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Topic: Protective trust

	Emerging issues for family trusts
		Where a business is carried on through a trust, it is very common for the family members to hold their non-business investments through a separate "protective” trust.
		Where, in a certain tax year, one trust has taxable income and the other trust has a loss, the family members would normally seek to distribute taxable income from the "income trust” to the "loss trust.” However, in the context of family trusts, a number of issues have to be examined.
		For a discretionary trust to be a member of another trust’s "family group,” it must "interpose” itself to that trust.
	www.pwc.com /extweb/manissue.nsf/docid/9CCFC7C018AEE94BCA25709D0028CD64 (1415 words)

	Protective trust - Wikipedia, the free encyclopedia
		The Protective Trust is a form of settlement found in England and Wales and several Commonwealth countries.
		The establishment of this discretionary trust is ordinarily exempt from the charge to UK inheritance tax on the establishment of discretionary trusts.
		Protective trusts are subject to challenge under creditor protection legislation as are any other forms of asset-protection.
	en.wikipedia.org /wiki/Protective_trust (342 words)

	Trust law - Wikipedia, the free encyclopedia
		In the UK, a protective trust is a life interest which terminates on the happening of a specified event such as the bankruptcy of the beneficiary or any attempt by him to dispose of his interest.
		The principle of "asset protection" is for a person to divorce himself or herself personally from the assets he or she would otherwise own, with the intention that future creditors will not be able to attack that money, even though they may be able to bankrupt him or her personally.
		One method of asset protection is the creation of a discretionary trust, of which the settlor may be the protector and a beneficiary, but not the trustee and not the sole beneficiary.
	en.wikipedia.org /wiki/Trust_(property) (5568 words)

	Trust
		Trusts developed out of the English law of equity which has no equivalent in civil law jurisdictions, however since the use of the trust is so widespread some jurisdictions have incorporated trusts into their civil codes.
		Trusts are used for a number of purposes, including to plan one's estate and as a form of investment.
		Unlike an express or implied trust, a constructive trust is not created by an agreement between a settlor and the trustee; rather a constructive trust is imposed on the trustee by the law.
	www.ebroadcast.com.au /lookup/encyclopedia/tr/Trust.html (1171 words)

	Turks and Caicos Lawyers - Miller Simons O'Sullivan - Attorneys at Law
		It is common, particularly in discretionary trusts where it is for the trustee to decide who is to benefit under the trust and when, to require the trustee to obtain the consent of a named party before exercising his powers.
		The trust instrument may provide that the interest of a beneficiary is liable to be diminished or terminated or subject to a restriction on alienation (a protective trust).
		Since the trust is a separate legal entity created when the settlor transfers assets by deed to a trustee for the benefit of named beneficiaries, the need for probate or letters of administration on the death of the settlor is eliminated.
	www.mslaw.tc /turksandcaicostrusts.htm (739 words)

	DJW Associates - The Protective (Property) Trust
		A Trust is created in each partner’s Will so that, on the first death, the share of the deceased partner is left to their beneficiaries (usually their children but not necessarily) with the rights of occupation of the surviving partner secured by the terms of the Trust.
		This loss can be prevented through a Protective Will Trust which has been specifically developed to protect the value of the share in jointly owed property belonging to the deceased partner from being used to pay the care bills of the surviving partner for the benefit of their children or other beneficiaries.
		The Trust will ensure the surviving partner’s right to continue living in the house for as long as he or she wishes, move to another house or sell the property and receive an income from the share which belonged to the deceased partner.
	website.lineone.net /~dgeades/proptrust.html (1447 words)

	St. Kitts Financial Services
		A trust which is not a charitable trust; or a spendthrift or protective trust; or a unit trust, is a common trust.
		The proper law of a trust is the law of the jurisdiction expressed by the terms of the trust as the proper law; or failing that, implied from the terms of the trust; or failing either, with which the trust at the time it was created had the closest connexion.
		The term of a trust may provide for the proper law of the trust or the law governing a severable aspect of the trust to be changed from the law of one jurisdiction to the law of another jurisdiction.
	www.skbfinancialservices.com /trusts.php (828 words)

