FIRST STEP - WHO IS YOUR TRUSTEE?
Who is chosen as your trustee and where it is based can make a huge difference.
GFOS recommends wealthy international families set up their own special purpose trustee (the GFOS SPT) to act for the family trusts which you control with your advisers. Of course, you do not want to spend your precious time administering the trust and its assets, this can be outsourced to a professional. However, not all professionals know when and what to sell or buy, when and how much to distribute, who should remain in office and when to remove them, which is why GFOS, through its extensive network of experts can guide you on how you can continue to get the best possible return on investment regardless or the nature and type of assets.
Furthermore, decisions should only be made against the binding wishes of the founder, who needs to be able to sleep at night knowing that what he wants will be adhered to.
If you are living in the UK and have an offshore trust, you may like consider appointing UK resident trustees for transparency and ease of administration.
GFOS offers solutions to UK Non Doms and other individuals who would like to benefit from having a trust structure onshore.
Benefits include : privacy and control of your structure together with some tax benefits.
Find out more by contacting us direct.