A discretionary trust which is worth 2 billion asset value is set for Johnson’s family (Johnson dad, Johnson mum, Johnson son). The trust is created by a trust deed.
A discretionary trust is a trust where the beneficiaries and/or their entitlements to the trust fund are not fixed, but are determined by the criteria set out in the trust instrument by the settlor.
The trust never distributes income or profit to Johnson Son, but Johnson Son is an eligible beneficiary or a qualified beneficiary.
Moreover, Johnson son is the director of Co. A and Co. C which are one of the companies under the control of Top Level Holding Co. which is wholly owned by the trustee of the trust fund. Johnson son receives director’s fee of 4 million dollars per annum.
Upon the divorce of Johnson Son and his wife, his wife alleged that she is entitled to receive a half of the Johnson Son’s share in the trust fund (i.e. a half of one-third of 2 billion) as Johnson Son is a qualified beneficiary.
Whether Johnson Son’s wife is entitled to a share in the trust fund.
Thank you so much.
A discretionary trust is a trust where the beneficiaries and/or their entitlements to the trust fund are not fixed, but are determined by the criteria set out in the trust instrument by the settlor.
The trust never distributes income or profit to Johnson Son, but Johnson Son is an eligible beneficiary or a qualified beneficiary.
Moreover, Johnson son is the director of Co. A and Co. C which are one of the companies under the control of Top Level Holding Co. which is wholly owned by the trustee of the trust fund. Johnson son receives director’s fee of 4 million dollars per annum.
Upon the divorce of Johnson Son and his wife, his wife alleged that she is entitled to receive a half of the Johnson Son’s share in the trust fund (i.e. a half of one-third of 2 billion) as Johnson Son is a qualified beneficiary.
Whether Johnson Son’s wife is entitled to a share in the trust fund.
Thank you so much.