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ARTICLE · 06 MARCH 2018

Building Legacy On A Foundation - Part II

Labuan IBFC Inc
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This paper is written against the backdrop of my previous article entitled "Building Legacy on a Foundation, Part I" published in InsightPlus issue of October 2017.

MalaysiaCorporate/Commercial Law
Millie Chan
Millie Chan
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This paper is written against the backdrop of my previous article entitled "Building Legacy on a Foundation, Part I" published in InsightPlus issue of October 2017. Part II seeks to contrast key features of a private foundation with those of a common law trust. While both structures are similar in many respects, it is their differences that can distinguish them as the suitable vehicle of choice in a particular estate plan.

Differences between Foundations and Trusts

It is helpful to bear in mind that the differences in the characteristics and functionalities between a private foundation and a common law trust arise chiefly from two fundamental distinctions, namely, the legal traditions that birthed the respective concepts (civil law vs. common law), and the status of the structures (legal personality vs. legally recognised relationship).

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