ESTATE PLANNING
Estate Planning is an essential consideration in the ownership of a significant asset such as a yacht. Although the shares of a yacht–owning company will normally be held by nominees on a client’s behalf, in certain circumstances this may not be enough to satisfy wider estate–planning objectives. For example, one of the possible disadvantages of nominees holding the shares of a yacht–owning company is that, on death, the shares will probably form part of a client’s estate and the nominee shareholder will usually be required to deal with the shares in accordance with the instructions of the executors or administrators of the deceased’s estate.
Sarnia Yachts is experienced in the establishment of structures aimed at avoiding complications of this nature by the use of a trust which is not usually established by means of a public document. The trust will own the shares of the yacht–owning company. The trust may be structured so that the shares are held for the client’s benefit or the person nominated by him during his lifetime.
Before proceeding with any estate planning proposals it is recommended that the client take professional advice on the client’s individual tax position.