Monday, May 02, 2011

A nice quote on trusts

This recent paper entitled "Exposing the Hocus Pocus of Trusts" contains a lovely quote from Professor Austin W. Scott about trusts: they allow one to
"separate the benefits of ownership from the burdens of ownership."
And the author of the paper which cites this (by Kent Schenkel, Associate Professor of Law, New England Law, Boston), adds this
"Costs of economic activity should be internalized . . . yet trusts are often employed solely to externalize certain costs of property ownership."
We're not entirely against trusts and all they stand for - but we're rather skittish about them. And as a rule, we have found that offshore trusts are usually the most pernicious variety.

For a special primer on trusts - and with a particular look at offshore trusts - click here.


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