Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword
Like this
4Activity
0 of .
Results for:
No results containing your search query
P. 1
International Asset Protection Trust

International Asset Protection Trust

Ratings: (0)|Views: 175|Likes:
The Trust has its basic roots in English Trust Law. International Asset Protection Trusts provides a legal structure that is so flexible that the only limitation to its practical use and application is the creativity of the trust practitioner and creator of the trust. A trust is a legal entity created in writing.

http://www.panamalaw.org
The Trust has its basic roots in English Trust Law. International Asset Protection Trusts provides a legal structure that is so flexible that the only limitation to its practical use and application is the creativity of the trust practitioner and creator of the trust. A trust is a legal entity created in writing.

http://www.panamalaw.org

More info:

Published by: Aurelia Masterson of Panamalaw.org on Dec 31, 2009
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as DOC, PDF, TXT or read online from Scribd
See more
See less

11/27/2014

pdf

text

original

 
International Asset Protection Trust
What is a Trust
 
The Trust has its basic roots in English Trust Law. International AssetProtection Trusts provides a legal structure that is so flexible that the only limitation to itspractical use and application is the creativity of the trust practitioner and creator of the trust. Atrust is a legal entity created in writing. You and the trust are separate legal entities. Any assetyou transfer from yourself to the trust then becomes property of the trust. The trust then holdsthe property for the benefit of the beneficiaries, which may or may not include yourself. Youprotect yourself and the trust assets by being the protector of the trust so there are acceptablechecks and balances to mitigate risk substantially.
Beneficiaries of a Trust
- Beneficiaries can be natural persons or judicial persons likecorporations, foundations or other trusts. Income derived from assets can be designated to go tothe beneficiaries of the trust. Intellectual property can also be designated to belong to the trustand in turn the beneficiaries of said trust.
Trustor
– The person turning their assets over to the Trust is called the Trustor. He or she istrusting their assets to the trust. Sometimes the term “Settlor” of the trust is used instead andalso the term “Grantor” can be used as well. They generally refer to the same person.
Trustee
– The person responsible for managing the trust is called the Trustee. He or she is beingtrusted to handle or manage the assets of the trust.
Protector of a Trust
– This is an office that was created for offshore trusts so it is relevant here.The protector is a person appointed under the trust instrument to restrain or control the trustee(s)of the trust ensuring that the trustee(s) manage the trust according to the guidelines set forth inthe trust documents. The protector need not be a beneficiary of the trust. Most clients elect tobecome the trust protector themselves thus overseeing the operation of the trust making sure thetrust is operating for the benefit of the beneficiaries of the trust. The protectors’ office is not apublicly disclosed one. The protector can exert the following controls over the trust and trustee:1.Protector can remove and appoint trustees as per the trust documents.2.Protector can approve trust distributions or asset sales according to the trust parameters.Protector can approve or refuse investment recommendations for the trust.3.Protector can terminate the trust or approve its termination.4.Protector can block distributions to beneficiaries. If a beneficiary is being sued, inbankruptcy or divorce or other financial distress the protector can block the distributionsuntil this distress is alleviated at some point down the road. If a person is medicallyincompetent temporarily or permanently the protector can block distributions as well.
Uses of A Trust
– A trust is an asset protection tool. Most of our clients will use the trust to holdthe shares of stock from a corporation we formed for them or another corporation they had. Thisremoves the ownership of the shares from them and places it into a trust. You and the trust aretwo separate and distinct legal entities. A trust can also be used as the beneficiary of a foundationthus enabling you to say you are not listed as a beneficiary of a foundation. A corporation canhave its shares owned by a foundation, which in turn has the trust as a beneficiary of thefoundation, and you are not listed as a beneficiary of the foundation. The beneficiary of one trustcan be another trust. The possibilities are endless. You can easily control the trust yet at the sametime the trust is a legal entity separate from yourself.
Trust Recording
– We use trusts that are not required to be recorded in any public registry ordatabase. This allows the trust to be unknown to anyone unless you tell them about it. This canhave a powerful surprise factor if you are in litigation. The other side may assume you own shares

Activity (4)

You've already reviewed this. Edit your review.
1 thousand reads
1 hundred reads
David Friedland liked this
Nagendra liked this

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->