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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Trust in trusts

By Nikki Cheong, SingAlliance Pte Ltd

Trusts have adapted to suit the everchanging global financial and legal landscape, gaining popularity as family wealth becomes increasingly complex, with assets being held in multiple jurisdictions.

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Mississauga, Canada

Joint Accounts: What Financial Advisors Should Know

By Krystyne Rusek and Lisa Sticht-Maksymec, Pallett Valo LLP

Joint accounts are created for many reasons: to have shared access to funds, to have a shared place to save funds, to avoid payment of probate tax, or, in some cases, to intentionally make a gift of the funds on death. Financial advisors can play an important role in helping maintain their clients’ objectives and reducing litigation over jointly held funds when an account holder dies.

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The Importance of Having a Family Charter and How to Draft It

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

The family charter is one of the most important assets that a family business may have. It is a document that clearly defines a family business and provides future guidance to it. The family charter is so valuable that it can be equated to a treaty.

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Life Insurance and Wills: Essential and Complimentary

By Rich Risino, Memery Crystal LLP

When contemplating how best to provide for family members should the unexpected happen, attention typically focuses on cash resources. Life insurance offers the most apparent solution; the cost can be modest, with easily recognised and ascertainable value. But if the premise of life insurance is to secure the future and cater for those left behind, what about the other assets?

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Chicago, USA

Gifting of QOFs to Grantor Trusts

By Detelina Staneva, Kutchins, Robbins & Diamond, Ltd.

The Taxpayer Cuts and Jobs Act created tax incentives to encourage investment in certain disadvantaged communities called Qualified Opportunity Zones (QOZ), and taxpayers may utilise those incentives by investing in a qualified opportunity fund (QOF).

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Planning a Legacy for your Estate

By Nikki Cheong, SingAlliance Pte Ltd

Estate planning prepares for the transfer of assets to an individual’s loved ones in the event of incapacitation or death while the term legacy planning evokes a more holistic approach, including crafting a lasting family narrative. Considering these uncertain times and the imminent “Great Wealth Transfer” from baby boomers, financial planning has become a pressing need for many wealthy individuals.

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Frankfurt, Germany

Taxation of Trusts in Germany

By John Büttner, FPS

Trusts are often used as foreign vehicles. Regarding the German tax treatment, which shall be briefly outlined, it is, however, decisive as to whether a trust qualifies as a transparent or non-transparent vehicle. Such qualification is generally made based on the respective trust agreement, along with all other agreements linked to the trust. The more influence the Settlor has, the more likely it is that the trust is deemed to be transparent.

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