The practical uses of a foundation can include:
• Charitable and philanthropic purposes
• Estate and succession planning
• Wealth preservation
• Asset protection
• Consolidation of worldwide assets
• Centralised reporting
• Inheritance tax planning
• Avoidance of forced heirship rules
• Separation of voting and economic benefit
• Maintenance of corporate control
• Employee share option schemes.
A foundation is a legal entity that has much in common with limited companies and trusts but possesses its own unique features. They are regarded as one of the most robust vehicles for holding private, commercial and charitable assets and eventually delivering them to an exact intended destination.
Historically a foundation was mainly established in civil law jurisdictions as an alternative to a common law trust but now there are a limited number of common law jurisdictions offering them. Delivering a high degree of confidentiality foundations offer the founder and beneficiaries a high degree of protection against creditors as well as providing certainty in forced heirship issues.
The ILS World private client team is experienced in establishing and administering foundations in a number of jurisdictions and our services include planning and structuring, preparing the foundation charter, providing council members, where appropriate obtaining charitable status, acting as registered agent, establishing bank accounts, administration and accounting.
We work hard to create long-term relationships and provide the highest level of service and we have been told we are approachable, flexible and pragmatic. We offer regular face-to-face meetings as required and provide direct contact with a senior member of the team.
To keep up to date follow us on LinkedIn.
Please note: ILS World does not offer tax advice and would therefore recommend you obtain your own tax advice. If you require an introduction to a tax adviser we would be happy to assist.