UTGL HK trust account - any experience?

[jkl197]

Hello everybody,
Just came across this website
UTGL | Global Private Trust Specialist
and I was wondering if any of you has experience with this or similar services?
They also publish all of their fees for all type of transactions, but I did not understand yet if they charge only those fees or also a sort of annual management fee (a part from the case of the SPVs setup).

Also, I did not understand 100% how it works, I mean, is it a sort of shared trust? If this is the case then wouldn't be the risk that if some other user/settlor/beneficiary causes troubles (e.g. injecting dirty money) then causes troubles for everybody else?

If this is not the case, then I guess they create a sort of sub-trust for each client in order to fully segregate all users assets, but in such case wouldn't there be a cost for setting up and maintaining such a structure?

Thank you

 

[CoinMaster]

I don't know, for someone who is looking for a Trust to protect his assets I would find it strange that this service is offered on the shelf!

I mean, would I personally I have a few million in management / Treuhand in Lichtenstein which is super closed and where I can be sure they don't tell people more than they ask for and compare it with the service above it comes to me like some sort of kindergarten.

People with large amounts in assets they want to protected don't look for Lite, Standard of Premium as a package!! Personally it looks foolish to me.

 

[Sols]

They create a trust that you settle into. You assign beneficiaries of the trust. Assets in the trust can be linked to a payment card.

Their marketing is pushing hard that you can spend the assets of the trust. If you as a settlor is dipping into the assets of a trust, it all sounds like a house of cards that would fall apart if a court so much as looks at it. A mild breeze will shatter any illusion of asset protection. It can also be a tax nightmare.

They touch on it briefly: How Much Control Can a Settlor Retain Over Their Trust? | UTGL

In reality, I'm not sure it would even work for inheritance planning, beyond essentially just being a very strongly worded will.

There is probably a market for it, though, and as long as your assets never face a serious challenge, it'll probably work.

But imagine you put in a few million into this trust arrangement and then a worker dies in your factory due to gross negligence by the company (your company). A court finds the company liable. The company can't pay so the court comes for you. You shrug and say your assets are protected in a trust. A trust which you can access with your ceramic gold premium luxury Mastercard and whose investment activities you control. A trust from which you can take assets at any point. The court is pleased and instructs you to drain your trust to pay for the liability you have incurred.

 

[jkl197]

Thanks for sharing your thoughts.
In light of your wise comments, it looks more like an alternative to an offshore bank account, not really giving much asset protection; the only possible advantage is maybe easier account opening with banks and brokers they are connected to, even though they will still want to know who is the beneficiary

Even if one manages to be recorded only as beneficiary and not as settlor, the critical points highlighted by Sols still stand

 

[Frankie]

They create a trust that you settle into. You assign beneficiaries of the trust. Assets in the trust can be linked to a payment card.

Their marketing is pushing hard that you can spend the assets of the trust. If you as a settlor is dipping into the assets of a trust, it all sounds like a house of cards that would fall apart if a court so much as looks at it. A mild breeze will shatter any illusion of asset protection. It can also be a tax nightmare.

They touch on it briefly: How Much Control Can a Settlor Retain Over Their Trust? | UTGL

In reality, I'm not sure it would even work for inheritance planning, beyond essentially just being a very strongly worded will.

There is probably a market for it, though, and as long as your assets never face a serious challenge, it'll probably work.

But imagine you put in a few million into this trust arrangement and then a worker dies in your factory due to gross negligence by the company (your company). A court finds the company liable. The company can't pay so the court comes for you. You shrug and say your assets are protected in a trust. A trust which you can access with your ceramic gold premium luxury Mastercard and whose investment activities you control. A trust from which you can take assets at any point. The court is pleased and instructs you to drain your trust to pay for the liability you have incurred.

100% what you wrote.

Many asset protection "schemes" are little more than clever marketing designed to reel in clueless victims. Only when the trust is challenged you will find out that you've been swimming naked this entire time.

"Everybody has a plan until they are punched in the face" -Mike Tyson.

For every asset protection scheme you think of implementing, always check legal precedents to see how it handled actual pressure. If it was never tested- you probably shouldn't be the 1st.