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Understand the jargon

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SETTING up an offshore trust can be fraught with pitfalls but, if structured correctly, it can provide many benefits, ranging from estate planning to tax relief.

One problem Hong Kong high-net-worth clients face when drawing up and selecting an offshore trust is understanding the complex terminology.

Although there are many avenues investors can take to get top-quality advice, Credit Suisse has published a user-friendly book on managing personal wealth.

Understanding how an offshore trust worked, its role in protecting wealth and how to design it to offer a range of benefits, are covered in the guide which has been available at selected bookstores since January.

'The world of offshore trusts is sprinkled with many 'buzzwords', ' said Douglas Moore, a lawyer who heads business development at Credit Suisse.

'It is important the person who establishes the trust, called the settlor, understands this jargon before signing a contract.

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