Asset Protection Trust
Asset Protection trust where the main objective is to prevent claims against one’s assets from creditors.
Why Asset Protection Trust?
A person’s exposure to potential liabilities can arise through many unexpected situation or under what deemed as normal business arrangement as followings:
Being a partner in a partnership
Being a company director from negligence or breach of director’s duties
Breach of contract , tort and negligence
Mortgage or loan defaults
Who is Suitable for Asset protection trust
1) Professional that at risk of lawsuit
3) Person seeking asset protection from adverse claim such as future divorce proceeding
Singapore Private Trust Company
The Singapore Private trust company is best described as a hybrid company cum trust that bears the features of a company.
Why Singapore Private Trust Company?
In a traditional trust form requires the settlor or business owner to give up ownership over certain assets to someone else, in the PTC , the business owner is shifting his assets into a special purpose vehicles where his family members that can be “Owners”
Who is Suitable for Singapore Private trust company?
The PTC is suitable for a trust for a family trust to address concerns such as :
– Succession of wealth of the family
– Asset protection and avoiding adverse claims eg: business creditors, divorce and family feuds
It is a trust where life insurance policy is designed with the ownership of a policy and when settled for purposes of estate planning , assets protection and succession planning.
Why Insurance Trust?
1) If a life policy settled in trust could prevent minor beneficiaries from having control of the proceeds under the policy until they are mature enough
2) When a policy settled into a trust and under certain conditions , a life policy is an asset that can be protected against creditor claims
3) The proceeding from the policy can be paid to beneficiaries without waiting for probate or letters of administration.
Who is suitable for Life Insurance Trusts
1) Policy holder where their beneficiaries are majority minor
2) Policy holder who wants to protect his life policy from being assigned or creditors due to adverse situations
3) Policy holder who wants an independent third party to carry out professionally according to his instructions as planned.