiaries, and even to prepare one’s affairs in the event of death. Forming a Trust has also increased in popularity due to factors affecting wealth preservation, such as political instability, marital or family disputes, and harsh tax regimes. | |
| Useful Information on Forming a Trust | |
| When forming a Trust, it is important to set clear goals, as well as researching all the issues associated with its ongoing management, such as tax. Forming a Trust in a suitable jurisdiction and managed by reputable, reliable Trustees is an excellent way to reach your asset protection objectives. Healy Consultants can help you achieve these ambitions. | |
| The following information is a guide to help those forming a Trust: | |
| 1. | Choose an appropriate jurisdiction. A tax-free offshore jurisdiction which has enacted specific asset protection legislation naturally offers the best protection for forming a Trust. |
| 2. | When choosing the most effective jurisdiction for forming a Trust, it is important to consider whether that jurisdiction will recognise a foreign court’s rulings (specifically the rulings of a court in your country of citizenship or residence). |
| 3. | Ensure that your chosen jurisdiction for forming a Trust is politically and geographically stable. |
| 4. | For some people, forming a Trust in a far-away offshore jurisdiction is perceived as being more difficult to manage or less secure than a jurisdiction which is 'closer to home'. Prior to forming a Trust, check that the Trust jurisdiction offers the privacy and confidentiality you require, and that laws are in place to properly protect your assets. |
| 5. | Choose a suitable Trustee. The power given to a Trustee when forming a Trust makes the relationship between the Trustee and Settlor a crucial one. The respect and good faith built up between these two parties is vital to the efficient, secure status of the Trust structure. Safeguards can be put in place to circumvent any potential problems with the Trustee when forming a Trust. For example, Healy Consultants only works with offshore jurisdictions in which Trustees must be licensed by the government. Such licenses are normally only issued to accounting or legal firms whose business reputation would be damaged irrevocably through malpractice when forming a Trust. |
| 6. | Although it holds no legal weight, a Letter of Wishes drawn up by the Settlor acts as guidelines that clearly state the duties expected of a Trustee in the management and distribution of Trust Assets. |
| Other Information | |
| Contact Us | |
| For more information on forming a Trust, email email@healyconsultants.com or telephone us at (+65) 6735 0120. | |
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