The use of a trust can be a very important part of wealth management.
We work with experienced lawyers and trustees and will be pleased
to assist you in setting up a trust. The
documents on these pages help to unravel the mysteries of trusts.
Residence and Domicile
Many clients become confused about the difference between domicile
and residence. A client's tax burden will depend on his residence,
ordinary residence and domicile. Each of these may be determined
differently by various jurisdictions. But a simple guide would be
that residence is where a client is living, ordinary residence is
the same but extended over several tax years, and domicile is "the
country where you have your permanent home", according to the
UK Inland Revenue's website. These
pages help make this clear.
Importance of having a will or trust for Isle of Man life linked investments
If you hold an investment plan or portfolio bond with an Isle of
Man insurance company, you cannot nominate a beneficiary and so it
is important to consider what happens after you die. The best course
of action is to make a will. These
pages explain the importance, especially in the Isle of Man.
Whilst every effort has been
made to ensure that the details contained herein are correct
and up-to-date, it does not constitute legal or other professional
advice. We do not accept any responsibility, legal or otherwise,
for any error or omission. Professional tax advice should always
be taken before setting up a trust.