Law Wills / Probate / Trusts

Trusts in Prime Jurisdictions, 5th Edition

Edited by Alon Kaplan · Barbara R Hauser
Globe Law and Business December 2019

Specifications

ISBN-13
9781787422988
Publisher
Globe Law and Business
Publication
December 2019
Format
Hardback , 880 pages
Jurisdiction
Australia, Bahamas, British Virgin Islands, Canada, Cayman Islands, Cyprus, Gibraltar, Guernsey, Hong Kong, India, International, Israel, Japan, Jersey, Liechtenstein, Luxembourg, Malta, New Zealand, Scotland, Singapore, Switzerland, U.K., U.S. ? Countri(es) for reference only
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As globalisation continues apace, opportunities are arising for practitioners in trust jurisdictions that did not exist a few years ago. Growth continues in the traditional trust jurisdictions, especially in civil law jurisdictions where trusts and foundations have previously been used in a limited capacity. In parallel, the concept of the foundation has been adopted by several common law jurisdictions that, until recently, have relied exclusively on trusts – notably Jersey and Gibraltar.

The fifth edition of Trusts in Prime Jurisdictions has been fully updated and features a number of new chapters on topics including trust and real estate trust in Israel, what it means to be a fiduciary family office, the role of the trust protector, Islamic (Waqf) trusts, and trusts in relation to divorce. In addition, new for this edition are chapters on Germany and Bermuda. 

Produced in association with STEP, this edition provides an essential resource in the use of trusts in a wide range of important jurisdictions and contexts. It also examines related topics such as trust taxation, anti-money laundering laws, the OECD initiative, CRS, exchange of information, transparency of registers and the notion that countries are entitled to collect taxes beyond their borders, among others.

Written by leading professionals and recognised academics, many of whom are STEP members, the fifth edition of Trusts in Prime Jurisdictions will be an essential resource for all lawyers, trust practitioners and banking professionals working in the field.

Table of Contents

Preface
Introduction Alon Kaplan Barbara R Hauser

Part One: Introduction
Hague Convention Hein Koetz Max-Planck Institut, International Academy of Comparative Law
The Hague Convention on Trusts and the Uniform Code Michael W Galligan Phillips Nizer LLP

Part Two: Jurisdictional Overview
Australia Allan Blaikie Mathew Fenwick Clayton Utz
Bermuda Keith Robinson Carey Olsen
British Virgin Islands Christopher McKenzie Vanessa King O’Neal Webster
Canada Rachel Blumenfeld Martin J Rochwerg Miller Thomson LLP
Cyprus Emily Yiolitis Harneys Aristodemou Loizides Yiolitis LLC
Cayman Islands Bernadette Carey Carey Olsen
England and Wales Martyn Gowar Ziva Robertson McDermott Will & Emery UK LLP
Germany Raoul Jacobs Bafin
Guernsey Natasha Kapp Nina Silva Carey Olsen
Gibraltar Moses J Anahory Wayne Fortunato James Levy QC Hassans
Hong Kong
India Ravi Nath Rajinder Narain & Co
Israel Lyat Eyal Aronson, Ronkin-Noor, Eyal Law Firm Alon Kaplan Advocate and Notary Meytal Liberman Alon Kaplan Law Firm
Japan Makoto Arai Chuo University, Tokyo
Jersey Justin Harvey-Hills Mourant Ozannes Oliver Schmidt Allgemeines Treuunternehmen
Liechtenstein trusts and foundations: creation and operation Dietmar Loretz Jacqueline Marxer David Vogt &
Partner Trust reg
Luxembourg Paulo Panico Paolo Panico’s Law Chambers – Private Trustees SA
Malta Priscilla Mifsud Parker Chetcuti Cauchi Advocates
New Zealand
Quebec Marilyn Piccini Roy Robinson Sheppard Shapiro LLP
Scotland Paolo Panico Paolo Panico’s Law Chambers – Private Trustees SA
Switzerland Dominique Jakob University of Zurich Peter Picht Max Planck Institute for Innovation and Competition; University of Zurich
The use of trusts in Switzerland Daniel Bader Daniel Leu Baer & Karrer Ltd
United States Barbara R Hauser Independent Family Adviser
The use of trusts for estate planning in the US Stanley A Barg Kozusko Harris Duncan

Part Three: Special Topics
Asset protection trusts Gideon Rothschild Moses & Singer LLP
International trust litigation, jurisdiction and enforcement David Faust Faust Oppenheim LLP
The trustee as fiduciary: some practical considerations David Faust Faust Oppenheim LLP
Fiduciary responsibility Susan Schoenfeld Wealth Legacy Advisors LLC
Trusts, trustees and family businesses Christian Stewart Family Legacy Asia (HK) Limited
Settlor control and influencethrough the use of settlorreserved powers and private trust companies Paul Matthams Carey Olsen
The UK Tax Treatment of Offshore Trusts Maggie Gonzalez Buzzacott LLP
Trusts and money laundering Yehuda Shaffer Deputy State Attorney (Financial Enforcement) Israel
International Family Governance Integration with Family Trusts Barbara R Hauser Independent Family Adviser
Trust and Divorce Ziva Robertson McDermott Will & Emery UK LLP
The trust protector – a mini revolution in trust law Alexander A Bove Jr Bove & Langa Law Firm
The war on trusts Filippo Noseda Withers LLP
Beneficial ownership registers of companies and trusts Paolo Panico Paolo Panico’s Law Chambers – Private Trustees SA

