Protector Services
Mission Statement:
To provide oversight of trusts and companies through review
and powers to make appropriate changes.
- Many times a third-party
trustee or manager must have discretionary power to satisfy
tax and asset protection laws.
- Grantors and shareholders are reluctant to give such powers.
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- Many trusts, family
limited partnerships, LLCs and “C or S” corporations
have been formed to take advantage of legitimate estate
tax savings and for the protection of assets from frivolous
lawsuits and future creditors.
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What can be done to give yourself and your advisers peace
of mind?
The answer is to have an independent CPA owned Protector with
oversight powers over these third parties. The role of the
Protector is to assure that the letter and spirit of the estate
tax and asset protection planning is carried out. The Protector
does this through review, obtaining documents and financial
information, and through veto power and abilities to appoint
new trustee or management.
The Oversight Group LLC, Nevada, can provide these services
for domestic entities. The Overseas Oversight Group LLC, Anguilla can provide these services for overseas entities.
Services
The Protector’s Role is to assure that the spirit and
letter of the trust deed is carried out by the trustee. The
Protector has oversight of the trustee, can request and review
administrative and financial information, can suggest changes
in procedures to the trustee, usually has power to approve
of certain trustee actions, and, if necessary, can name a
new trustee in order to accomplish the spirit and letter of
the trust.*
The lawyer preparing the documents needs to send them to
The Oversight Group for review before executing the documents.
The documents needed besides the trust deed and letter of
wishes are any due diligence, affidavits, work papers that
show the client will be solvent after the transfer of funds
to the proposed trust or company. Also required is evidence
or a declaration from the lawyer that the source of funds
are from legal activities.
There is a document review charge of $500. The yearly Protector
fee is $750 per year in advance for domestic services by The
Oversight Group LLC, Nevada, and $1,250 per year in advance
for overseas services by the Overseas Oversight Group LLC,
Anguilla.
Both the review fee and first years fee are due when documents
are sent ($1,250 for domestic and $1,750 for overseas). Although
an unusual occurrence, in the event we choose not to become
the Protector, we will refund all monies but the review fee.
Usually there are no additional charges until the Protector
takes some action based on a request from the settlor, trustee,
or advisers. In these cases charges are based on the time,
effort and complexity of services needed.
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