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Topic: Discretionary Trust

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	Discretionary Trusts Australia,provider of Australian Discretionary Trusts and Family Trusts
		Discretionary trusts (commonly known as "family trusts") are created to hold assets for the benefit of a class of beneficiaries.
		Family assets are often held in a discretionary trust, under a discretionary trust or family trust deed, nominating family members as beneficiaries of the discretionary trust.
		The trust is structured to provide for a term of eighty (80) years from establishment although provision is made for the trustee to terminate the trust at an earlier date should it be so desired.
	www.shelco.com.au /services/discretionary_trusts.cfm (658 words)

	Trust law - Wikipedia, the free encyclopedia
		Strictly speaking, an offshore trust is a trust which is resident in any jurisdiction other than that in which the settlor is resident.
		A resulting trust is the form of implied trust which occurs where a trust fails, wholly or in part, as a result of which the settlor becomes entitled to the assets.
		A unit trust is a trust where the beneficiaries (called unitholders) each possess a certain share (called units) and can direct the trustee to pay money to them out of the trust property according to the number of units they possess.
	en.wikipedia.org /wiki/Trust_(property) (5610 words)

	Summit Trust Company
		Now that trusts can be created under Nevada law for up to 365 years, very few Nevada residents will choose to create trusts under the laws of the other states, and any non-residents who otherwise would have created trusts under the laws of other states will now choose to domicile their trusts in Nevada.
		Although a support trust is simpler to administer than a discretionary trust, certain creditors of the beneficiaries of a support trust may access the trust assets, so it is less protective than a discretionary trust.
		The types of creditors that may access the assets in a support trust depend upon which classes of creditors the court allows as exceptions to the general rule that a spendthrift trust is protected from creditors.
	www.summittrust.com /365.html (1002 words)

	Asset-protection trust - Wikipedia, the free encyclopedia
		Such trusts are set up in an attempt to avoid or mitigate the effects of Taxation, Divorce and Bankruptcy on the beneficiary.
		Such trusts are therefore frequently proscribed or limited in their effects by governments and the courts.
		Offshore trusts and other asset protection vehicles typically do not prevent action against the individual concerned in his or her home country.
	en.wikipedia.org /wiki/Asset-protection_trust (348 words)

	Mauritius Trust Services & Trust Administers - Alliance Trust Co Mauritius Ltd (Site not responding. Last check: 2007-09-18)
		A trust may therefore be defined as an equitable obligation which binds the trustees to hold and deal with the trust assets for the benefit of the beneficiaries in accordance with the terms of the trust.
		The discretionary trust is commonly used when, at the time the trust is established, no decision has been taken as to what portion of the trust's income and capital should be reserved for each beneficiary, and when it is desirable to maintain flexibility in that respect.
		The proper law of the trust is the one chosen by the Settlor, or the one implied in the Trust Deed.
	www.alliance-mauritius.com /trusts.php (1360 words)

	Discretionary Trust, Wills & Inheritance Tax
		However, with this kind of trust (unlike life interest trusts) the capital is not added to the estate of the surviving spouse on his or her death and is not charged to inheritance tax on that occasion.
		It is quite normal for such a letter to state that the first aim for the trust is to ensure adequate provision is made for the surviving spouse for the remainder of his or her days.
		A discretionary trust is subject to inheritance tax every 10 years after the creation of the trust.
	www.is4profit.com /is4money/tax/discretionarytrust/index.htm (1412 words)

	Establish an offshore trust; offshore trusts with Guardian Trustees Ltd.
		Trusts are confidential and flexible: Since assets are held in the Trustees' name, Settlers enjoy complete privacy as to the nature of their investments and to whom they are giving benefits.
		An acknowledgement of the transfer of trust property from the settlor to the trustee subject to the terms of the trust deed.
		Discretionary Trusts are the most common type of trust, but there is a wide assortment of trusts depending on the requirements of the particular client.
	www.guardiantrustees.com /trust.html (1390 words)

