Post on 17-Dec-2015
transcript
Dublin, Ireland
2009 Delaware Trust ConferenceThe Delaware Difference v the World
Liam BrazilMason Hayes+Curran
DECEMBER 2 2009
WILMINGTON DELAWARE
Trusts – Historical Perspective
• Common law
• Equitable principles
• Lack of statutory framework
• Law Reform Commission
Taxation Overview
• Inheritance Tax: comparison
• Irish Government initiatives re corporate entities
• Ireland as a reputable common law jurisdiction
• Member of EU
• White List
Types of Trust
Intentionally (Express)
• Bare
• Life Interest / Fixed
• Discretionary
Operation of law
• Resulting trust
• Constructive trust
Use of Trusts
Commercial/financial
• Secured Syndicated Loans/Securitisations/Bonds
• Orphan Trusts – off balance sheet
• Pension Trusts
• Employee Benefit Trusts
• Substantial shareholding in companies
• “Resting in Contract”
• Unit Trusts
• Real Estate Investment Trusts (Not in Ireland)
Use of Trusts (cont)
Private/personal arrangements
• Asset/Wealth Protection– Protection from claims
• Improvident child
• Provide for children in a considered way
Use of Trusts – examples
Settlor Irish sited assets Irish resident trustees Irish TaxIrish BankruptcyIrish Family Law
Settlor Non Irish sited assets Non Irish resident trust company
No Irish TaxNo Irish Law implications(reckoning)
Combination Effect
• Favourable Corporate Tax Regime
• Movement of Management – Individuals– Settle non Irish assets
• Irish Real Estate – Irish Will – simplifies Probate
2009 Delaware Trust ConferenceThe Delaware Difference v the World
Liam BrazilMason Hayes+Curran
DECEMBER 2 2009
WILMINGTON DELAWARE