Dempsey & Company, Attorneys at Law, Turks & Caicos Islands

Turks and Caicos Attorneys - Dempsey & Company

PRIVATE CLIENT - TRUSTS & ESTATE PLANNING

Dempsey & Company works in conjunction with clients and their advisors providing technical advices and assistance on most aspects of estate planning in the international context.  The firm has considerable experience in assisting clients with structuring Turks & Caicos trusts and corporate structures securing objectives including: asset protection; orderly wealth transfer on death including charitable remainder trusts; and the minimization and/or deferral of taxation.  The firm prides itself on its personalized approach in dealings with clients and on its commitment to ongoing service.

Trusts

The TCI law relating to trusts is the Trusts Ordinance of 1990 ("the Ordinance"). 

The Ordinance does not codify the form that a trust may take but instead seeks to provide a foundation without limiting the scope to creatively draft Declarations and Indentures of Trust so as to achieve the client's individual objectives.

Dempsey & Company has more than 30 years of experience in the field and is well placed to provide expert, professional advice and assistance relative to drafting, structuring and managing TCI trusts.  We review each situation individually and, where the effective settlor or prospective beneficiary is resident outside TCI, work with the clients' onshore advisors to ensure that the interests of the relevant client are protected.

In recent years the use of trusts as tax-planning vehicles has been somewhat complicated by the implementation of legislation in developed on-shore jurisdictions designed specifically to combat the flight of capital to offshore jurisdictions.  When contemplating the use of trusts for the purpose of minimizing taxes it is imperative that competent advices are received from attorneys and/or licensed trustees in both the onshore and offshore jurisdictions. 

Standard objectives of TCI Trusts include:

  • Reduction and/or indefinite deferral of inheritance and capital gains taxes

  • Asset protection and preservation

  • Orderly and private transfer of assets outside of Probate/Administration upon death

  • Tax deferral and compounding in certain circumstances

  • Obtaining tax write-offs by the use of charitable remainder trusts

Interesting features of TCI trusts legislation include:

  • That they may be of perpetual duration thus avoiding the unnecessary complications relating to the rule against perpetuities;

  • That the legislation makes specific reference to the use of a Protector or individual with the power to veto decisions of the Trustee(s);

Members of the firm are extremely conversant with TCI trust law and have particular expertise in structuring asset protection, charitable remainder trusts and family trust structures.  We also provides advices and opinions in relation to existing trust structures and related problem resolution. 

If you are interested in exploring the possibilities and protections afforded by TCI trusts contact us and we will be happy to email our introductory information material which deals with the topic in more depth. 
 

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Telephone: (649) 946-4344
Telefax: (649)-946-4564
 

Carrying on business in association with the
Finbar F. Dempsey & Company Group:

Corporation Services Limited
Finbar F. Dempsey & Company
 

Maintained by COMPTCI Ltd.
1999 - 2009 Dempsey & Co - All Rights Reserved

 

Trusts and Estate Planning - Dempsey & Company
 

Contact

Tel: (649) 946-4344
Fax: (649) 946 4564

1 Caribbean Place, P.O. Box 97,
Leeward Highway, Providenciales,
Turks & Caicos Isl

General Email


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