	Supplemental Needs Trusts versus Fully Discretionary Trusts
		Further, a fully discretionary trust should contain as little language as possible relating to the extent of its discretion, as too many words in that context could be fatal to the protection otherwise offered by the trust.
		If a trust says, "the trustee may make such distributions to or for the beneficiary as the trustee in its sole and absolute discretion deems appropriate for the beneficiary's support, maintenance, and welfare," it is not a fully discretionary trust.
		Either the SNT or the discretionary trust for a disabled individual can be established through the parent's will (a testamentary trust) or during the parent's lifetime (an inter vivos or "living" trust).
	home1.gte.net /res8j0uv/id21.html (613 words)

	Asset Protection - Trusts
		For a trust to qualify as a discretionary trust, the trustee's discretion must be so complete that he can exclude a beneficiary from receiving any distributions or benefit from the trust.
		Consequently, a creditor seizing a beneficiary's interest in a discretionary trust or attempting to purchase such an interest places the creditor in the shoes of the beneficiary; that is, the creditor has a mere hope that the trustee will exercise his discretion by making distributions, which is unlikely when a creditor is present.
		A trust that shifts from one generic kind of trust to another (e.g., from a spendthrift trust to a discretionary trust) or that has different beneficiaries on the occurrence of certain events is generally an effective protective trust.
	www.pro1040.com /trust_asset_protection_02.htm (4383 words)

	FT.com / Your money - Nil-rate band discretionary trusts
		A discretionary trust is a commonly-used type of trust that is set up so that all income and benefits from the assets held in the trust are distributed at the discretion (hence the name) of the trustees.
		The discretionary trust framework is used but the real aim is to provide a “wrapper” to shield assets to the value of an individual’s IHT exemption (also referred to as the nil rate band) which is currently £275,000.
		When the trust is triggered by death, there’s an immediate bequest of the value of the nil-rate band for IHT – currently £275,000 – from the survivor’s assets, to be held in the discretionary trust.
	www.ft.com /cms/s/3c8b5aa4-4635-11da-8880-00000e2511c8.html (999 words)

	Discretionary Trusts \| Discretionary Trust \| Family Trusts \| Australia
		The Cleardocs discretionary trust is a trust under which the trust's trustee or trustees may distribute trust income or other trust property:
		The distributions of trust income or other trust property may be made to any number of these eligible beneficiaries and in any proportion at the trustees' complete discretion.
		If you require a trust in which the beneficiaries have a fixed interest in the income or other trust property, or where the class of eligible beneficiaries is restricted (say, to only blood relatives of the named beneficiaries), then you must seek legal advice.
	www.cleardocs.com /products_discretionary_trust.jsp (454 words)

	Stephen E. Greer, The Alaska Dynasty Trust, 18 Alaska L. Rev. 253 (2001) (Site not responding. Last check: 2007-09-18)
		To preserve the trust estate from the imposition of state income tax, the trust should be sitused in a state that does not impose state income taxes, or alternatively the assets should be invested in a manner where income tax liability is reduced.
		Nor can the interest of a discretionary beneficiary be reached by a spouse or child for alimony or support by a creditor who provides necessary supplies or services to the beneficiary or by a governmental unit that may have a claim against the beneficiary.
		In the case of a testamentary trust, the applicable law is that of the state where the settlor died.
	www.law.duke.edu /journals/alr/articles/alr18p253.htm (11390 words)

	The Missouri Family Trust May Be Better Than Just Relying on a Discretionary Special Needs Trust
		The Supreme Court of Missouri has determined that certain provisions of a discretionary trust for the benefit of a person with a disability caused the corpus of the trust to be available to that person, thereby disqualifying her for Medicaid assistance.
		However, the trust also provided that the trustee, in his absolute discretion, could revoke, amend or modify the trust, and upon revocation all undistributed income and principal was to be paid over and distributed to the beneficiary (the person with a disability).
		The amount withdrawn from the Missouri family trust by the successor co-trustees will be required to be held in the successor trust to be used only for the benefit of the beneficiary for his or her life.
	www.mobar.org /journal/2000/mayjun/zafft.htm (5321 words)

