Wealth Planning

Multi-jurisdictional solutions, used in accordance with your relevant local laws and regulations, can provide peace of mind by safeguarding your assets.

An example could be a successful businessman who works in a high-risk industry and wants to implement measures to safeguard the wealth he has accumulated through his business against future creditor claims. He worries that his company could potentially be subject to action by creditors, which would empty his bank account. After discussing what he would like to achieve with our wealth team, the client established a discretionary trust to delineate ownership of his business from his personal assets.

Succession planning facilitates the transfer of wealth to the next generation according to local laws and regulations, such as forced heirship rules.

An example could be a successful entrepreneur with a son who has no interest or involvement in the family business and a daughter who does work in the business. The client wants his daughter to take over the company after death but is worried his son could challenge the transfer by invoking the forced heirship rules. Forced heirship rules exist in Italy, Japan, France, Spain, Saudi Arabia, and some Caribbean islands.

After discussing these concerns with our wealth team, the client decided on an inheritance agreement. This way, the family business will pass to his daughter, and the son will inherit other assets to the value of the forced heirship amount.

Organizing complicated transactions, structures, and risks when overseeing personal, family, and charitable wealth.

An example could be a client with a family business that has grown in an unplanned way over the years and includes, in addition to the land and buildings relating to the company, personal assets such as rental properties, a speedboat, and several family cars. Upon death, the wish is that his children would inherit equal shares of the business, thus putting its future at risk.

Additionally, how the business is currently structured means it would not be easy to sell, as buyers would only likely be interested in the business-related assets, not the secondary properties, speedboat, or cars.

Also, the client wants to protect his personal assets against potential creditors to his business making claims.

With the help of the wealth team, the client's private assets were separated and placed into a family trust, thereby removing them from association with the business activities.

Nowadays, it is more common for family members to be living and working in different countries, resulting in various legal and tax rules coming into play. This situation needs careful deliberation to ensure that effective wealth planning is legal and compliant in all jurisdictions.

Before you take the leap and move to a new country, with all the logistics that entails, many issues need to be taken care of to avoid potential problems that could result from not addressing them sooner.

For example, changing residential status should be considered as it might prevent you from being doubly taxed. After moving, a new set of rules could affect your will, and you could need to review it and other areas of succession planning — (succession agreements, trust, etc.). Furthermore, when you leave a country, you may be limited in how you use or own real estate there in the future. These are just a few areas that should be considered before making any move.

Several factors must be reviewed carefully to ensure your loved ones are protected in the event of a significant change in a family – such as marriage or divorce.

What will happen to your children or loved ones if you are no longer there to care for them financially or in other ways? How will the interests of existing children be protected in the event of a new marriage? We help you to assess the available options and put your mind at ease.