A trust is often a central feature of the planning arrangements of many high net worth individuals and their families.
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Trusts are, in principle, a very simple concept. A trust is a private arrangement where the ownership of someone's assets (which might include property, shares or cash) is transferred to someone else (usually, in practice, not just one person, but a small group of people or a trust company) to look after and use to benefita third person (or group of people). (Source: Trusts Explained, a leaflet by the Society of Trust and Estate Practitioners (STEP).
There are many reasons why a trust may be formed, including:
- tax planning;
- asset protection;
- estate and succession planning;
- future wealth preservation; and
- social responsibility
We work closely with the Settlor to ensure his questions are answered in the most straightforward manner and ultimately so that his expectations are met.
Our experienced professional team provides a comprehensive range of trust services including:
Creation & management of all forms of trusts across a variety of jurisdictions
Provision of professional corporate trustee services
Creation and management of Family offices
Private Foundations have existed in Europe since 1926. A number of common law jurisdictions introduced foundations in their legislation, for example Panama in 1991, Bahamas in 2004, Jersey in 2009 followed by the Isle of Man in 2012.
Foundations may be viewed as a civil law equivalent to common law trusts. There is no single definition of a foundation. It may be described as a legal entity created when a person settles assets for a purpose. Foundations are an excellent alternative to common law trusts providing the same level and quality of confidentiality, tax planning, asset protection, estate planning, future wealth preservation and social responsibility.
The major difference between a trust and foundation is that the foundation is a legal person whilst the trust is a legal relationship.
We can set up and manage foundations in a variety of jurisdictions.