By way of example she told me of the new client who explained his existing trust structure. It had been set up for his future illegitimate children.
Apparently he considered it likely that at some stage in the future he would father children who would be illegitimate and he considered tax planning for this eventuality to be a priority!
This reminded me of when I was a new naive tax senior working with high earning stockbroking clients working in partnership. This meant they had unlimited liability. I learned that he was the sole owner of his big family home so advised him to put it in his wife's name to protect it.
His response has stayed with me over the years. "Thanks Mark but I'll keep it in my name as there's more chance of me getting divorced than of the firm going under! It was many years later before I realised he might have been worried his wife would find out about an affair!
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