About the Author

General editor: Alon Kaplan, Advocate & Notary. Advisory editor: Barbara R Hauser, independent family adviser


Consulting editor  
Advocate & Notary Alon Kaplan TEP
Advisory editor  
Barbara R Hauser LLC Barbara R Hauser
Contributing firm Author(s)
Anchor Trustees Limited Michael Reynolds
Aronson Ronkin-Noor Eyal Law Firm Lyat Eyal
Baer & Karrer Ltd Daniel Leu
  Daniel Bader
Bove & Langa Law Firm Alexander A Bove Jr
Buzzacott LLP Maggie Gonzalez
Carey Olsen Natasha Kapp
  Nina Silva
Carey Olsen Jersey Paul J Matthams
Chetcuti Cauchi Advocates Priscilla Mifsud Parker
Chuo University Makoto Arai
Clayton Utz Allan Blaikie
  Natalie Hickman
David Vogt & Partner Trust reg Dietmar Loretz
Deputy State Attorney financial enforcement Israel Yehuda Shaffer
Drew & Napier LLC David Chee
  Seah Ching Ling
Family Legacy Asia HK Limited Christian Stewart
Faust Rabbach & Oppenheim LLP David I Faust
Harneys Aristodemou Loizides Yiolitis LLC Emily Yiolitis
Hassans Moses J Anahory
  Wayne Fortunato
  James Levy QC
Hebrew University of Jerusalem Gad Weiss
  Adam S Hofri Winogradow
Judge in the Shariah Court in Nazareth and Baqa, Israel Judge Mohammad Abu Obied
Kozusko Harris Duncan Stanley A Barg
Maples and Calder Nigel Porteous
Max Planck Institute Hein Kotz
Max Planck Institute for Innovation and Competition University of Zurich Peter Picht
McDermott Will & Emery UK LLP Martyn Gowar
  Ziva Robertson
Miller Thomson LLP Rachel L Blumenfeld
  Martin J Rochwerg
Moses & Singer LLP Gideon Rothschild
Mourant Ozannes Justin Harvey Hills
O’Neal Webster Vanessa King
O’Neal Webster UK LLP Christopher McKenzie
Old Trafford Consulting Ltd Nova Private Client LLP Geoffrey Shindler
Peter D Maynard Counsel & Attorneys Peter D Maynard
Phillips Nizer LLP Michael Galligan
Private Trustees SA Paolo Panico
Rajinder Narain & Co Ravinder Nath
Robinson Sheppard Shapiro Marilyn Piccini Roy Ad E
Society of Trust and Estate Practitioners (STEP) Worldwide David Harvey
University of Zurich Dominique Jakob
Wealth Legacy Advisors LLC Susan R Schoenfeld
Withers LLP Philip Munro
  Filippo Noseda


Reviews

Review for previous edition: A valuable one-volume resource for practitioners who may have any reason to consider, or may even be consulted about, trusts in a jurisdiction other than their own.

Alexander A Bove
Trusts & Estates

A treasure of information including updated legislations are at the reader’s disposal,thus making this book a must have, and not to just be seen on the shelves of trust practitioners.

Dr Angelo Vernardos TEP
Founder & CEO, Heritage Trust Group

 

 

Author interviews

In interview with Alon Kaplan

Now that the book is in its fourth edition, have you noticed any key differences since the previous editions?

The book was first published in 2000, at which time the trust and estate practice environment was calm and off shore jurisdictions were flourishing even before they changed their name to “financial centers”.

In 2016 we see dramatic changes in many jurisdictions:

  • The new EU Regulation on Succession and wills became effective in August 2015 and could affect many people in EU countries and outside the EU. New regulations relating to reporting requirements of Trusts were enacted in many countries. OECD implemented automatic exchange of information rules.
  • Tax Authorities in a number of countries conduct Voluntary Disclosure procedures in an attempt to collect taxes from undeclared assets owned by its residents.
  • Trust and estate practitioners as well as financial institutions must adapt to these new realities in order to best serve their clients. The format and contents of the book was revised and updated to cope with the new challenges.

What would be your top tips for anyone considering setting up a trust?

Most important is to get the full set of facts right.  What is the purpose for creating a trust, who are the parties involved (settlor and beneficiaries), and the choice of law of the trust and the jurisdictions where the trust is created and will operate.

As general editor and able to take a birds-eye view of trusts in different jurisdictions, do you see any general trends in the trusts space?

The general trend is to establish trusts for family and estate planning purposes rather than for use in tax planning.

What is your view on the perspective that trusts are currently under attack?

It is wrong to state that "trusts are under attack".  The concept and legal structure of a trust is accepted in many countries (U.K., U.S.A, Canada, Australia etc.)  The debate relating to trusts is not whether they should be used, but if and when a trust is misused for aggressive tax planning or for illegal activities.  This is a problem which is not only related to trusts, but also and more often, to the use of companies. The legitimate use of trusts for estate planning and preservation of family assets for generations is here and will continue to stay.

Price on request

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