Dublin, Ireland

2009 Delaware Trust ConferenceThe Delaware Difference v the World

Liam BrazilMason Hayes+Curran

DECEMBER 2 2009

WILMINGTON DELAWARE

Trusts – Historical Perspective

• Common law

• Equitable principles

• Lack of statutory framework

• Law Reform Commission

Taxation Overview

• Inheritance Tax: comparison

• Irish Government initiatives re corporate entities

• Ireland as a reputable common law jurisdiction

• Member of EU

• White List

Types of Trust

Intentionally (Express)

• Bare

• Life Interest / Fixed

• Discretionary

Operation of law

• Resulting trust

• Constructive trust

Use of Trusts

Commercial/financial

• Secured Syndicated Loans/Securitisations/Bonds

• Orphan Trusts – off balance sheet

• Pension Trusts

• Employee Benefit Trusts

• Substantial shareholding in companies

• “Resting in Contract”

• Unit Trusts

• Real Estate Investment Trusts (Not in Ireland)

Use of Trusts (cont)

Private/personal arrangements

• Asset/Wealth Protection– Protection from claims

• Improvident child

• Provide for children in a considered way

Use of Trusts – examples

Settlor Irish sited assets Irish resident trustees Irish TaxIrish BankruptcyIrish Family Law

Settlor Non Irish sited assets Non Irish resident trust company

No Irish TaxNo Irish Law implications(reckoning)

Combination Effect

• Favourable Corporate Tax Regime

• Movement of Management – Individuals– Settle non Irish assets

• Irish Real Estate – Irish Will – simplifies Probate

2009 Delaware Trust ConferenceThe Delaware Difference v the World

Liam BrazilMason Hayes+Curran

DECEMBER 2 2009

WILMINGTON DELAWARE