Once an offshore foundation is established, who will normally be responsible for making ongoing decisions regarding the operational use of the foundation’s assets?

Once an offshore foundation is established, who will normally be responsible for making ongoing decisions regarding the operational use of the foundation’s assets?

A. The board of directors

B. The trustees

C. The council

D. The beneficiaries

View Answer

Answer: C

Explanation:

Offshore Foundations

These legal entities are typically used for wealth preservation, estate planning, or philanthropic purposes.

Foundations are managed by acouncil, which is responsible for operational decisions and ensuring the

foundation’s goals are met.

Why the Answer is C

The council acts similarly to a board of directors but focuses specifically on the foundation’s assets and objectives.

Why Other Options are Incorrect

A. Board of directors: Applies to companies, not foundations.

B. Trustees: Apply to trusts, not foundations.

D. Beneficiaries: Beneficiaries do not have decision-making authority.

ICWIM Study Guide, Chapter on Trusts and Foundations: Discusses the governance of offshore foundations.

Legal Principles of Foundations: Confirms the role of the council.

Reference: Thus, the correct answer isC. The council.