High net-worth individuals and families face a variety of sophisticated and complex issues; these include estate planning and the transfer of wealth from generation to generation, planning for the continuity of family businesses, protection of family wealth, philanthropic giving and pre-nuptial planning. These issues demand careful planning and attention to detail.
Trusts frequently form an important part of that planning, for many reasons. They can be used to preserve capital while providing an income stream for current and future generations.
They are sometimes established to avoid the inconvenience and publicity of probate, or perhaps to alter the devolution of assets on death where forced heirship acts might otherwise apply. Depending on the particular circumstances, there can be advantages in setting up trusts in tax neutral offshore jurisdictions.
The Cayman Islands is one of the leading jurisdictions for the formation and administration of trusts. The Islands’ political and economic stability, combined with innovative trust legislation, adaptability, and a tested judiciary system, have made it a worldwide centre for trust business.