Foundations are a different solution to a trust but achieve similar purposes.
Foundations are like a company but without shareholders. They are managed and controlled by members of a council, who are similar to directors of a company.
Foundations own and hold their assets, whereas with a trust the trustee holds the assets.
Foundations have to be for a purpose but that purpose can include persons as beneficiaries.
As with a trust, checks and balances can be provided and retention of control can be arranged for the founder, who is the person who creates the foundation, or others, as the governing law of the foundation may permit.
A foundation is a registered legal entity as opposed to a trust, which is an unregistered legal arrangement.
Depending on the governing law of the foundation, it may achieve all the similar benefits which a trust would have provided but in a different form.
Lea & White have a wide knowledge of foundation laws worldwide and have advised two governments on their foundations laws. We can therefore advise on the best jurisdiction and governing law for a foundation to meet the needs and wishes of the client.
Lea & White can advise on and draft the constitution of the foundation which provides for its governing rules like the memorandum and articles of a company. We can assist with the requirememts for the registration of the foundation and advise on and assist with the transfer of assets to the foundation. We can also advise on any taxation implications of such transfers and on taxation implications, if any, of the foundation on-going.
As with trusts, a review at least annually of the foundation structure is very important and Lea & White can arrange for and uindertake the review.
As with trust structures, Lea & White can continue to orchestrate and oversee the foundation structure, if the client so wishes.
