Setting Up An Irrevocable Trust


Irreversible trusts, unlike revocable trusts, are utilized as a method to prevent estate taxes. You are not required to be the settlor of an irreversible trust in order to put possessions into the irreversible trust. When somebody creates a trust the possessions will be dispersed, at the time and approach defined, to the recipients of the preliminary trust arrangement, which companies like provides.

If you are on your way to provide your settled trust to your trustee and you pass away, the trust will be void.

Irreversible trusts are those trust that might not be changed by the settlor of the trust. Courts will inspect irreversible trusts to identify whether the settlor’s real objective was to make an irreversible trust, a revocable trust or a will.

Irreversible trusts are a terrific method to prevent legal attacks. As in the estate tax example, the possessions of the irreversible trust are not part of the estate of the settlor, but the trustee.

An irreversible trust likewise needs recognized recipients. An irreversible trust needs to have particularly called recipients. You can designate the recipient of your trust to be a an individual, however you can not designate a description of an individual as your trust recipient.

An irreversible trust can be developed together with a will. Irreversible trusts are those trust that might not be changed by the settlor of the trust.

Revocable trusts can end up being irreversible upon the death of the settlor. When a settlor dies he, or she, can not access the trust possessions and therefore, the revocable trust ends up being an irreversible trust.

Every trust, whether irreversible or revocable should consist of a proper trust agreement. By law, you are in some cases not allowed to produce an irreversible trust for the future possessions. The quantity of possessions that are needed in a trust for it to be legitimate depends completely on the law of the trust jurisdiction.

Chinese Media: Panama Scandal Is Western Conspiracy


Xi Jinping calls the charges against him and his party as unfounded, and state owned media is now condemning the leaked documents.

According to the leaked documents from the law firm Mossack Fonseca, China’s president, Xi Jinping, and all of his fellow party members were involved in tax evasion through the Panamanian law firm, by using an offshore structure.

But the president called the charges unfounded, and now the state owned media Global Times announced in an editorial that the Panama scandal is merely an expression of Western conspiracy.

According to the news agency, Western media has “taken control over the interpretation of documents, each time there has been a leak, and especially Washington has demonstrated its influence. Negative information about USA can always be minimized, while stories of non-Western leaders such as Putin are spun”.

The charges against China’s own president is not mentioned in the leak, which in turn further asks why so few Western heads of state have been found in the documents.

It is implied that it is because Western countries have fabricated material for their own benefit.

“Despite various interests among Western countries and their close allies, the West is happy to see these leaks, as long as it’s opponents are those who are being attacked. ”

The Chinese government has censored access to any of the documents that have been leaked, and you can not search on websites or social media to anything related to this in China, writes The Irish Times.

The Chinese President himself has previously launched a massive campaign against corruption in China. That has meant punishment for more than 300,000 party members in the country, and the campaign has made him quite a popular president among the people.

Around 25% of all government officials that are clients of Mossack Fonseca’s should according to the leaked documents to be found in China. This has neither Xi Jinping or Global Times commented on.

The government continues to hush the matter, and Chinese Foreign Minister Hong Lei has recently stated:

“For these unfounded accusations, I have no comments.”

Mossack Fonseca Customers Evaded Sanctions Against Syria


While bombs fall over Syria, continues the bloody civil war in the country to take human life. International sanctions would strangle the entry of fuel to the government’s war machine, but a leaked document shows how the firm Mossack Fonseca worked consciously and administered several offshore companies used to circumvent the blockade.

In the summer of 2014 in Aleppo, Syria. Two elderly men, Sabri Wahid Asfur and Abu Yassin, was sitting outside in the sun and drank their morning coffee, while the city and its inhabitants went through a usual morning routine.

Suddenly bombs fell from the sky. Bricks and other building materials flew off.

Seconds later the fallen bombs blew up. Thousands sharp and heavy pieces of shrapnel flew in all directions.

“When I regained sight I looked at my friend and saw his mangled body.” says Sabri Wahid Asfur when he thinks back to that day.

“He exhaled his last breath.”

Bombs condemned by Amnesty
The bombs that exploded was barrels filled with explosives, fuel and scrap, dropped from the air, to cause as much human damage as possible.

