Lainston acts on behalf of high-net-worth families to provide estate planning via tailored private wealth strategies for inheritance, wills and trusts. From drafting letters of wishes to coordinating the set-up of Cayman trusts (that are free from domicile legislation), we help them protect their assets and plan for the future.
One vehicle commonly used is the Private Trust Company. These types of trusts can be set-up quickly, often in just a few days, and costs are substantially lower than those incurred with trustees at large financial institutions. They also enable participation by allowing family members to sit on the board.
Another vehicle Lainston is familiar with is the Cayman Islands’ STAR trust. A key advantage of the STAR trust is that it can be structured in different ways. It can be structured as a purpose trust, whose purpose could be, for example, the continuation of a business, or it can be structured as a non-purpose entity whose beneficiaries can, for instance, earn income from the trust’s investment activities. A STAR trust can also continue for an indefinite period of time, and therefore across multiple generations, whereas many other trusts are limited in lifespan. Through the combination of well-designed Cayman trust structures, litigation and disputes that may arise in the event of death can be minimized.