Estate Planning

Should I go should I stay? Should I buy should I sell?

By Prof. Robert Anthony, Anthony & Cie

Many people today are rather confused. They see a government in France that frightens them. Property seems difficult to assess. Everyone says it is a buyers’ market. But how true is any of this? Taxation is becoming ever more complicated with each new finance act. Those living on retirement pensions see their net income falling and are worried about the future.

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Estate Planning

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.

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Estate Planning

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).

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Estate Planning

The New Peril of Incorporated Contractors in Canada

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By Robert R. Worthington, Shea Nerland Calnan LLP

Canada, like elsewhere in the world, has long identified tax planning mischief where a person is hired as a contractor but otherwise conducts their affairs in an employee-like manner. Where the relationship is in fact employee-like, contractors who contract through personal corporations will be subject to recent legislative changes that are increasingly punitive. This issue will have significant international structuring implications for planners.

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Estate Planning

U.S. tax deferral savings plan in Malta

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By James Barber-Lomax and Prof. Robert Anthony, Anthony & Cie

For U.S. resident and non-resident taxpayers there has traditionally been limited means by which to save on a tax-efficient basis. Individuals can contribute to various types of insurance contracts and other recognised pension vehicles, with some offering tax relief on funding. However, there are a number of restrictions which can make these plans highly unattractive. These are noted below:

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Estate Planning

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.

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Estate Planning

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.

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Estate Planning

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.

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Estate Planning

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.

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Estate Planning

The Danish property market - the knot is untied, creating great opportunities for international investors

By Per Hansen

Admitted: the Danish property market has never been at the centre of interest for international property investors. Nevertheless, it is and has for many years been an attractive option.  For decades, Denmark has had a strong economy with political stability, fair growth, low inflation, low interest rates and a high employment rate. But even so, when the financial crisis hit Denmark in 2008, it did so with considerable weight and sent the property market into a limbo which still lingers.

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