Estate Planning

“…and they lived happily ever after?”

By Sergio Guerrero Rosas, Guerrero y Santana, S.C.

For that statement to be true, we must have control of what we want for our family and our heritage before any eventuality. If this is not the case, let's not allow our dream to become our worst nightmare; foreseeing possible disagreements is the best way to prevent them from happening.

Advanced Planning Will Minimize or Eliminate Estate Taxes

By Allen Kutchins, Kutchins, Robbins & Diamond LTD

Advanced estate planning during one’s lifetime will minimize or eliminate estate taxes. It is a continual process and is most effective when a plan is in place and it works over a period of time. Following are some of KRD’s favorite planning techniques; however, there are many more available. Implementing these can assure that high networth clients will minimize or pay no federal estate taxes.

Rothenburg ob der Tauber

An Instrument for Asset Succession – The Family Pool

By Brigitte Jakoby, Jakoby Dr. Baumhof – Wirtschaftsprüfer Steuerberater Rechtsanwälte

The term “family pool” can not be found in any legal text. It is not a legal term. Basically, it defines a company, in which the family assets are collected, hold and handed over in an easy way to the fol-lowing generations. Purposes of these family companies can be the preservation of the family assets on the one hand, the fair treatment of heirs, an useful designed asset succession regarding tax law or the efficient management of the family assets. Depending on the respective family assets, the em-phasis on the aforementioned target parameters can be very different.

Blocking a family member's involvement in a business

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By Sergio Guerrero Rosas, Guerrero y Santana, S.C.

In developed economies, just as in emerging markets, most companies are born as family businesses. However companies or businesses in which a family owns a majority stake often face an unpleasant reality. In fact, the probability that they will prosper in the long term is low, given that, according to statistical data, only 5% continue to generate value for the shareholders after the third generation. One of the risks faced by these companies arises from the fact that the generations succeeding the founder do not always inherit the same leadership and entrepreneurial vision.

College Supplies in Check: What about Critical Documents?

By Emily Kirtley Hanna, Dressman Benzinger LaVelle psc

When preparing to send a child over the age of 18 off to college or into the workforce, parents often overlook the need to ensure certain estate planning documents are in place. If the young adult were to get ill while at school or get injured on the job, parents are no longer provided with legal authority, as a natural guardian, and may not have the ability to speak with medical professionals or make decisions on their behalf, without the proper authorisations in place.

Family Limited Partnerships

By Dennis L. Nerland, Shea Nerland LLP

A Family Limited Partnership (“FLP”) is nothing more than a limited partnership, created as a vehicle to transfer income and title to assets from the family head to other family members, rather than to a non-family business associate. When the owner of a business is in a high income tax bracket, this transfer can drastically reduce any personal liability and taxes.

Important aspects of the amendments to the legislation on trusts proposed by the Panamanian Superintendence of Banks

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By Oliver Muñoz, Quijano & Associates

The Superintendency of Banks in the Republic of Panama has recently submitted the following documents for the consideration of the companies that have a Panamanian trust licence (i.e. "trust companies"):
(i) A bill of amendments to Law 1 of 1984 regulating Trust in Panama, and
(ii) A bill stipulating rules for the regulation and supervision of trust companies and the trust business in Panama.

Individual savings, personal pension plan… what’s new in the UK?

By Bérangère Hassenforder, Anthony & Co UK Ltd

As a reminder, an individual savings account provides a tax free environment for savings. On 1 July 2014, all ISAs became New ISAs or NISAs. The government changed the name to reflect the increased limits and flexibility that are available to account holders. From 1 July, the annual allowance is increased and individuals are able to save up to a maximum of GBP 15,000 in this efficient tax wrapper for the 2014/15 tax year.

Islamic Trust (Endowment) or WAQF

By Mohammed Aweidah, Al Zarooni Tureva, Auditors, Accountants, Advisors

What is a Waqf? The word Waqf is derived from an Arabic root which means ‘to hold back’, ‘to stand still’ and ‘to tie’. Waqf is also known as an “Endowment”.

Italy: An urgent call for estate planning

By Prof Stefano Loconte and Michele Cecchi, Loconte & Partners

A draft bill has been recently introduced to the Italian Parliament which aims to amend the currently levied gift tax and inheritance tax. Although the hearings on the proposed bill have not started yet, it is true that there has been a lot of talk regarding this issue lately, and it is highly foreseeable that in the very near future, a radical change will be applied to the legislation to such an extent that will be considerably detrimental to taxpayers (possibly by means of a sudden intervention by the Government instead of a long discussed reform by Parliament).