	[No title] (Site not responding. Last check: 2007-09-18)
		Quite simply a Trust is a legally enforceable arrangement where named Trustees hold assets and property for the benefit of a defined range of people (the beneficiaries) in accordance with the wishes of the Settlor(s) who creates the Trust.
		Trusts could be used to maintain the assets of your estate away from greedy children who would be unable to access the capital of the trust for their own wasteful purposes.
		Whilst income received by the Trust is taxed at 33c in the dollar, if it is not retained by the Trust but distributed to beneficiaries it may be taxed at the beneficiary’s tax rate (there are some exceptions to this).
	www.thelawyers.co.nz /guides/famtrust.htm (2546 words)

	O'Loughlins Lawyers : Resource Centre : Establish a Discretionary Trust
		The trust will not be a trading entity; the trust name is only an identifiable feature of the terms documenting the provisions of the trust (the trust deed).
		The range of potential beneficiaries of a discretionary trust usually extend to a wide class of people, including a 'specified' or 'primary' beneficiary or beneficiaries, and that beneficiary’s remoter issue (ie spouse, parents, brothers, sisters, children, grandchildren, and related companies and trusts).
		The trust deed usually allows the power of appointment to be passed on to another person nominated by the appointor.
	www.oloughlins.com.au /resource/discretionary_trust.html (685 words)

	Trusts - Discretionary - Settlor as beneficiary (Site not responding. Last check: 2007-09-18)
		In re Hertsberg Inter Vivos Trust, ___Mich___(1998) #106897, 6/2/98
		A discretionary trust with spendthrift provisions was established pursuant to the consent judgment.
		Upon the death of Barbara, the trust principle was to be distributed to several of her relatives.
	courts.co.calhoun.mi.us /ca060298.htm (404 words)

	Offshore Trusts FAQ - Frequently Asked Questions About Offshore Trusts (Site not responding. Last check: 2007-09-18)
		The Settlor arranges the Trust Deed so that the distribution of income or assets by the Trustee is done completely at the discretion (subject to the Settlor recommendations through "letters of wishes"), of the Trustee (Discretionary Trust), or by clear definition (Non-discretionary Trust).
		Trusts are, in a sense, is a living "will" which works before and after the death of the Settlor.
		It is not generally the case for assets of the Trust to be held for specific beneficiaries in specific proportions.
	offshore-asset-protection-trust.canadaoffshore.com /offshore-trusts.htm (1877 words)

	The Discretionary Trust Marlborough Trust (Site not responding. Last check: 2007-09-18)
		The settlor establishes the trust by transferring the initial settled funds to the trustee (Marlborough Trust Company) and executing a trust deed which contains the rules, guidelines and powers of the trustee, the initial funds are usually a nominal figure of say £10.
		If the settlor wishes to maintain a monitor over the trustees or has a trusted advisor who can assist the trustees in their decision making then it is possible to appoint a protector to the trust who has the power to give consent over some of the more important decisions of the trustees.
		The most common use for discretionary trusts is for non-UK domiciled individuals to shelter their assets from punitive tax charges and to retain wealth in a politically and economically stable environment.
	www.marlboroughtrust.com /services/wealth_protect/discretionary_trust.html (341 words)

	Henson Trusts - Heydary Hamilton PC: Lawyers, Toronto, Ontario, Canada
		This type of trust takes its name from Leonard Henson, who realized that if he left his estate directly to his developmentally disabled daughter, Audrey, the inheritance would exceed her allowable asset limit and thereby disqualify her from government benefits until the assets were reduced or "spent down" to below the threshold amount.
		For example, although a Henson Trust is most often created through the Will of the parents, it can in fact be established while the parents are still living.
		Thus it is recommended that parents considering a Henson Trust for their child seek the professional advice of an experienced trust lawyer.
	www.heydary.com /publications/henson_trusts.html (337 words)

