Crowe Morgan Management Limited
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Photograph © Sarah Bucknall
The Isle of Man Foundations Act 2011 introduced another very useful tool for wealth management and tax planning. A Foundation appeals to individuals in civil law countries who are generally more familiar with the concept and appreciate its transparency.
A foundation is an incorporated, self-owing entity with separate legal personality. It takes ownership of the assets directly unlike a Trust where the assets are vested in the Trustees.
A Foundation is administered in accordance with the ‘Foundation Rules’ which allows the Founder to make very specific provisions. Adherence to the rules is monitored by the ‘Council’ which can include the Founder as well as close family, friends or advisors.
In most instances the choice between a Trust or a Foundation will come down to personal preference, however we will provide full guidance and support to ensure the chosen structure best suits the clients needs.