The Panama Foundation as an Estate Planning Vehicle
Foundations in Panama , as in Liechtenstein , are ideal succession planning tools. They can either be inter vivos (active during the client's lifetime) or testamentary (activated upon death) The offshore Foundation can serve as a substitute for a will, thereby legally avoiding probate. Offshore Foundation can very effectively isolate a portion of the client's estate dictating the management and succession of specific assets. Needless to say this is very important for offshore assets which may not be known about for purposes of a typical will.
The key to this is the selection of beneficiaries. Let's say you want to divide your assets equally between your two children – you simply appoint these two persons as beneficiaries. If you are not the Protector yourself, you will need to have the Protector appoint them. You may choose to tell your heirs or not.
Of course, secrecy can only exist up to a point. Although you could choose to keep the entire offshore Foundation totally confidential given the structure we would set up for you, from a practical point of view you need to leave some details so that after your death, someone will inform the beneficiaries. You could, for example, leave detailed death instructions in a sealed envelope with a trusted friend or lawyer. The best idea, however, is probably to appoint a trusted third party as a Protector. Remember you can appoint more than one Protector, or you could even appoint an offshore Corporation as protector. Google Q Wealth Report in order to receive more detailed actionable information on Panama Private Interest Foundations. As a Q Wealth Report member you are welcome to apply for a free consultation with an international asset protection professional.