Our support is guaranteed! For help about how trusts work and provide a reliable asset protection solution. As will be seen, the advantages of trusts flow from the many ways in which they can be utilized. Asset protection and management in a tax free environment can be much simpler than you’ve ever imagined.
Tax, inheritance and succession planning can be complicated, but with our support does not have to be.
At CCP Inc., we work with individuals, professionals, families and corporations to help them achieve financial and personal goals in a tax-advantaged manner.
Offshore trusts have their own distinct features, are tax-exempt and allow assets to be managed and preserved.
As complicated as it may seem, understanding what ‘trusts’ are and how they work is really not that difficult. A basic example can be demonstrated through the example of a father who wishes to put away $75,000 for his two sons and daughter.
However, at the time he wants to do this, the three children are aged 10, 13 and 5. So, rather than directly handing over that money to them, which many might consider risky, he settles a trust in their favor.
This he does by transferring the money to a trustee and expressly declaring his intentions by way of a document/instrument known as a Letter of Wishes, commonly known as a Deed. Letters of Wishes contain the terms of trusts according to which the administrative duties of trustees are carried out.
By signing the deed and making the necessary transfer of the $75,000, the father (settlor) would have transferred his rights of ownership as ‘legal owner’ of that money to the trustee.
The end result is that the settlor is no longer legal owner, the trustee becomes the new legal owner and the three children for whose benefit the money has been transferred become the beneficiaries under the ‘trust’.
On the other hand, the father could have settled the trust or can settle a trust for any charitable, religious, social or political purpose, if say, he did not want to settle it for the benefit of his children.
Keeping with the ‘father theme’, numerous benefits flow this action:
Several possibilities exist, a few of which are:
For information on how to structure an offshore trust to suit your particular needs, please Contact Us .
Our offshore trust formation services include trust formation; preparation of deeds, corporate trustees, safe holding of trust instruments and records.