Dublin, Ireland

2009 Delaware Trust Conference The Delaware Difference v the World Liam Brazil Mason Hayes+Curran DECEMBER 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 SettlorIrish sited assetsIrish resident trusteesIrish Tax Irish Bankruptcy Irish Family Law SettlorNon Irish sited assetsNon Irish resident trust company No Irish Tax No 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 Conference The Delaware Difference v the World Liam Brazil Mason Hayes+Curran DECEMBER WILMINGTON DELAWARE