Setting Up Trusts
A private trust offers several advantages such as ring-fencing of assets against possible losses due to business liabilities, family related liabilities arising from divorce / maintenance claims, tax claims among others. It also provides a mechanism whereby the needs of the entire family are met, including the future needs of young or unborn children / grandchildren, while allowing the flexibility to provide appropriate benefits to different family members at different points in time.
For clients who are US citizens or Green Card holders, we recommend the establishment of US domestic trusts, as there can be adverse tax consequences for US persons who establish foreign trusts.
US Hybrid Trusts are of particular benefit to foreign grantors who wish to establish a trust, which may benefit US beneficiaries, as there is the possibility that such beneficiaries can receive tax-free distributions during the Grantor's lifetime. These trusts are called foreign grantor trusts.
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