	Asset Protection Trusts In Jersey - Briefing Note (8)
		A trust is in simple terms an arrangement created when the owner of property (the settlor) gives that property to another person (the trustee) on terms which require the trustee to hold and manage that property on behalf of and for the benefit of a third person or body of people (the beneficiaries).
		The current "asset protection trust" is a further development of the idea of a 'protective trust': it is used as a device to protect the settlor's assets from risks arising (in tort, in contract or otherwise) from transactions entered into by the settlor.
		The flexibility of the trust concept and of the law of trusts allows for a beneficiary's interest in trust property to commence or cease at such time as is provided for in the trust deed, or which may subsequently be determined by the settlor or the trustees.
	www.voisinlaw.com /pg455.htm (2147 words)

	Florida CPA NetLinkTM \| The Official Web Site of the Florida Institute of CPAs (Site not responding. Last check: 2007-11-05)
		Trusts have been used since the crusades to protect assets, and even the IRS definition of a trust (Treas.
		For a domestic protection strategy to be effective, your client must be treated fairly by the U.S. legal system (i.e., his planning must be upheld by the court).
		The proper way to implement such a plan, to protect accounts receivable, for example, is to have the business entity within which the receivables are created form its own offshore trust, implement a loan with the accounts receivable as collateral, and fund the entity’s trust with the loan proceeds.
	www.protectyou.com /FICPA_AssetProtection6-2005.html (1059 words)

	Special trusts: protective trusts
		Protective trusts are designed to protect the beneficiary, not the settlement nor its assets.
		If a settlor wishes to put property on protective trusts they simply have to say so in the deed, or refer in the deed to Trustee Act 1925/ S33, which is the governing section.
		Where the protective trust is created on or after 22 March 2006 and the beneficiary’s underlying interest is not an immediate post-death interest, a disabled person’s interest within S89B(1)(c) or (d) or a transitional serial interest, S88 does not apply, S88(6).
	www.hmrc.gov.uk /manuals/ihtmanual/IHTM42804.htm (390 words)

	KRBKLaw Articles Newsletters and Presentations
		Parents, while living, are able to protect and support their developmentally disabled child, unfortunately unable to secure his own livelihood, much less to accumulate retirement funds to secure him against the progressive ravages of predictable debilities, handmaidens to advancing age.
		trust established "by or on behalf of" a trust beneficiary, the principal of which is comprised of the beneficiary's own assets, litigation proceeds or claims settlement.
		Rev. Rul 76-270, 1976-2 CB 194 approved a third-party created charitable remainder trust for the lifetime benefit of a disabled beneficiary although the mandated income [unitrust amounts or annuity amounts] distributions were payable to the trustee of a second trust for the sole benefit of the named income beneficiary of the CRT.
	www.krbklaw.com /docs/articles/trust.shtml (4480 words)

	4.12.3.40 (Site not responding. Last check: 2007-11-05)
		Explanation: A protective trust is a trust established for a person who is unable to manage his or her own affairs.
		If the trust is a fixed trust established before 9 May 2000, attribution should be determined according to an assessment of the assets or income, or both, of the trust under provisions outlined in the trust deed.
		Example: A trust set up for a minor where the parents are the source of the funds and the parents retain full control of the assets and income of the trust.
	www.facs.gov.au /guide/ssguide/412340.htm (530 words)

	Trust Yourself! (Site not responding. Last check: 2007-11-05)
		Trust; a right of property, a contract between three parties where property is transferred into a named contractual entity by the creator of the trust for the purpose of multiplying, protecting, and distributing the assets of the trust for the benefit of the "beneficiary."
		In this effort, the use of a pure common law trust settled in your state of domicile may be appropriate, and is still mostly protected in English-speaking nations, because this method is used by some of the richest and most powerful families in the world.
		Once the trust is set up, you may find that the trust itself is a good vehicle through which to manage your household, or you may decide to spin off another business trust out of which to run your household, and this is fully lawful and legal.
	www.wealth4freedom.com /law/trust.html (1295 words)

