Il trust

The identification of the tax residence of the trust 

In this final segment dedicated to the tax residence of the trust, let's analyze the presumptions introduced by the legislator concerning trusts "located" in countries on the blacklist.      Read more

The protagonists of the trust: the trustee 

 The role and centrality of the trustee clearly emerge from the reading of Article 2 of the Hague Convention: "Trust shall mean the legal relationships created by a person, the settlor - by inter vivos or testamentary disposition - where assets are placed under the control of a trustee for the benefit of a beneficiary or for a specific purpose."   read more

The protagonists of the trust: the settlor 

 The settlor, along with the trustee, is the central and indispensable figure of the trust, the "engine" that triggers the use of the institution, and even before that, our potential client who must be convinced of the goodness of the solution we have studied for him. read more

The protagonist of the trust: the guardian 

 Within the trust, the guardian is a non-mandatory figure, but at the same time, it must be considered fundamental. These two statements may seem contradictory and therefore require clarification. It is a non-mandatory figure because we can establish a trust without the need to appoint a guardian unless, in specific situations, its necessary presence is required by the chosen regulatory law of the settlor.read more

The protagonists of the trust: the beneficiaries 

 The term "beneficiaries" refers to all individuals who, in various capacities, can receive economic benefits from the trust. We can distinguish between income beneficiaries and ultimate beneficiaries, or more accurately, beneficiaries of the fund.   read more

The self-declared trust incurs the gift tax 

The establishment of a "self-declared" trust immediately incurs gift tax at a rate of 8%. This is the principle established by the Court of Cassation with the order of February 24, 2015, no. 3735 (in conformity, see Cass. order of February 24, 2015, no. 3737; Cass. order of February 25, 2015, no. 3886), which clashes irreconcilably with the prevailing orientation of the tax jurisprudence of merit (see, among others, CTP Reggio Emilia no. 418/2/14; CTR Milano no. 73/15/12).     read more

Trust: judgment 1193/2015 dated 03/04/2015  Download the judgment

The Velletri Court accepts the ordinary revocation request filed by the creditor bank regarding real estate assets transferred to a trust by the disposing settlor. 

It states that despite the legality of the trust being undisputed, the act of transferring the real estate assets, since it restricts the priority rights of creditors due to the limitations on the marketability of the transferred assets, must be declared ineffective against the creditor bank. This is to allow for the restoration of the general guarantee provided by the debtor's assets to the creditor as per Article 2740 of the Civil Code. In this specific case, at the time of the trust establishment, there was already an outstanding debt exposure.