OFFSHORE COMPANIES, TRUSTS & ASSET PROTECTION
Legal Network Solutions is an independent Fiduciary Service Provider licensed by the Financial Supervision Commission of the Isle of Man to provide corporate and trust services.
In association with Behan Legal, it provides professional offshore and international company incorporation and related services for Behan Legal clients who:
TRUSTS
A trust is a fiduciary relationship that protects assets and wealth, provides business and ownership continuity and succession, and provides taxation benefits. This relationship binds the Trustee over the management and distribution of assets and income.
The Trustee must administer the trust assets for the benefit of the beneficiaries strictly in accordance with the terms of the trust.
TRUST MANAGEMENT SERVICES
OFFSHORE TRUSTS
A trust comes into existence when assets are transferred to a trustee, who as legal owner, manages, and distributes the assets, and income to the beneficiaries of the offshore trust according to the trust deed. The trust deed and trust legislation enacted in many common law jurisdictions govern these trusts.
ADVANTAGES OF ISLE OF MAN TRUSTS
TYPES OF OFFSHORE TRUSTS
An offshore trust enables a Settlor to donate assets to a Trustee, who holds the assets and administers them for the benefit of Beneficiaries nominated by the Settlor as set out in the trust deed.
An estate created under the will of a deceased person is a trust. A trust created by a person prior to death is an inter-vivos trust and most offshore trusts are inter-vivos trusts, which may be revocable or irrevocable.
The Settlor can end or vary a revocable trust at any time, while the Settlor cannot terminate or vary an irrevocable trust. These trusts may be either discretionary or fixed interest trusts.
FIXED INTEREST TRUSTS
The interests of beneficiaries are fixed in the terms of the trust deed and the trustee has no power to vary those interests.
DISCRETIONARY TRUSTS
These trusts give the Trustee discretion to determine the allocation of income and capital to beneficiaries, thereby allowing for greater asset protection and tax benefits. The Trustee can appoint additional beneficiaries or remove existing beneficiaries. The Trustees can distribute the income and capital of the trust to the beneficiaries in varying amounts and at various times. When a Settlor establishes a discretionary trust, he will generally provide the Trustees with a Letter of Wishes, which provides guidance to the Trustees on how he would like them to administer the trust and manage the assets.
INTEREST IN POSSESSION TRUSTS
Beneficiaries are entitled to receive income and capital from the trust as set out in the trust deed.
ACCUMULATION & MAINTENANCE TRUSTS
Usually established for the benefit of children. The offshore trust deed will specify that the trust fund be used for the education and maintenance of the children up to a certain age, with surplus income being accumulated by the offshore trust. Once the beneficiaries reach a set age, they are entitled to receive income and capital from the offshore trust as set out in the trust deed.
NEED MORE INFORMATION
For an appointment, call 03 9646 3334.
Telephone:
(+61)3 9646 3334
POSTAL ADDRESS:
PO Box 745 Port Melbourne Victoria
Australia 3207