These kinds of bombs have been used extensively by the Syrian regime in the ongoing civil war, and their use has been criticized severely by human rights organizations, including Amnesty International.

The attack this morning the summer of 2014 is just one of hundreds of similar bombings carried out by the forces of Syrian President Bashar al-Assad.

Fuel were supposed to be stopped by sanctions
Several international embargoes were instituted against the Syrian regime. To stop air attacks, international pressure was introduced to block the entry of fuel into the Syrian air force. Yet the bombings.

US intelligence has stated that this is possible through a network of companies that go around the embargo. Three of the companies singled out by the US, are  customers of a Panamanian law firm – Mossack Fonseca.

Russian oil shipped to Syria
One of these companies is called Pangates, a petroleum company based in the United Arab Emirates. US blacklisted Pangates in July 2014 when it was suspected of having provided the Syrian government with 1,000 tons of aviation fuel.

The fuel is believed to have originated from a deal with a Russian oil and gas company, from which oil is then shipped on to Syrian refineries.

“Used for humanitarian reasons”
Pangates is also included as part of Abdulkarim Group, a Syrian conglomerate. Several of the group’s other businesses also have links to Mossack Fonseca. Similarly, the US has blacklisted more of them for their connection to the Syrian regime.

Pangates acknowledge that they have delivered oil to Syria, but claims to not have known what it’s ultimately used for.

“We sell to non-Syrian firms that are not in the EU or US sanctions lists.” the company said in a statement to Reuters.

“We do not know exactly who ultimately uses the fuel, but according to our information, it is used for civilian and humanitarian purposes.”

Documents leaked from Mossack Fonseca show that it took over a year after the sanctions, to August 2015 before the Panamanian law firm canceled their contract with Pangates in various tax havens. Providing much more than only offshore education.

Al-Assad’s cousin on the client list
Another long-standing customer of Mossack Fonseca was Rami Makhlouf.

Makhlouf is a cousin of Syria’s current President Bashar al-Assad. He is described by the US Treasury Department as an active partner within the Syrian regime, which “improperly benefits from and contributes to corruption within the Syrian regime.”


Mossack Fonseca adds that the agency never had “any influence over the company’s operations or business.”

A historical leak of internal documents
These are far from the only examples where Mossack Fonseca has conducted business with the United States blacklisted companies or persons. At least 33 such cases are revealed in the historically huge leak of 11.5 million internal documents.

Iceland: Political Chaos After The Panama Disclosure


Iceland’s president says no to dissolve the country’s parliament, which the Prime Minister requested to avoid a confidence vote after the Panama leaks. The Icelandic state television says.

Icelandic Prime Minister Sigmundur David Gunnlaugsson requested that the parliament Althingi to be dissolved because the opposition wants to hold a vote of no confidence against him, reports Icelandic television. President Olafur Grimson says no to the Prime Minister’s request.

Meetings with the opposition
The president should already have been in meetings with the finance minister, and opposition leaders to find a solution to the crisis, says the Icelandic journalist John Kristjansson.

The protests have been important in Iceland, after it was revealed that the Prime Minister was the owner of a letterbox company in the tax haven of the British Virgin Islands. The the purpose of the company is not offshore asset protection, which aimed to avoid paying taxes, was done with the help of a notorious law firm in Panama. The Prime Minister has declared that it was in fact his wife who owned the company.

Maintaining confidence
The press has called Gunnlaugsson’s refusal to resign a scandal. He has instead threatened to dissolve parliament and trigger early elections if he does not receive the continued support of the coalition partner The Independence Party in a possible vote of no confidence.

Several opposition parties have requested a new election, which a lot of the population wants. Meanwhile, many Icelanders fear of continued political turmoil and would rather have a parliamentary solution.

The people’s anger
People are very unhappy with the situation, and many are extremely disappointed with the government , says John Kristjansson.

In not too much time, the president will meet with Finance Minister Bjarni Benediktsson from the Independence Party to determine whether they will be willing to form a new government.

Putin Linked To The Panama Papers

Russian President Vladimir Putin has been linked to the Panama Papers through an offshore structure, reveals the Guardian.

The newspaper has been able to connect $2.6 billion to the Russian President. Also Libya’s ousted leader Muammar Gaddafi, Egypt’s ex-President Hosni Mubarak and Syrian President Bashar al-Assad is involved in the scandal, according to BBC.


