Wealth & Tax Planning Private Trust

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1 Wealth & Tax Planning Private Trust

2 Parties to a Private Trust Simplified structure Principal = Settlor provides guidance Legal Title Trustee Settles assets Holds on Trust Protector (Optional) Private Trust Equitable Title Beneficiaries (Could include Settlor) Assets Usually held through an underlying company and managed by a bank or a designated party (e.g. principal, asset manager or trustee) Setting up a Private Trust The process involves the following main steps: The client initiates the set-up of the trust by signing all required documents The client sets out his/her wishes regarding distributions to the beneficiaries of the trust The trust takes over an underlying company which holds the assets The client transfers specific assets to the trust, which will ultimately be held by the underlying company

3 Wealth & Tax Planning Private Trust What is a Private Trust? A Private Trust is a commonly used instrument in wealth and tax planning. It is administrated and managed by a trustee who acts according to the trust deed, which is established by an individual or a family, in the best interest of the beneficiaries. It does not normally pursue any commercial activities, nor is it used for charitable purposes. The key concept behind a Private Trust is the fiduciary relationship through which simultaneous rights of ownership in specified property are reflected: the legal title held by the trustees, and the equitable title held by the beneficiaries. This legal separation of asset ownership facilitates many aspects of wealth and tax planning. The Private Trust imposes an equitable obligation on the trustee(s) to hold and administer assets (the trust fund) for the benefit of its beneficiaries. A Private Trust structure usually includes an underlying company from a classic financial centre, such as the British Virgin Islands, the Bahamas, the Cayman Islands, Guernsey, New Zealand, Singapore or others. A Private Trust can offer several advantages. These include: Succession planning whilst maintaining privacy: more specifically the amounts, percentages, timing, ages and conditions that apply to individual beneficiaries can be defined Facilitation of long-term legacy planning over generations Peace of mind by protecting the family wealth within a legally secure and private structure Protection of minor and incapacitated beneficiaries Avoidance of probate, which can be timeconsuming and costly Possibility of consolidating assets under one holding structure Ease of distribution of assets throughout the trust period Settlor has the possibility of reserving investment powers and may therefore retain control over the investments Trusts are recognised and enforceable in many jurisdictions A trust may be revoked according to the terms of the trust instrument In appropriate circumstances suitable for tax planning Please note: The use of such a structure depends on the legal form and the client specifics such as residence, nationality, etc. It is strongly recommended that legal/tax experts, e.g. from the country where the client is resident as well as from the country in which the investments shall be undertaken, are consulted to ensure proper handling of the overall situation.