	Equal Trust - Tax Planning - protecao de activos (Site not responding. Last check: 2007-09-18)
		The Trust law of Belize is ideal for the tax planner and provides the client with confidentiality and protection while maintaining the fundamental equitable trust concept thus ensuring that should the assets come under attack at any time, the legislation would stand up to scrutiny in any foreign jurisdiction's court of law.
		A Discretionary Trust can be accompanied by a Letter of Wishes from the settlor to the trustees which, while not binding upon the trustees, will guide them as to the settlor's wishes, and during the lifetime of the settlor may be reviewed or changed depending on circumstances.
		The advantage of the Discretionary Trust is that the settlor can be a potential beneficiary of the Trust, without being legally entitled to the Trust assets thus avoiding any tax attributable to the settlor.
	www.equaltrust.org /ingles/trusts2.html (420 words)

	Guernsey Discretionary Trusts and Pension Trusts. Willow Trust licensed fiduciaries for Guernsey.
		The use of Guernsey trusts - most often discretionary trusts - remains one of the most effective tools in long term tax planning and asset protection.
		Legal ownership of an asset passes from the owner to the Trust, although depending on the circumstances, the 'owner' can often still enjoy the use of the assets.
		The use of Guernsey discretionary trusts is particularly effective in situations where restrictions of forced heirship rules might otherwise restrict the ability of a client to leave assets to the person of their choice.
	www.willowtrust.com /Guernsey_Discretionary_Trust_Companies.html (96 words)

	Discretionary Trust (Site not responding. Last check: 2007-09-18)
		Trustees have access to the trust at any time to ensure that fruit and branches are used when and where they are needed most.
		This fortress design provides the ultimate in flexibility, in that a Discretionary trust allows the settlor (owner) to create a trust for a number of beneficiaries without the need to decide who should receive any immediate or future benefit.
		This sort of trust is useful for avoiding inheritance tax where the size of the gift is less than the nil rate band.
	www.sli.co.im /trust/pages/trust_dis.htm (879 words)

	STANDARD DISCRETIONARY TRUST DEED (Site not responding. Last check: 2007-09-18)
		The Discretionary Trust offers maximum flexibility to benefit a wide range of family members (by allocating either income or capital to them).
		Without a trust they would normally be an "owner" of those assets for bankruptcy or family law purposes.
		Frequently, Discretionary trusts are set up with companies as trustees, but it is permissible for individuals to be trustees.
	www.expressco.com.au /std_discretionary_trust_deed.htm (274 words)

	Family Trust Deed (Discretionary Trust)
		The Trustee is the figure head of the Trust but takes its orders from the Appointor.
		The Trust assets are usually in the name of the Trustee.
		A manual on Family Trusts is available from the www.TaxLawyers.com.au web site, follow this link...
	www.taxlawyers.com.au /fasttrack/familytrust.htm (264 words)

	discretionary trust definition - Dictionary - MSN Encarta
		discretionary trust definition - Dictionary - MSN Encarta
		trust in which trustees assign shares: a trust in which somebody other than its founder, e.g.
		trust with trustee making decisions: a trust in which the trustee has full discretion to decide which beneficiaries will receive what parts of the trust when it is distributed
	encarta.msn.com /dictionary_561503719/discretionary_trust.html (91 words)

	GMC: Panamanian Offshore Discretionary Trusts @ EUR 1000.00
		Although a trust can be a verbal agreement and implied by law, i.e., your words and actions are legally acknowledged by previous, similar precedents, it is far mare common for a trust to be established by way of a written document called either a Deed of Trust or Declaration of Trust.
		This feature of certain trusts is regarded by many as one of the most valuable, for implemented correctly it can enable someone to appear to be of only modest means yet live a luxurious lifestyle, the "trappings of wealth" all belonging (ultimately) to a trust with no legal connection to that person.
		Panamanian Trusts are totally private, there is no taxation of Trust income, assets can be settled AFTER a Trust is formed and Trusts established within the Panama jurisdiction are governed by Panamanian secrecy/confidentiality laws, one of which is that it can over-ride that of other countries, i.e.
	www.global-money.com /item.php?id=150 (844 words)

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