Trust Series

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VIRTUAL ROUND TABLE

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PPLI vs. TRUSTS

Description

The Virtual Round Table (VRT) series of talks brings together senior industry practitioners to gain insight and understanding of legal, tax and private wealth issues facing HNW individuals and families across Asia.
 

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The panelists will discuss:

1. Core features of a policy and trust, including explanation of terms such a “cash value”, “insurable interest”, “policy distribution” and related trust terms such as “fiduciary office” “fiduciary obligation” and “reserved powers”;

 

2. Lifecycle differences in settling a trust and subscribing to a policy will also be compared, using the case of a transfer of shares in a company (in specie subscription);

 

3. Lifecycle differences in the administration of a trust and policy will be compared, split into:

 

  • Control: methods to retain control under a trust compared to a policy, particularly in relation to governance and control of an underlying company;

  • Benefit: methods to extract benefits from a trust compared to a policy, including a discussion of policy holder redemptions and policy beneficiary distributions;  

  • Asset Protection: asset protection attributes of a trust and policy compared, particularly in relation to succession, divorce, community property and creditor claims;

  • Taxation: tax treatment of a trust and policy compared, with recent changes to Indonesia tax law used to illustrate;

  • Transparency: financial account reporting (CRS) of a trust and policy during each lifecycle event will also be compared and contrasted.

 

4. Termination of a trust and policy will also be compared, including possible considerations that may arise where a settlor passes away as compared to a policy holder;

 

5. Finally, we shall consider combination use of a trust with a PPLI, both in the context of a trust as a policy beneficiary, as well as the case where there is an assignment of a policy into trust.

 

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