4 Important legal information This publication constitutes marketing material and is not the result of independent financial research. Therefore the legal requirements regarding the independence of financial research do not apply. The information and opinions expressed in this publication were produced by Bank Julius Baer & Co. Ltd., Zurich, as of the date of writing and are subject to change without notice. This publication is intended for information purposes only and does not constitute an offer or an invitation by, or on behalf of, Julius Baer to make any investments. Opinions and comments of the authors reflect their current views, but not necessarily of other Julius Baer entities or any other third party. Services and/or products mentioned in this publication may not be suitable for all recipients and may not be available in all countries. Clients of Julius Baer are kindly requested to get in touch with the local Julius Baer entity in order to be informed about the services and/or products available in such country. This publication has been prepared without taking account of the objectives, financial situation or needs of any particular investor. Before entering into any transaction, investors should consider the suitability of the transaction to individual circumstances and objectives. Nothing in this publication constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate for individual circumstances, or otherwise constitutes a personal recommendation for any specific investor. Julius Baer recommends that investors independently assess, with a professional advisor, the specific financial risks as well as legal, regulatory, credit, tax and accounting consequences. Past performance is not a reliable indicator of future results. Performance forecasts are not a reliable indicator of future performance. The investor may not get back the amount invested. Although the information and data herein are obtained from sources believed to be reliable, no representation is made that the information is accurate or complete. Bank Julius Baer & Co. Ltd., Zurich, its subsidiaries and affiliated companies do not accept liability for any loss arising from the use of this publication. This publication may only be distributed in countries where its distribution is legally permitted. This information is not directed to any person in any jurisdiction where (by reason of that person s nationality, residence or otherwise) such publications are prohibited. Dubai International Financial Centre: this information has been distributed by Julius Baer (Middle East) Ltd. It may not be relied upon by or distributed to retail clients. Please note that Julius Baer (Middle East) Ltd. offers financial products or services only to professional clients who have sufficient financial experience and understanding of financial markets, products or transactions and any associated risks. The products or services mentioned will be available only to professional clients in line with the definition of the Dubai Financial Services Authority (DFSA) Conduct of Business Module. Julius Baer (Middle East) Ltd. is duly licensed and regulated by the DFSA. Germany: Bank Julius Bär Europe AG, authorised and regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), disseminates this publication to its clients. This publication has been produced by Bank Julius Baer & Co. Ltd., Zurich, which is supervised by the Swiss Financial Market Supervisory Authority FINMA. Neither the legal requirements regarding the independence of investment research nor the prohibition of trading previous to the announcement of financial analyses apply. Hong Kong: this publication has been distributed in Hong Kong by and on behalf of, and is attributable to, Bank Julius Baer & Co. Ltd., Hong Kong branch, which holds a full banking license issued by the Hong Kong Monetary Authority under the Banking Ordinance (Chapter 155 of the Laws of Hong Kong SAR). The Bank is also a registered institution under the Securities and Futures Ordinance (SFO) (Chapter 571 of the Laws of Hong Kong SAR) to carry on Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities with Central Entity number AUR302. This publication must not be issued, circulated or distributed in Hong Kong other than to professional investors as defined in the SFO. The contents of this publication have not been reviewed by any regulatory authority. If you have any queries concerning this publication, please contact your Hong Kong relationship manager. Bank Julius Baer & Co. Ltd. is incorporated in Switzerland. Singapore: this publication has been distributed by the Singapore branch of Bank Julius Baer & Co. Ltd., Zurich, and is available for accredited investors only. As the Singapore branch of Bank Julius Baer & Co. Ltd., Zurich, has a unit exemption under section 100(2) of the Financial Advisers Act, it is exempted from many of the requirements of the Financial Advisers Act, amongst others, the requirement to disclose any interest in, or any interest in the acquisition or disposal of, any securities or financial instruments that may be referred to in this publication. Further details of these exemptions are available on request. Please contact a representative of the Singapore branch of Bank Julius Baer & Co. Ltd., Zurich, with respect to any inquiries concerning this publication. Switzerland: in Switzerland this publication has been distributed by Bank Julius Baer & Co. Ltd., Zurich, authorised and regulated by the Swiss Financial Market Supervisory Authority FINMA. United Arab Emirates: this information has been distributed by a representative office of Bank Julius Baer & Co. Ltd., Zurich, authorised and regulated by the Central Bank of the United Arab Emirates. United Kingdom: this publication has been produced by Bank Julius Baer & Co. Ltd., Zurich. It is a financial promotion for the purposes of section 21 of the Financial Services and Markets Act 2000 (FSMA) and has been approved for distribution in the UK by Julius Baer International Limited, which is authorised and regulated by the Financial Services Authority (FSA). Rules made by the FSA under the FSMA for the protection of retail clients do not apply to services provided by members of the Julius Baer Group outside the UK and the Financial Services Compensation Scheme will not apply. United States: NEITHER THIS REPORT NOR ANY COPY THEREOF MAY BE SENT, TAKEN INTO OR DISTRIBUTED IN THE UNITED STATES OR TO ANY US PERSON. Julius Baer Group, 2012

5 Private Trust At a glance Facts Legal form Minimum investment Assets Change of assets Cash withdrawals Distributions to beneficiaries Contract termination Contract period Pledging of assets Private Trust Trust (various jurisdictions) with an underlying private investment company (if required) No minimum investment required Bankable assets and investments Non-bankable assets considered case by case Change of assets (addition) as well as purchase/sale of investments possible Possible with prior consent of the Trustee Payments can be made to beneficiaries upon request One-time lump sum payment Instalments (predefined amount or income distribution) Termination of the trust is possible, depending on the terms of the trust instrument Generally limited (rules against perpetuity) to between 80 and 150 years (depending on the jurisdiction, unlimited possible in some jurisdictions) As a general rule, the trust s assets may be pledged. Prior trustee s consent might be required Involved parties Principal Beneficiaries Function of the service provider Principal (= Settlor): instructs the provider to establish a trust according to the principal s wishes Beneficiaries are those individuals/legal entities with the beneficial right to receive a present or future benefit from the trust, such as participation in the income or assets of the trust. Usually the principal(s) is (are) appointed as beneficiary(ies). Trustee: obliged to administer and manage the assets under the terms and conditions of the trust deed and always in the best interest of the beneficiaries Benefits Succession and tax planning Flexible asset management options Any individual or legal entity can be named as beneficiary Beneficiaries may usually be changed In the event of death, payment(s) can be made immediately or over a number of years and/or generations Benefits can be subject to conditions Can be tailored to requirements of complex succession planning and probate avoidance In appropriate circumstances suitable for tax planning The principal(s) or a third party may retain the authority to direct the trust s investments

6 JULIUS BAER GROUP Head Office Bahnhofstrasse 36 P.O. Box 8010 Zurich Switzerland Telephone +41 (0) Fax +41 (0) The Julius Baer Group is present in over 40 locations worldwide. From Zurich (Head Office), Dubai, Frankfurt, Geneva, Guernsey, Hong Kong, London, Lugano, Milan, Monaco, Montevideo, Moscow, Nassau to Singapore. 11/2012 Publ. No. PU00005EN JULIUS BAER GROUP, 2012

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