Hiding wealth through trusts is a shocking business, writes Philip Sinel
In brief
- Outlines the exploitation of trusts by wealthy people keen to hide their riches.
- Notes there has been a rise in trust litigation.
A few years back, an elderly lady, who had been married to her husband for 30 years, received a letter from a magic circle lawyer. The letter, it turned out, related to the family home, or at least what she thought was the family home. For it was revealed in the letter that the property was not in fact the matrimonial home, but was in reality owned by a company that was itself owned by a trust. What’s more, she was being served with notice to leave.
Crucially, her husband tried to claim that the house didn’t belong to him and an affidavit of means showed up nothing in his name. Coincidentally, however, a little digging revealed that he owned and directed the company trust structure, reserving all powers to himself.
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