Maritime International Ltd. (Milonline.com) has designed a new Trust product for those who wish to pass on their values and not just their assets. This trust structure allows clients to specify the distribution of trust assets to children and others, on the basis of meeting specified criteria.
Mahe, Seychelles (PRWEB) October 17, 2007 -- Maritime International Ltd. (Milonline.com) has designed a new Trust product for those who wish to pass on their values and not just their assets. This trust structure allows clients to specify the distribution of trust assets to children and others, on the basis of meeting specified criteria.
Particularly as the lifespan of the global population continues to increase and many parents are having children much later in life, this new Legacy Trust is designed for clients who wish to provide parental guidance to their children, even after death. Parents can now have the final word, "My Legacy, My Way".
According to Laura Mouck, Maritime International Ltd's Director of Wealth Management "Sometimes the free and unfettered acquisition of wealth by children upon the demise of their parents, can have disastrous results. The newspapers are full of such examples."
Specific incentives, however, can be included in the wealth distribution process, to increase the likelihood of children achieving goals and showing initiative, teaching them that hard work and personal achievement are the standards you want them to have.
The new "My Legacy, My Way" trust structure does not, for example simply provide funds for the children's education. Instead, on the client's instructions, it provides distributions depending upon the level of the children's achievement in higher education, plus other criteria, in order to give them the incentive to excel.
In other cases, a client may wish to encourage hard work and entrepreneurial skills. They could then include an annual distribution from the trust equal to or double that of his or her earned income for the previous year.
If encouraging philanthropy and generosity to others is important to a client, each child could receive an annual distribution equal to or double the charitable contributions reported on their tax returns for the previous year.
Other like provisions can be added to the client's Letter Of Wishes. It is only limited by the imagination of the individual and how he or she wants their legacy to live on.
Clients might also wish to restrict payments for what might be considered frivolous items; for example expensive sports cars, planes, parties or a ski chalet in the Alps. Laura Mouck, Maritime International Ltd's Director of Wealth Management advises, "We have found that many clients do not wish their hard earned money frittered away, unnecessarily, in only one generation."
Malcolm Nickerson, Managing Director of Maritime International Ltd says "It sounds complicated, but it is not. Maritime International Ltd works very closely with clients to advise them on how to structure their Trusts and ensure they understand that they can leave behind a Living Legacy".
Mr. Nickerson continued, "It is just as crucial for people to determine what to do with their wealth, as it was deciding to save, accumulate and invest it. They can leave a real, lasting and useful legacy to their heirs. The choice is theirs. Even if parents are no longer physically there, they can still help shape the future of their children and instill the values that will ultimately guide them to becoming self sufficient independent individuals who can find their own successful path in life."
Let your legacy live on. Let your conscience be their guide with a Legacy Trust - "My Legacy, My Way".
Maritime International Ltd. (www.Milonline.com) is a corporate services and financial consulting firm with over 17 years of experience in the business, offering a variety of International Trust products and wealth management solutions.
For further information on the Legacy Trust and other Asset Protection structures offered by Maritime International Ltd., visit:
Legacy Trusts: http://www.milonline.com/trusts/legacy-trust.html
For a guide to setting up Asset Protection and Trust Structures, visit: http://www.milonline.com/trusts/asset-protection-trusts.html
Contact:
Laura Mouck - Director of Wealth Management
Tel: +65-6-491-5329
Maritime International Ltd.
http://www.milonline.com
###
|
