The panelists will discuss the following: 

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

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(b)    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);

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(c)    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 policyholder 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.

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(d)    Termination of trust and policy will also be compared, including possible considerations that may arise where a settlor passes away as compared to a policyholder;

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(e)    Finally, we shall consider the 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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