Recently news media around the world published sensitive information, related to the name Panama documents leak. The disclosure is based on documentation leaked from one of the world’s largest offshore law firms, Mossack Fonseca, which helps with forming shell companies.

A part of the $ 2.6 billion that has been linked to the Russian President Vladimir Putin, was traced back to a ski resort. Even though Vladimir Putin’s name is not mentioned in the leaked documents. The Guardian has been able to identify a pattern, which clearly shows the president’s inner circle doing business with Putin’s approval, according to the newspaper.

The leaked documents show that Putin’s family has benefited from the money. If we take a look at how the funds have moved, everything starts in Panama, continuing to Russia, Switzerland and Cyprus. The private ski resort in question, is also the place where Putin’s youngest daughter Katerina was married in 2013.

The Guardian called one of Putin’s best friends, the musician Sergei Roldugin, who is a key figure in the scheme. The documents show that Rodulgin has control over assets worth over 100 million dollars. The newspaper writes that Roldugin was probably chosen because he is not as well known as other members of Putin’s inner circle.

Rodulgin has also have stated that he has no close connection to major domestic and international banks. The disclosure shows that Rodulgin has had the opportunity to become a minority shareholder in the Russian defense material manufacturer Kamaz, and a Cypriot company.

Sergei Rodulgin didn’t want to comment on the revelations in detail: “I’m not ready to comment on this now. These are sensitive issues” he told The Guardian.

The transactions are most likely not illegal. But the revelation shows that people around Putin were able to buy companies cheaply, and that way profit immensely.

“This is not business, but a way to move and hide assets” said Andrew Mitchell, an expert on money laundering.

Putin is not the only world leader, involved into this giant mess. In addition to the Prime Minister of Iceland, also Muammar Gaddafi, Libya’s ousted leader murdered and lynched, Egypt’s ex-President Hosni Mubarak and Syrian President Bashar al-Assad.

Mr Cameron Pulled Into The Panama Scandal

British Prime Minister David Cameron is now involved in the Panama scandal. He owned shares in his father’s offshore company, which he sold at a profit in 2010. There have been some tough days for David Cameron, but it has just become even tougher.
His father died in 2010, but ran for many years an offshore company – Blairmore Holdings Inc – in the Bahamas. The company was founded in 1980, and moved to Ireland in 2012. The company has never paid any tax in the UK.
David Cameron said that his tax affairs is his own private business. But already the following day after the revelations, he was forced to make a statement statement, to clarity his situation:

  • “I have my salary as prime minister, and I have some savings that I receive interest on, and I have a house we rent out.”
  • “I have no shares, no offshore companies, offshore funds, no, nothing like that.”

It sounded as if he had no part in his father’s company, but he spoke in the present tense, which was no accident. These structures are not only used to minimize taxes, but also asset protection.

He was involved in his father’s company
Recently, Cameron made clear that he after all owned shares in his father offshore companies. He owned 5,000 shares in 1997 until 2010.
He bought them for 12 497 pounds and sold them for 31,500 pounds, a few months before he became Prime Minister.

  • “I paid tax on the income. It was below the limit of capital tax, so I did not pay”.
  • “But I have paid my British taxes in a normal way. I honestly have nothing to hide.”

Cameron also made it clear that he is very proud of his father, and rejected the company formed to try to evade UK tax.
The Panama leak revealed that Ian Cameron hired several local employees in the Bahamas, who had to sign the papers, including a bishop. And the fact is that it never paid any UK tax, just that Cameron previously criticized other companies.
So even if he is not as involved as Iceland’s just resigning Prime Minister, the Panama papers has become a severe headache for him. Next month he will also have to lead a conference on precisely how the legislation against tax havens should be tightened.
Has become an election issue
The Panama papers has also become an election issue in the US presidential campaign. Democrat Bernie Sanders criticized today Hillary Clinton for having supported a free trade agreement with Panama, which made it possible for American tax reduction.
There’s nothing to suggest that Hillary Clinton and her husband Bill is part of the the Panama scandal. However, there are connections between her campaign, and chairman John Podesta and the Russian bank Sberbank, which in turn has links with several of President Vladimir Putin’s closest associates.