家族信託經典案例及分析匯總

原文轉載 – 用益信託網 2016/04/07 (原文連結)

(一)財富靈活傳承

家族信託可以根據實際需求靈活約定各項條款,包括信託期限、收益分配條件和財產處置方式等,如可約定受益人獲取收益的條件如「學業規劃」、「結婚」「年齡階段規定」等等,以此來保障繼承人的理性選擇,避免繼承人好逸惡勞。

案例1:黛安娜王妃的遺囑信託

1993年,黛安娜王妃立下遺囑,自己一旦去世,要求將她1/4的動產平分給自己的17名教子,而另外3/4財產則留給威廉和哈里王子,但必須要等到他們25周歲時才能予以繼承。1997年12月,黛安娜遺囑執行人向高等法院申請了遺囑修改令,為了保護兩位王子,修改了部分條款的細節,將他們支取各自650萬英鎊信託基金的年齡提高到30歲,到年滿25歲時能支配全部投資收益,而在25歲之前只能支取一小部分,並且要獲得遺產受託人的許可。戴妃1997年猝然離世後,留下了2100多萬英鎊的巨額遺產,在扣除掉850萬英鎊的遺產稅後,還有1296.6萬英鎊的淨額。經過遺產受託人多年的成功運作,信託基金收益估計已達1000萬英鎊。

評價:戴妃香消玉殞後,交付信託機構的遺產經過專業的運作,實現了資產的大幅增值,並保證受益人每年都有豐厚回報。國際經濟形勢的詭譎多變沒有給她的遺產造成多少負面影響,這首當其衝歸功於她的遠見卓識和家族信託的魅力,才能使母愛不僅蔭蔽兩個兒子,還惠及兒媳和後人。家族信託的安排可以避免財富締造者們去世後,家庭悲劇、親情離散、企業分崩離析等不幸的頻繁上演,保障子女的生活和教育等,避免子女敗家。

(二)財產安全隔離

家族信託還可以充當財產的「防火牆」,即是通過信託框架將傳承資產從個人資產剝離,以避免未來在個人或企業遇到風險或倒閉時,個人資產被無限捲入,同時避免離婚等家族事件對企業經營和資產造成影響。

案例2:默多克的家族信託
鄧文迪和默多克的兩個女兒

世界傳媒大亨默多克通過GCM信託公司設立並運作家族信託,默多克家族持有新聞集團近40%的擁有投票權的股票,其中超過38.4%的股票由默多克家族信託基金持有,受益權人是默多克的六個子女。默多克與前兩任妻子的四個子女是這個信託的監管人,擁有對新聞集團的投票權;而默多克與第三任妻子鄧文迪的兩個女兒僅享有受益權而無投票權。這樣新聞集團的控制權,就牢牢掌握在默多克家族的手中。在默多克與鄧文迪離婚案中,鄧文迪只分得2000萬美元資產,與默多克134億美元總資產相比簡直就是九牛一毛,離婚之事絲毫未影響新聞集團的資產和運營。

評價:現實中我們的許多高淨值客戶都是多家企業的實際控制人,而且個人資產和企業資產並不能清晰劃分。當企業面臨債務危機時,企業家個人資產往往也成了債務追償對象。如果企業家或其子女發生婚姻變故家庭財富將面臨重大的變故。而家族信託的防火牆功能使財產安全隔離,因為信託財產是獨立的,其所有權與受益權嚴格區分,信託財產名義上是屬於受託人,與委託人、受託人和受益人的其他財產隔離。因此委託人的任何變故,都不會影響家族信託財產的存續與受益人的受益權。因此,國內外的富豪也紛紛尋求家族信託的庇護,如SOHO中國董事長潘石屹及妻子張欣、玖龍紙業董事長張茵、龍湖地產董事長吳亞軍等,均是通過在海外設立信託基金來實現家族利益最大化。

(三)節稅避稅

家族信託能很好的規避遺產稅,因為信託財產名義已經是受託人的,委託人名下沒有登記財產,所以也無法徵收遺產稅。

案例3:龍光集團家族信託
紀凱婷的照片極少,甚至有些陸媒還放錯照片。香港英語報紙《南華早報》則有一張她與父親的小圖。(圖/取自《南華早報》英文版

2013年5月15日,紀凱婷通過在根西島註冊成立的信託公司Kei Family United Limited,成立了一項家族信託。2013年5月15日,該信託公司收購英屬維京群島控股公司的全部權益。信託公司是一家由Brock Nominees Limited及Tenby Nominees Limited各自擁有50%股權的公司,而其代表於根西島註冊成立的公司Credit Suisee Trust Limited(為家族信託的受託人)持有信託公司的股份。家族信託的受益人包括紀凱婷及其家庭成員(不包括紀女士的父親紀海鵬)。紀凱婷為家族信託的託管人及受益人,該信託的設立是為持有紀凱婷及其家庭成員(不包括紀海鵬)於上市公司的權益。家族信託擁有信託公司的全部權益,而信託公司則持有英屬維京群島控股公司的全部權益。由此,在家族信託充分隔離的基礎上,再通過離岸公司實現另一層隔離。風險和稅負的合理規避運用到了極致!

