
Distribution of inheritance-It is important to plan ahead
אבדן של אדם קרוב הוא טרגדיה משפחתית קשה. אנשים רבים אשר עוברים את תהליך ההעברה הבין-דורית
WeTrust was founded by Adv. Tali Yaron-Elder, former income tax commissioner.
Adv. Yaron Elder is one of the pioneers in the Israeli trusts field, and serves as a trustee in dozens of trusts.
The purpose of WeTrust, is to provide comprehensive solutions (One Stop Shop) for managing assets of a settlor in a trust for the benefit of such settlor and his future generations.
WeTrust was established in order to provide a complete and holistic solution to the settlor’s asset management on all levels, including: financial assets, real estate assets, corporate management, as well as in order to provide individual instructions for beneficiaries and taking care of dependent beneficiaries.
In order to provide its services in the outmost level, WeTrust uses third-party professional entities such as tax consulting, private social workers, pension counselors, Investment advisers, selected board of directors and other professional entities.
When the legendary oil tycoon, Paul Getty, was asked on the reason in which he holds all of his assets in a trust, and doesn’t transfer them to his children directly, he answered:
“I want to leave my children enough money so that they can do anything, but not so much that they do nothing.“
Getty’s words notably emphasis one of the major reason for the establishment of a trust.
A trust is a legal concept. It is a legal relationship, under such, the settlor of the trust transfers asset(s) to a trustee, and gives him the power to act, in trust, under the provisions of the trust deed, and according to the law.
Sometimes a wealthy person wants to take care not only of his children but also of future
Sometimes a wealthy person wants to take care not only of his children but also of future generations. A Trust is a useful tool for such intergenerational fortune transfer. When a person bequeaths his property to his son, he may order that after the son’s demise, the remaining property shall be passed to his grandson, but he cannot ascertain that such property shall remain in order to be used by the grandson. In fact, such a form of transfer is usually more wishful thinking than a safe form of asset transfer. Transferring assets to a trust and having the option to determining the amount of funds each generation shall receive, can ensure a respectable lifestyle for future generations.
Today, the possibility of being sued for large sums is not unreasonable
Today, the possibility of being sued for large sums is not unreasonable. Whether due to bankruptcy, professional negligence, bodily harm or otherwise, trusts can help protect property from such claims. The main requirement for the trust to repel attempts by the creditors to put their hands on the funds transferred to them is that the trust be established in good faith and before the event happened for which the claim exists.
Whether the disability is physical or mental, parents of children with
Whether the disability is physical or mental, parents of children with special needs are forced to look after their children even in adulthood. When parents grow older and find it difficult to help, or after their deaths, the burden shifts to the shoulders of their other children or the care of the welfare authorities. Determining a dependent as an heir, though he does not have legal competence, creates legal problems, and sometimes creates a distance between the person who makes the decisions in the child’s case and his own family and needs. Determining that another family member shall be the heir, and shall take care of the dependent, creates other equally complicated problems and sometimes the family member has difficulty coping with them. This can lead to a point in which the dependent will be neglected or, alternatively, other family problems. To this we add that although the purpose of the parents was for the child to take care of his dependent brother, but legally, the funds belong to the family member and therefore wastage, bankruptcy, divorce etc. can lead to the loss of the funds which were intended for the sake of the dependent.
A trust in this case can resolve these issues by creating a legal buffer between the dependent’s funds and the other inheritance funds. Or, if the trust is established in the parents’ lives, in fact, a complete buffer is created between the funds of the dependent and the parent’s future estate.
The parent / settlor is well acquainted with the needs of his dependent son, and can give clear instructions on how to use the money. For example, the institution where his child will stay, unique treatments, the therapist’s name and so on, and the release of other troubled family members in their affairs and their nuclear family from daily care of the dependent.
Not every child of a financially successful parent will be able to follow suit and sometimes
Not every child of a financially successful parent will be able to follow suit and sometimes not even keep the fortune. An effective and safe solution can be transferring some of the capital into a trust that will be a safety net for the child and for future generations, that will maintain a basic foundation for their well-being and be protected from waste, third-party lawsuits, divorce, business failures and more.
Different inheritance laws exist in different countries. For example, in countries
Different inheritance laws exist in different countries. For example, in countries where the legal system is continental, offspring cannot be dispensed with in an inheritance.
In Israel, many will drafters are unaware of the benefits inherent in establishing a trust under the will, as provided by section 17 (a) (2) of the Trusts Law, which prevail over the provisions of the Succession Act, 1965 as a specific and later law.
In most countries of the Western world, there is a regime of estate
In most countries of the Western world, there is a regime of estate taxation applicable to both citizens (for example, the US) and to assets in the same country (such as the US, England and Germany). In such cases, the investments of Israelis abroad, although not citizens of that country, may be taxed in an inheritance tax in the country where the assets are located, upon the death of the owner. One of the most common ways of dealing with inheritance tax is to establish a trust.
a trust can be used for donation, through a permanent mechanism and for many years
a trust can be used for donation, through a permanent mechanism and for many years. The topic of charity in Israel is very well developed and derives its origin from biblical precepts and long-standing tradition. Israel currently has about 9 million residents and operates around 50,000 public benefit organizations. A trust for charity is one of the most effective and safe tools for community donation and activity. In Hebrew, charitable fidelity is referred to as “Hekdesh” which means something for a specific purpose.
The old world where "money marries money" has changed. A young woman
The old world where “money marries money” has changed. A young woman from a rich family can marry a young man from a poor home and vice a versa. As long as the couple’s relationship is solid, then there are no worries. But when the relationship goes down and when the law is in no hurry to return each of the couple – the property he brought with him or received as a gift after the wedding, should be considered. A prenuptial agreement is excellent, but it is not easy to ask your spouse to sign a cold-drafted legal document and dispose of it from all property that he has today regarded as joint property. In this case, a trust can be a great tool to give generously to the young couple but to make sure that in the event that the honeymoon ends, the property that you gave the couple will remain with your son or daughter and will not pass to the other party.
אבדן של אדם קרוב הוא טרגדיה משפחתית קשה. אנשים רבים אשר עוברים את תהליך ההעברה הבין-דורית
פסיקתו העדכנית של בית המשפט העליון לגבי “זניחתו” של הסכם ממון מעלה שאלות רבות באשר לבני-זוג
חלף למעלה מעשור מאז חוקק בפקודת מס הכנסה פרק העוסק במיסוי נאמנויות. הסדרת תוצאות המס בחוק
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