Italy: Natural becomes legitimate

By Patrizia Giannini, S4B Solutions 4 Business

Revolutionary reforms to laws of he­reditary succession, No. 219/12: The Italian Parliament has recently enacted a new law, No. 219/12, which became effective on 1 January 2013. This has amended the provisions of the Civil Code relating to filiation (wills and hereditary descent), eliminating all distinctions between "legitimate" chil­dren (born in wedlock) and "natural" children (born outside of marriage).

Jersey Limited Liability Partnerships

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By Kate Anderson, Voisin

Limited liability partnerships ("LLPs") were introduced to Jersey in 1998, when the Limited Liability Partnerships (Jersey) Law 1997 (the "Law") came into effect. However, despite being hailed as an exciting new structure, Jersey LLPs were targeted at large professional partnerships, and as such the Law contained a requirement that a £5 million bond or similar financial provision ("Financial Provision") was maintained for the benefit of creditors upon the winding up of the LLP.

Key Estate Planning Concepts for International Clients

By Patrick J. McCormick, Drucker & Scaccetti, P.C.

Estate and gift tax techniques that are the foundation of common planning strategies do not necessarily apply to noncitizens or nonresidents.

Key estate planning issues for foreign residents in Mexico

By Sergio Guerrero Rosas, Guerrero y Santana, S.C.

The issue of estate planning should be of importance to anyone who owns anything from a home to a car, from savings accounts to a nice electric guitar. As a result, we should all be aware of the processes involved in the preparation of wills and trusts, and be concerned not to die intestate (if at all), that is to say, without having given direction for the distribution of property and possession.

Saint-Tropez

Life Insurance in Luxembourg

By Christophe Maulny and Alexane Palide, Anthony & Cie

As part of our International Family Office core business, we often work on interesting creative wealth strategy as well as real estate planning that would have been very difficult to envisage before meeting the person at the source of inspiration.

New Zealand Foreign Trusts under the spotlight

By Bethan Boscher, Morrison Kent

Following the recent media attention to the New Zealand Foreign Trust (“NZFT”) industry, John Shewan, appointed by the New Zealand Government to conduct a review on the product, has released his report and recommended that the NZFT offering is retained but with a significant increase in disclosure requirements. But what does this mean in practice for NZFTs and can New Zealand continue to maintain its high international reputation by continuing its NZFT industry?

Overview of Italian use and taxation of trusts

By Prof Stefano Loconte, Loconte & Partners

Although Italy is a civil law country, it has recognised the common law trust since 1992 with the adoption of The Hague convention of July 1985, but up until now, the Italian civil law code has not contained any provisions concerning trusts. However, it is possible to set up a trust with foreign law subject to The Hague Convention and in accordance with public policy. In Italy, domestic trusts are considered to be those that have only their proper law as a foreign element.

Retirement planning needs detailed plans, not magic numbers

By Paul Gambles, MBMG Investment Advisory Co., Ltd.

There are many theories of how to calculate the amount of money you need to retire. Despite the plethora of formulae and algorithms, it primarily takes a clear head and accurate, detailed planning to get it right.

Royal Court Awaits Hastings-Bass Ruling

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By Nigel Pearmain and Daniel Walker, Voisin

This was an application by the Trustee requesting the Royal Court to set aside and/or confirm to be invalid as having been made by mistake a deed of amendment, a deed of exclusion and a deed of appointment. This was the first time the Court in Jersey has had to consider the continued applicability of the rule in Hastings-Bass since the English Court of Appeal decision in Pitt -v- Holt and Futter -v- Futter.

Saving Estate Taxes with an Irrevocable Life Insurance Trust

By Robert S. Jacobson, Kutchins, Robbins & Diamond, Ltd. (KRD)

Few people realize that, even though they may have a modest estate, their families may owe hundreds of thousands of dollars in estate taxes because they own a life insurance policy with a death benefit that could exceed the current estate tax exemption of 5.43 million dollars. This is because life insurance proceeds, while not subject to federal income tax, are considered part of your taxable estate and are subject to federal estate tax.

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