Civil Law Foundations - What They Are and How They Work vs. Trusts
Channel: Esquire Group
Date: 2020-05-28

Civil Law Foundations - What They Are and How They Work vs. Trusts

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In today's video, we will be discussing civil law foundations, and why you might need to use them depending on your jurisdiction.

Foundation in general is used to describe a legal entity and is basically like a company without shareholders. Better yet, like a cross between a trust and a company. Foundations as legal structures may have a variety of forms and may follow varied regulations, depending on the jurisdiction where they are formed.

Contrary to what many believe, a trust is not a legal entity. It is a contract set up between a ‘settler’, and a ‘trustee’ for the benefit of the ‘beneficiary/beneficiaries. While trust is a gold standard setup, for asset protection, in common law jurisdictions, they aren’t even greatly recognized in civil law jurisdictions/countries, which is a big disadvantage. This is where a civil law foundation comes into play.

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About Jimmy Sexton:

Hi! I am Jimmy Sexton, LL.M. - Founder & CEO of Esquire Group. I founded Esquire Group with the objective of helping and inspiring wealthy families, investors, entrepreneurs, and high-level executives obtain and gain control over and protect their wealth, via strategic wealth planning.

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Disclaimer:

This video is prepared for educational purposes only. This video is not legal, tax or any other type of advice. Each individuals’ circumstances are different, you should seek legal and/or tax advice to address your specific situation and any questions you may have.