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Are the U.S. trusts similar to the trusts in China?

Written by Judy Lei Li, Esq.

China's trust industry has developed rapidly in recent years, so many people may think that U.S. trusts are similar to the trusts in China. In fact, many PRC trusts are financial products. The PRC trust legislation is still developing and there is much room for improvement in terms of asset protection and wealth transfer planning. The U.S. trusts are a wealth transfer tool with a long history. The U.S. family trusts are not financial products.Depending on the goals people want to achieve, there are many categories of the trusts in the U.S. Each category has its own design structure, trustee selection criteria, trust funding method, and tax consequences, etc. You need to consult with a U.S. trust attorney to determine which trust is right for you.

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