Ch. 15: Foreign Trusts Control
Ch. 15: Foreign Trusts Control
Trustee Arrangements
Synopsis: Discusses basic arrangements used to provide trustees for FAPTs and yet still give the settlor some indirect control.
Institutional Trustees
Synopsis: Discusses the advantages and disadvantages of large banks and financial services firms as the trustees of FAPTs.
Definition: Institutional Trustee -- A bank, financial services firm, or licensed trust company that acts as a true third-party trustee of trusts.
Trust Protector Arrangements
Synopsis: Describes the function of the Trust Protector.
Definition: Trust Protector -- A person or entity who has certain powers under the trust document, usually to discharge (but not appoint) trustees, and to veto (but not make) certain key decisions of the trustees.
Private Trust Company
Synopsis: Discusses the use of Private Trust Company arrangements to act as the trustee of FAPTs.
Definition: Private Trust Company (PTC) -- A trust company directly or indirectly owned or controlled by the settlor of a trust. The concept is to give the appearance to third parties that the trust has an independent trustee.
Trustee Arrangements
Synopsis: Discusses basic arrangements used to provide trustees for FAPTs and yet still give the settlor some indirect control.
Institutional Trustees
Synopsis: Discusses the advantages and disadvantages of large banks and financial services firms as the trustees of FAPTs.
Definition: Institutional Trustee -- A bank, financial services firm, or licensed trust company that acts as a true third-party trustee of trusts.
Trust Protector Arrangements
Synopsis: Describes the function of the Trust Protector.
Definition: Trust Protector -- A person or entity who has certain powers under the trust document, usually to discharge (but not appoint) trustees, and to veto (but not make) certain key decisions of the trustees.
Private Trust Company
Synopsis: Discusses the use of Private Trust Company arrangements to act as the trustee of FAPTs.
Definition: Private Trust Company (PTC) -- A trust company directly or indirectly owned or controlled by the settlor of a trust. The concept is to give the appearance to third parties that the trust has an independent trustee.
Labels: asset protection, private trust company, trust control, trust protector
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