Learn why it is advisable to use a private trust company when planning the inheritance of your finances. All you need to know about starting a private trust company.
Read moreA life interest trust is a fiduciary arrangement that allows solving two important tasks. The first task is providing for a person (or persons) that the trust settlor loves during their lifetime. This person is referred to as a life tenant. The second task is passing the assets to the settlor’s children after the death of the life tenant in a way that allows reducing the associated taxes.
Read moreWhat is behind the concept of offshore funds? Offshore fund types: public and private offshore funds. Offshore fund supervision behind the scenes: legislative basis. Setting up hidden control mechanisms. True founders’ responsibilities and benefits of hidden control. Selecting the right jurisdiction: benefit from expert assistance to be sure of successful outcomes.
Read moreIf you create a revocable trust, you will be entitled to alter the list of assets in trust, the list of trust beneficiaries, and their shares of profits. However, the assets will remain your own property from the legal point of view in this case. An irrevocable trust does not help to protect assets. An irrevocable trust does because the property is separated from you: it becomes the property of the trust.
Read moreThe role of funds and trusts in the cryptocurrency domain. Crypto funds: their forms and features. Cryptocurrency trusts. Choosing the right jurisdiction for your crypto fund. Where should I set up a trust? Getting ready to set up a crypto fund: your first steps. Documents necessary to establish a crypto fund. Creating a crypto fund: procedure to follow.
Read moreWhen you create a trust, you can appoint a physical person or a legal entity the trustee. Hiring a corporate trustee is preferable in many cases. A company will have trust management experience and all the necessary specialists on the staff. Besides, the company can be domiciled in a low-tax jurisdiction, which can help you save on taxed.
Read moreTrusts and trust managers – what types are there? Inheritance trusts: protectors and trustees (executors). Revocable trusts. Who is a suitablet person to manage assets in irrevocable trusts? Finding the right trustee. Trustee functions. Trustee selection: main criteria. Scope of functions, time commitment, responsibilities, expertise, and cost of services. Summing up.
Read moreIn a revocable trust, the Settlor has the authority to alter the list of property kept in trust, the list of trust beneficiaries, and the terms and conditions of the trust agreement. Consequently, the Settlor has the most power in a revocable trust. If the trust is irrevocable, the Settlor does not have these powers, and therefore, the Trustee has to most power when it comes to managing the property and distributing the profits to the trust beneficiaries.
Read moreIf you put your house in trust to hand it down to your children, they will not have to pay any inheritance tax when they become the rightful owners of the house after your death. If you create an irrevocable trust, it will also efficiently protect your property from creditors. No one will be able to take the house away from your children even if you leave debts behind when you die.
Read moreWhen an irrevocable trust is created, the Settlor surrenders the property ownership rights to the Trustee who becomes the legal owner and manager of the property. Can the Settlor regain control over the assets put in trust? He/ she can, but the task is rather complicated.
Read moreAre you going to set up a trust to keep your assets safe for yourself or for your progeny? Or maybe you are looking for a stronghold that will ensure the protection of your funds from creditors or relatives? You may also be a trust owner – and in this case, you have to keep your finger on the pulse of the trust laws. This article is for all of you who need updated information on the functioning of trusts and the degree of confidentiality which is currently possible. Our experts will tell you about the two important European directives and changes that have taken place in the European legal framework.
Read moreIf you put capital and/ or securities in trust, the trust needs a bank account to keep them. The procedure of setting up a bank account for a trust is not overly complicated. Various types of bank accounts are available to trusts (savings, broker’s, investment accounts and so on). If a legal entity acts as the Trustee, there is no need to open a new bank account because the company will already have a corporate account with a bank.
Read moreIf you create a trust in an offshore jurisdiction such as Nevis, for example, it is going to be tax-exempt if certain conditions are met. Namely, the trust Settlor as well as the trust Beneficiaries have to be tax residents of some other country. Similar opportunities exist in Cyprus. Setting up a trust in other European countries is also possible but not so attractive because taxes are usually due there.
Read moreBritish trusts have to pay taxes on their incomes. New tax regulations have come into effect in 2023 and they mostly affect trusts created by British citizens and legal residents in foreign countries, the so-called non-resident trusts.
Read moreWhat types of trusts exist? Is an offshore trust better than a domestic trust? What expenses can be paid from a trust? Is trust income considered earned income? What taxes do trusts have to pay? Can a beneficiary withdraw money from a trust? How does money come out of a trust? Does money in a trust count as an asset? These and other trust-related questions are discussed in the article.
Read moreWhen a trust is created, the Trustor transfers his/ her property rights to the Trustee who manages the assets kept in trust for the benefit of the trust Beneficiaries. If the trust is revocable, the Trustor remains the owner of the assets kept in trust. When the trust is irrevocable, the Trustee is considered the legal owner of the assets.
Read moreSetting up a trust is reasonable in a number of cases. First and foremost, trusts are used for asset protection and inheritance planning. Various types of assets can be put in trust but not all types. For example, most types of bank accounts can be put in trust but an Individual Retirement Account or a Medical Savings Account cannot.
Read moreThose planning to set up a trust, have a wide choice of trust types. Each type of trust can be used for a particular purpose. Bare trusts, for instance, are good for inheritance planning. Accumulation trusts are often used by people planning to retire soon. An irrevocable offshore trust will serve asset protection purposes in the most efficient manner.
Read moreWhen you create a trust, you legally surrender the property that you own to the trust. Because you are not the owner of the property any longer, there can be no legal grounds to take it away from you. At the same time, the Trust Deed specifies all the conditions on which the entrusted property shall be managed and you can continue to benefit from the property enjoying the high level of protection that the trust brings.
Read morePeople set up trusts for various purposes, asset protection and inheritance planning probably being the most popular ones. Some choose to create trusts in foreign countries rather than at home hoping to enhance the protection of their property even further. However, depending on the country, there can be some restrictions in place that can affect the efficiency of your foreign trust.
Read moreCreating trust can help you manage your family assets and protect them from unfavorable economic and political events. A trust can also shield your assets from creditors and overspending relatives. A trust can make the property ownership information confidential. There are many more benefits that a trust can bring.
Read moreIf you want your spouse, children, or other relatives and friends to inherit your property after your death, you can make a Last Will and this is the simplest method of handing down property to heirs. It has some drawbacks, however, the inheritance tax and the probate being the most important ones. Creating an inheritance trust instead of making a will can solve both of these problems and bring some other benefits.
Read moreUsing foreign trusts to protect your assets and going offshore with your trust as an even more efficient asset protection strategy. Advantages offered by Nevis offshore trusts as compared to regular foreign trusts. Trust operation principles. Ordinary foreign trusts and their weak points. Offshore trust plus points. Terms set to incorporate an offshore trust in Nevis or the Cook Islands and protect your assets. Q Wealth as the place to come to set up a foreign or an offshore trust.
Read moreAn offshore trading trust is a reliable tool for protecting your business assets from external attacks. Read our article on how to create a business trust and the benefits of such a structure.
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