	International Trusts Act (Site not responding. Last check: 2007-11-05)
		An international trust that does not contain a power of revocation shall be irrevocable by the settlor or the settlor's legal personal representative notwithstanding that the trust is created inter vivos or voluntarily by the settlor.
		the interest or trust property concerned shall, subject to the terms of the international trust, any Order of the Court, or section 26, be held by the trustee in trust for the settlor absolutely, or if he or she is dead, as if it had formed part of his or her estate at death.
		An international trust governed by this Act or a disposition of property to be held upon the international trust, shall not be varied, declared void, voidable, liable to be set aside or defective in any manner, and the capacity of any settlor is not to be questioned by reason that
	www.pinnaclestlucia.com /leg/int_trust.htm (6897 words)

	Stanford Trust Company - Types of Trust - Types of Trust
		In this trust, a Beneficiary (or Beneficiaries) may receive income from the trust, and the Trustee has no discretion to withhold payment (except to pay expenses of the trust), nor discretion to pay funds to one Beneficiary rather than another.
		Under this trust, the Beneficiary is entitled to receive income from the trust (similar to a Simple Trust) unless he disqualifies himself by an action such as attempting to sell his interest in future income, or an event such as bankruptcy.
		Trusts for the mentally disabled will normally be Discretionary Trusts, with income or capital directed at the discretion of the Trustee for a mentally disabled Beneficiary.
	www.stanfordtrustcoltd.com /typesoftrust.asp (264 words)

	Protective life insurance
		A beneficiary is a person or financial company (such as a trust) which you appoint in your life coverage online policy plan to accept the profits of the policy plan after your passing.
		One more alternative besides designating a certain beneficiary is to establish a life-insurance trust and have the trust purchase the living coverage policy plan.
		As explained previously, be certain to reconsider your protective life insurance policy plan fully and often, to be certain it’s up-to-date.
	www.onprotectivelifeinsurance.com (843 words)

	Asset Protection Planning
		Protecting your hard earned assets is imperative for your future or the future of your dependents, extended family members, and/or those individuals included as beneficiaries of your estate.
		Asset Protective Trusts (APTs), also known as Dynasty Trusts, are designed to preserve your family values and wealth for succeeding generation(s) in compliance with your tax and non tax asset preservation objectives.
		To create a protective shell around the assets you put into the trust so that third party creditors, IRS liens, and/or Bankruptcy and Divorce Courts are unable to penetrate the protective shell of the trust.
	www.wilkinsonandwilkinson.com /updates/AsstProt.htm (912 words)

	Wikinfo \| Trust (Site not responding. Last check: 2007-11-05)
		In common law legal systems, a trust is a situtation in which a person or persons (the trustees) have legal control over certain property (the trust property), but is/are bound to exercise that legal control for the benefit of other persons (the beneficiaries).
		An express trust is created where one person (the settlor) conveys property to another (the trustee) on the condition that the property will be used for the benefit of a third party or parties (the beneficiaries).
		Images, some of which are used under the doctrine of Fair use or used with permission, may not be available.
	www.wikinfo.org /wiki.php?title=Trust (1197 words)

	Offshore Trust and Company formation services from Jersey Channel Islands (Site not responding. Last check: 2007-11-05)
		An example is a trust deed that specifies that 20% of the annual trust income is to be paid to beneficiary named Smith and 80% to beneficiary named Jones.
		A protective trust is usually a fixed trust but with the proviso that upon the occurrence of a specified event the trust becomes a discretionary trust.
		The 'capital' of a trust is represented by the initial property given to the Trustee by the Settlor plus any further property passed to the Trustee, together with any capital gains made on the disposal of trust assets.
	www.trust-heritage.com /trusts3.html (760 words)

	Transfer of the Personal Residence to an Intentionally Defective Grantor Trust (Site not responding. Last check: 2007-11-05)
		The fact that the trust is a grantor trust for income tax purposes does not preclude the assessor from declaring there has been a change of ownership for property tax purposes because the income and property tax laws are not in pari materia.
		Following the client?s death, the irrevocable trust (now no longer an IDIT because the grantor has died) could then simply continue to protect the trust assets for the benefit of the children and their issue.
		Each child could then be the trustee or co-trustee of his or her own trust share to invest and use the trust funds for the child?s health, education and support and to have the trust purchase real or personal property for the child?s use and enjoyment.
	www.canhr.org /publications/newsletters/netnews/NN200409.html (2410 words)

