Publications
U.S. Trust and Estate Planning 美國信託規劃實務（英文部分）
Chapter 5 The Rise of the Global Family Office
When establishing a U.S. family trust, are there additional professional staffing requirements?
Wealth Creators with considerable net worth should also consider establishing a U.S. family trust (the types and steps have been described at length in previous chapters). When establishing a familial trust, the family’s Family Office is particularly important. A properly staffed Family Office, for the purposes of establishing a trust, should include:
- A U.S. Trust Attorney, who typically drafts the trust agreement.
- A U.S. Tax Attorney, who typically analyzes the tax effect of the family trust.
- A U.S. Certified Public Accountant (CPA), who can complete and submit applicable and required U.S. tax forms and disclosures.
- A Local Certified Public Accountant (CPA), who resides in the Grantor’s resident country and can analyze the local tax effects of establishing a U.S. trust.
- A Local Attorney, who can analyze the legal ramifications of transferring certain assets into a U.S. trust in the Grantor’s resident country.
- A Compliance Secretary, who can manage the transfer of funds from Asia to the U.S. along with any required Know-Your-Client (KYC) paperwork.
- A Specialized Secretary, who can manage offshore companies (typically established in the British Virgin Islands (BVI) or the Cayman Islands).
- One or more Financial Advisors, who can manage investments in Asia and in the U.S.
- A United States trust company that is able and willing to act as trustee of a family trust. United States Trust Company, which mainly serves Chinese, should preferably have Chinese communication skills; All trust establishment documents (including trust contracts) can be provided in both English and Chinese; The trust professionals are also bilingual in English and Chinese, so as not to misunderstand the meaning of family trust.
Since the process of establishing a family trust typically can take anywhere from 6 months to several years, it is extremely important that all parties maintain open communication and are synced to the client’s particular needs and circumstances.
