1. What are the main types of family trust business?
Family trust business can be classified in different ways according to the different basis of division.
(1) Family trust can be divided into discretionary trust and fixed trust according to the trustee's authority. Under the discretionary trust mode, the trustee can decide the distribution mode and operation management mode of the trust property under the guidance of the client's wishes, and the trustee has more autonomy and undertakes more responsibilities. Under the fixed trust mode, the client has many agreements on the specific design, asset investment management and property distribution of the family trust, and the trustee's authority is relatively limited.
(2) According to whether it can be revoked after its establishment, family trusts can be divided into revocable family trusts and irrevocable family trusts. Revocable trust means that the trustor can get back the trust property at any time, which makes the revocable trust more flexible in selecting the target property and the target beneficiary. However, after the trust is revoked, the trust property will not be exempt from the recourse of the principal's creditors, and will be regarded as the principal's property for tax purposes. Irrevocable trust means that family trust cannot be revoked at will, and assets can only be transferred to beneficiaries through distribution. Once the client establishes a family trust, the trust property is independent of the client's property. Without the consent of the beneficiary, the trustor may not change or cancel the family trust.
2. What is the main difference between clan trust and general fund trust?
The difference between family trust and general fund trust lies in:
(1) Trust is established for different purposes. According to the Notice of the Ministry of Trust on Strengthening the Regulation of Trust in the Transition Period of Asset Management Business, the main purpose of family trust is to "protect, inherit and manage family fortune". At present, most collective trusts exist as fixed-income investment products, that is, their main purpose is to obtain investment returns.
(2) The range of beneficiaries is different. According to the Notice of the Trust Department on Standardizing Trust Supervision in the Transition Period of Asset Management Business, the beneficiaries should include family members including the trustor, but the trustor should not be the only beneficiary. Trust business with the sole purpose of pursuing the preservation and appreciation of trust property, special account management and assets management are not family trusts. At present, most collective fund trusts are "self-beneficial trusts", that is, investors and beneficiaries must be the same person. This makes it easy to distinguish the two.
(3) different subscription thresholds, "the amount or value of family trust property is not less than100000 yuan"; At present, the starting point of collective trust is 6,543,800 yuan.
(4) The applicable regulatory laws and regulations are different. After the introduction of the new asset management regulations, the trust asset management business has increased many restrictions, especially the multi-layer nested and non-standard investment business, and the trust scale has also shrunk.