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Nov 1, 2011 12:00 PM
Unpredictable Treatment
Should trusts be used in jurisdictions unfamiliar with the concept?
As the world appears to shrink, more people acquire property in multiple jurisdictions or have family members living in different countries. Residents of the United States and other common law jurisdictions have historically used trusts to achieve their estate-planning objectives. Employing a trustee, who holds legal title to property for the benefit of one or more beneficiaries in accordance with the provisions of a trust agreement and applicable law, can provide effective property management, distribution objectives and tax benefits. Unfortunately, the traditional U.S. or common law trust may not provide the same benefits when trust property is located, or when the grantor, trustee or beneficiary resides, in a country that's unfamiliar with trusts.
The trust, as a creature of common law, has very little history in other legal systems, such as civil law and shari'a law. These systems operate quite differently from the common law system and many don't even recognize the concept of a trust. For example, civil law doesn't recognize the division of an estate into separate legal and beneficial interests.
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Topics of Interest
| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
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