International Wealth Planning Trusts and Current Due Diligence Requirements

May 17, 2018

When seeking a strategy toward Integrated Estate Planning, one will most likely be drawn toward the features related to an international family trust (“IFT”). The first decision is that of choice of jurisdiction, which from our perspective at Greenspoon Marder and based upon many factors, leads clients primarily to either the Cook Islands or Belize. Once the IFT is established legally by all required parties, then starts the process of continued due diligence and compliance related to general requests from your service providers (including but not limited to trustees, protectors, directors, managers, etc.) and from global banking institutions. This includes the need to provide updated information on applications for the Settlor, who establishes the IFT, on all beneficiaries of the IFT and on the service providers chosen to serve as fiduciaries of the IFT. Generally, the requests for due diligence include copies of driver’s licenses, passports, utility bills, professional reference letters and bank reference letters. Further due diligence will be requested related to any transactions that involve funds being placed or received into the IFT structure. This could potentially expose deal documents, invoices and other documents related to such transactions. We at Greenspoon Marder can assist in navigating these due diligence requests and assuring proper compliance with all regulatory and legal matters related to the establishment of IFTs and on-going maintenance of such IFTs.

*The information in this article is provided for general informational purposes only, and may not reflect the current law in your jurisdiction. No information contained in this post should be construed as legal advice from Greenspoon Marder LLP or the individual author(s), nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through, this Post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country or other appropriate licensing jurisdiction.

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