	Estate Planning: Frequently Asked Questions
		An intervivos trust (also known as "during life" or "living" trust) is one where the trust is created by a person during her or his lifetime.
		A testamentary trust arises by operation of the a person’s Will at the time the person dies, when legal title passes to the Trustee, and beneficial title is vested in the beneficiaries.
		A revocable trust is an intervivos trust in which the person creating the trust (called "Grantor," "Settlor," or "Trustor"; all mean the same thing) reserves the right to amend or revoke the trust.
	www.hofheinzlaw.com /epfaq.php (1570 words)

	Integrated Estate Planning (Site not responding. Last check: 2007-11-05)
		Asset protection planning recognizes the fact that preservation and protection of a client's estate during his life is at least as important (and in the view of many, more important) than preserving and protecting it after death.
		Accordingly, the location of trust assets need not necessarily change from the city in which the settlor resides, and need not be confined to the trust's governing jurisdiction.
		Generally, OFCs that have enacted protective trust provisions treat trusts settled by non-residents as exempt trusts so long as none of the beneficiaries is resident in the OFC.
	library.findlaw.com /2002/Jan/1/241493.html (6057 words)

	TRUSTe Blog » In the News
		TRUSTeâs Web Privacy Seal means that a Web site keeps its promises to protect your privacy, and allows you to have a choice about the use and sharing of your personal information.
		TRUSTe just completed a survey of consumers on security breach notice and we’ll soon be releasing some data on how residents of states with breach notice requirements fared versus residents of states without breach notice requirements.
		TRUSTe requires its sealholders to adhere to a strict set of standards for consumer privacy based on informed choice for the use of personal information.
	blog.truste.org /?cat=2 (3236 words)

	PROTECTIVE LIFE INSURANCE CO Unscheduled Material Events (8-K) EXHIBIT 4.1
		The Delaware Trustee hereby acknowledges receipt in trust from the Trust Beneficial Owner, as of the date hereof, of the foregoing contribution, which shall be used along with the proceeds from the sale of the Series of Notes to purchase one or more Funding Agreements.
		This Trust Agreement, through the Omnibus Instrument, may be executed in any number of counterparts, each of which counterparts shall be deemed to be an original, and all of which counterparts shall constitute but one and the same instrument.
		The Trustee hereby acknowledges receipt in trust from the Trust Beneficial Owner, as of the date hereof, of the foregoing contribution, which shall be used along with the proceeds from the sale of the Series of Notes to purchase one or more Funding Agreements.
	sec.edgar-online.com /2004/05/25/0001047469-04-018456/section5.asp (5778 words)

	Directory of Programs \| National Trust for Historic Preservation
		The National Trust for Historic Preservation, chartered by Congress in 1949, is a private, non-profit organization dedicated to protecting the irreplaceable.
		Through education and advocacy, the National Trust is revitalizing communities across the country and challenging citizens to create sensible plans for the future.
		Save America's Treasures is a national effort to protect the country's threatened cultural treasures, including significant documents, works of art, maps, journals, and historic structures that document and illuminate the history and culture of the United States.
	www.nationaltrust.org /about/programs.html (1127 words)

	Protective / Fitch 2004 Press Release
		The assignment of 'AA-' ratings to the note programs recognize that the trust obligations are secured solely by funding agreements issued by Protective Life Insurance Company (PLIC), with cash flow structures that enable the trustees to pay the principal and interest on the notes.
		Protective Life Corporation reported GAAP assets and shareholders' equity (after Financial Accounting Standard 115) of $25.4 billion and $2.2 billion, respectively, at March 31, 2004.
		Protective Life U.S. Funding Trust and Protective Life Secured Trust are statutory trusts domiciled in Delaware.
	www.protective.com /?id=300 (495 words)

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