PRIVATE CLIENT - TRUSTS &
ESTATE PLANNING
Dempsey & Company works in
conjunction with clients and their advisors providing technical advices
and assistance on most aspects of estate planning in the international
context. The firm has considerable experience in assisting clients
with structuring Turks & Caicos trusts and corporate structures securing
objectives including: asset protection; orderly wealth transfer on death
including charitable remainder trusts; and the minimization and/or
deferral of taxation. The firm prides itself on its personalized
approach in dealings with clients and on its commitment to ongoing
service.
Trusts
The TCI law relating to trusts is the Trusts
Ordinance of 1990 ("the Ordinance").
The
Ordinance does not codify the form that a trust may take but instead seeks to provide a
foundation without limiting the scope to creatively draft Declarations and Indentures of
Trust so as to achieve the client's individual objectives.
Dempsey & Company has more than 30 years of experience in the
field and is well placed to provide expert, professional advice and assistance relative to
drafting, structuring and managing TCI trusts. We review each situation individually
and, where the effective settlor or prospective beneficiary is resident outside TCI, work
with the clients' onshore advisors to ensure that the interests of the relevant client are
protected.
In recent years the use of trusts as tax-planning vehicles has been somewhat
complicated by the implementation of legislation in developed on-shore jurisdictions
designed specifically to combat the flight of capital to offshore jurisdictions.
When contemplating the use of trusts for the purpose of minimizing taxes it is imperative
that competent advices are received from attorneys and/or licensed trustees in both the
onshore and offshore jurisdictions.
Standard objectives of TCI Trusts
include:
-
Reduction and/or indefinite deferral of inheritance and
capital gains taxes
-
Asset protection and preservation
-
Orderly and private transfer of assets outside of
Probate/Administration upon death
-
Tax deferral and compounding in certain circumstances
-
Obtaining tax write-offs by the use of charitable remainder
trusts
Interesting features of TCI trusts
legislation include:
-
That they may be of perpetual duration thus avoiding the
unnecessary complications relating to the rule against perpetuities;
-
That the legislation makes specific reference to the use of a
Protector or individual with the power to veto decisions of the Trustee(s);
Members of the firm are extremely conversant with TCI trust
law and have particular expertise in structuring asset protection, charitable remainder
trusts and family trust structures. We also provides advices and opinions in
relation to existing trust structures and related problem resolution.
If you are interested in exploring the possibilities and protections afforded
by TCI trusts contact us and we will be happy to email our introductory information
material which deals with the topic in more depth.
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Telephone:
(649) 946-4344
Telefax: (649)-946-4564
Carrying
on business in association with the
Finbar F. Dempsey & Company Group:
Corporation Services Limited
Finbar F. Dempsey & Company
Maintained by COMPTCI Ltd.
©1999 - 2009
Dempsey & Co - All Rights Reserved
