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How to protect a trust The Offshore Perspective Sham or not….

How to protect a trust The Offshore Perspective Sham or not…. Anton Maskowitz antonm@spi.sanlam.com. Agenda. The basics Sham vs Alter Ego Settlor/Beneficiary control Reserved Powers Communication Conclusion. The Basics. Trust Deeds Declaration Deed Settlement deed Blind Trusts

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How to protect a trust The Offshore Perspective Sham or not….

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  1. How to protect a trustThe Offshore PerspectiveSham or not…. Anton Maskowitz antonm@spi.sanlam.com

  2. Agenda The basics Sham vs Alter Ego Settlor/Beneficiary control Reserved Powers Communication Conclusion Anton Maskowitz

  3. The Basics Trust Deeds Declaration Deed Settlement deed Blind Trusts Charitable Beneficiaries Protectors (SA specific) Co- Trustee/excess powers Settlor Independence Anton Maskowitz

  4. Sham vs Alter Ego Concept of a Sham Trust Not recognised in SA (yet) Requirements Consequences SARS, Divorce settlements and maintenance claims? Anton Maskowitz

  5. Settlor/Beneficiary Control Treating trust as bank account “My Trust” Managing/Controlling Trust Investments Reserved Powers Investment Managers/Advisors Directors on underlying Companies Settlor/Beneficiary also Protector Anton Maskowitz

  6. Communication Steer clear from “instructing” trustees Know your trustees and vice versa Annual Trustee Meetings Update trustee re personal and family circumstances Review Letters of Wishes regularly Anton Maskowitz

  7. Conclusion Don’t give without giving Independent/Corporate Trustee in well regulated environment Understand and appreciate Trustee Powers at outset Steer clear from “instructing” trustees Care : Divorce Settlement/Maintenance claims and SARS not reliant in Sham, will most likely succeed on alter ego. Anton Maskowitz

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