評價:龍光集團的創始人紀海鵬先生,以國際化的視野和智慧,用辯證的法律化思維,在其正值壯年之時,家族企業處於上升階段,便花大力氣對公司架構進行重新布局和安排,提前進行傳承設計,在子女尚輕之時便將其扶上馬,同時仍親自掌舵領航,以便在時機成熟之後交班傳遞,最終實現完美交接,合理的規避了遺產稅。同樣,李嘉誠也設立了多個家族信託基金,分別持有旗下公司的股份,並指定其妻子及子女為受益人。通過家族信託基金持有公司股份,使得李超人即使年賺60 多億港元,也可以通過合理避稅繳納零元所得稅。

(四)家族治理與文化共同傳承

家族信託的一個重要功能就是託管家族企業股權,實現家族財富與家族文化的共同傳承。

案例4:洛克菲勒家族基金
北京協和醫學院落成典禮上部分洛克菲勒人合影,前排右三為小洛克菲勒,右四為威爾士,後排右二為顧臨。1914年底,顧臨辭去駐華外交官職務,受聘為美國中華醫學基金會駐華醫社主任,負責在華髮展醫學教育。

洛克菲勒是世界上第一個億萬富翁,他在1882年成立了家族辦公室。家族傳承其實不是說非得子繼父業,洛克菲勒家族已傳承到了第五代,但每一代洛克菲勒感興趣的方向都大相逕庭,如第二代洛克菲勒投資商業地產;第三代則是金融家,開創風投先河;第五代洛克菲勒是一位出色的藝術家。其家族股權實際上已經作為信託資產,名義上已脫離洛克菲勒家族的實際控制,由信託持有並獨立運作,既能保證財富的所有權不旁落,同時也能對社會公益事業有所資助。

評價:目前為止,洛克菲勒家族已經傳到了第六代,卻依然在全球各行業扮演著「中堅力量」的角色,完全打破了「富不過三代」的「魔咒」,而這其中,洛克菲勒家族基金功不可沒。因此洛克菲勒家族財產不會面臨因控制人婚變而引發的股權紛爭、股價震盪、甚至企業癱瘓等災難性風險。家族信託不僅保住了洛克菲勒家族的龐大資產,而且對於其子孫後代來說,巨大的財富將不會使他們受到迷惑和壓迫,反而變成一種社會責任感和維續家族事業的動力和支持。

(五)信息嚴格保密

家族信託設立後,信託財產管理和運用都以受託人的名義進行,除特殊情況外,受託人無權向外界披露家族信託財產的運營情況。而且使用家族信託時,在委託人去世前,家族財產已完成轉移,避免了遺產認證的過程。

案例5:香港龐鼎文家族信託
龐鼎文家族信託簡要圖

在龐鼎文訴香港遺產稅署一案中,因為訴訟的需要,龐鼎文生前所設立的家族信託相關信息才得以披露。龐鼎文是一個成功的香港商人。他在上世紀80年代末,通過一家控股公司經營著香港最大的鋼鐵公司。1997 年香港回歸,由於家族生意前景和中國政治、經濟風險(如外匯管制)的不確定性,龐鼎文有意將公司遷出香港,同時採取設立家族信託為家庭和子女保護財產。通過家族信託運作,龐鼎文的巨額財產全部轉移進多個複雜的信託計劃中。通過這個計劃,龐鼎文實現了將財產隱蔽低調的轉移出香港、從而規避各類風險以保護財產的目的。

評價:家族信託結構設計涉及非常複雜的法律問題。在家族信託業務操作過程中,很多委託人都具有非常複雜的家庭和個人情況和一些較為私密隱蔽的訴求,而這都可以通過信託團隊設計在合法合規的框架內,通過巧妙的信託結構設計予以滿足,達到信息嚴格保密要求。 小結:對於高淨值客戶的財富傳承需求來說,家族信託雖然不能堪稱完美,但在迄今為止人類發明的工具裡面,已然是最出色的一個。家族信託是實現信息保密、資產保障、稅務籌劃和繼承安排等多項重要功能的安全衛士。家族信託模式的財產管理制度,紐結了人力、企業、家族和資產,在這種法律制度框架下,各種各樣的財富、人力、智力資本、金融資本甚至家族價值觀被統一在一個平台上運作,為資產的傳承和繼承人的發展提供了極佳的頂層設計。家族信託安全衛士能保護財富不再「裸奔」與「滅頂」,正逐漸成為頂級富豪的「標配」,助力富豪們未雨綢繆,提前做好財富隔離保全和傳承安排。

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