In general, Succession planning, Governance planning and Asset protection planning are paramount objectives to sustain conservation, protection and increase of private or business wealth.
The most efficient and widely used asset protection vehicle is the Trust which could hold immovable (real estate property, factory, plants, land) and movable assets (bank accounts, shares, investment portfolios, bonds, securities, insurance policies, art collections, gold, intellectual property) while Foundation (separate legal entity without shareholders which is established to reflect in its bylaws the wishes of the individual or corporate founder to be followed by the foundation’s council of which the founder could be part of incase he wants to reserve a high level of control) is mostly used for wealth preservation and structuring.
Trusts are very useful vehicles in today’s market, however, to avoid any complexities, it is advisable that you seek advice from seasoned consultants with the commensurate years of experience of establishing trusts in the UAE market. It is essential that highly certified trust managers such as those from Wincore Advisory Group will put together an effective asset protection plan to ensure that you enjoy maximum efficiency while accruing all the benefits that are usually derived as a result of establishing a Trust.
For a Comparative Analysis between Trusts and Foundations see our article.
Wincore specializes in Tax, Estate, Corporate and Fiduciary matters. We provide pragmatic, flexible and efficient solutions to individual entrepreneurs, startup businesses, foreign and local SMEs, multinationals, wealthy international families, HNWIs and UHNWIs.