Edmonton, Canada

Why every entrepreneur needs a succession plan

By Brad Severin, Moodys Private Client Accounting

It was raining the day that Jim passed away from a sudden heart attack. He was out for his morning run and he never came back. His son Brett called from the office of the family’s construction company when Dad failed to arrive for a meeting with their tax advisor and lawyer and was given the awful news. Dad was gone. Now what? He knew everything – the history of the company, who the most important suppliers and contractors were, the arrangements with the bankers through his personal relationships with them for over thirty years. All this knowledge died with him.

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Tijuana, Mexico

10 things you need to know before establishing a trust in Mexico

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

According to Mexican legislation, a trust is an act whereby the settlor transfers to a trust institution the ownership or title to one or more assets or rights, to be used for lawful and determined purposes, entrusting the realisation of such purposes to the trust institution itself (Article 381 of the LGTOC, General Law of Credit Instruments and Operations).

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Amendment to French succession law from 01 November 2021

By Prof Robert Anthony, Anthony & Cie

The change in law There is a change in French law whereby under Article 913 completed by an annex, when a deceased or one of their children at the moment of death is a citizen of the European Union, or a resident in the European Union. This applies where there is no mechanism to protect any of the children to reserve a part of the estate; in other words the will is not based on the French hereditary reserve. Each child or their descendants can claim an allocation of the estate by way of compensation on the assets situated in France at the date of death in order to re-establish their rights concerning the French hereditary reserve under French domestic law. This implicitly ends the ability on contestation by any of the children to apply foreign estate legislation in France.

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London, UK

London – the destination of choice for Hong Kong HNWI migration

By Simon Voisin, Forward Group Limited

Uncertainty continues to surround the introduction of Chinese national security law and unsurprisingly there has been considerable impact on Hong Kong’s future as one of the Asia Pacific’s leading financial centres. This is especially true of Hong Kong’s traditional role symbolising a bridge between China and the rest of the world.

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Sydney, Australia

Anti-avoidance: overseas entities indirectly benefit from Australian trusts

By Tony Nunes and Jane Harris, Kelly + Partners Chartered Accountants

In Australia, the beneficiary of a trust must pay income tax on any income received from the trust. If no beneficiary is entitled to the trust’s income at 30 June, the trustee is taxed on the income at the top tax rate of 47%. Thus Australian trusts often prefer to distribute income to an Australian resident individual or company rather than to a non-resident beneficiary, as these payments are taxed at a lower rate.

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