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Trends in International

Estate Planning

Wednesday, April 12th at 15:00 London BST

Webinar

Questions to Be Covered

Taxlinked.net - the online community for lawyers, accountants, trustees and tax specialists.

• What are the top 5 trends in the Estate Planning?

• How important it is to add life insurance to your client’s legacy planning strategies? Why? Who on a planning team should initiate this discussion with the client? What are typical examples of when life insurance solutions were successfully used to address clients' needs and desires?

• How would you have foundations and privately held investment funds ranked in terms of (a) robustness and (b) popularity for international estate planning?

• In an environment of exchange of information among jurisdictions and increased transparency, anonymity is no longer tolerated. Nevertheless, data protection remains a crucial issue for HNWIs for many a reason. How is data protection in international estate planning best addressed nowadays? Are there any specific steps advisors can take to best serve their HNWI clientele with respect to data protection?

• As many of us know, RE property is often purchased via SPVs located in offshore jurisdictions. For instance, “Client A” is a shareholder of a BVI Co., which in turn owns an apartment in London. When he dies accidentally without any will or testament, what inheritance laws will govern all issues related to the transfer of this asset to his heirs?

Questions to Be Covered

Taxlinked.net - the online community for lawyers, accountants, trustees and tax specialists.

• Since tax laws change so rapidly to cater to tightened money-laundering rules, etc., how can tax consultants feel confident that the advice they give this year will still be workable within the next 5 years? Even if the consultants review their clients' positions on a periodic basis, would it be too costly to switch from one type of planning to another?

• On USA and UK situs assets:

USA: Will a South African taxpayer with USA situs assets pay USA death duties and no spousal rollover, or do exemptions apply? What is the threshold and which assets are included or excluded? Are USA situs assets held by a USA vs. offshore trust (funded by USA tax alien) treated the same? Are US-denominated loans between SA residents and a trust in the Channel Islands or UK subject to USA death duties?

UK: Has UK now introduced a pre-emigration (actually pre-domiciled) trust, i.e., as of 6 April, a trust created before the beneficiary is domiciled will see the trust income only being taxed in the beneficiary's name on actual distribution (or this is what I understand to be the rules for UK income tax), yet what is the IHT position? Will the pre-domicile (emigration) trust be excluded for IHT even if it's a UK apartment?

• For the US, how do the recent changes with regards to disregarded entities affect the current structures and would you suggest a revision of already structured investments where disregarded entities are used?

Questions to Be Covered

Taxlinked.net - the online community for lawyers, accountants, trustees and tax specialists.

• How will the implementation of OECD's BEPS action plan affect estate planning? Any changes in approach or structures you would suggest from the perspective of your jurisdiction?

• What are your thoughts on the position of the protector of a trust for CRS purposes? In particular, on the basis that protectors are treated as account holders for CRS purposes, do you see a move away from the protector concept (especially where the protector’s role is largely limited to appointment and removal of trustees) to other arrangements that have similar functions but without the CRS reporting requirement?

• The United Kingdom was the first country in the world to introduce a year ago a public register of beneficial owners for companies registered at Companies House. The UK government made a clear point to exclude trusts from inclusion in the public register requirement. Two European Parliament committees have voted recently to amend the Fourth EU Anti-Money Laundering Directive, which will also require trusts and trust-like entities to publicly identify their beneficial owners. The original version of the directive was adopted by all EU institutions in May 2015. It required member states to create national registers of beneficial ownership of companies and some express trusts. What is your position on these requirements for public registers for companies and trusts worldwide?

Questions to Be Covered

Taxlinked.net - the online community for lawyers, accountants, trustees and tax specialists.

• Many clients residing in countries adopting CRS desire to move their funds to the US to avoid reporting. What are the obstacles and traps they will encounter in the US?

• What strategies are used to own US assets without subjecting to US estate tax?

• How is the practical experience with regards to the changes (I believe the IRS issued the relevant notice in 2008) that allow beneficiaries to exercise more powers in trusts (e.g., with regards to making investment decisions)? Is this something that may (over time) (further) weaken the position of the Protector?

Gideon Rothschild Partner, Moses & Singer LLP, New York, USA

Taxlinked.net - the online community for lawyers, accountants, trustees and tax specialists.

As Chair of Moses & Singer's Trusts and Estates and Asset Protection practices, Gideon Rothschild focuses on domestic and international estate planning and asset protection. He is a nationally recognized authority on the use of offshore trusts and estate planning strategies for wealth preservation and succession planning. His practice also includes estate administration and the representation of clients in taxpayer disputes at the federal, state and local levels.

Gideon serves high-net-worth individuals with assets ranging from $5 million to more than $1 billion. His clients include professionals, entrepreneurs, real estate developers and owners, closely held business owners and directors of publicly held companies.

Gideon is the Immediate Past Chair of the ABA's Real Property Trust & Estate Law Section, a Fellow of the American College of Trust & Estate Counsel, an Academician of the International Academy of Estate & Trust Lawyers and a Vice-Chair of the Society of Trust & Estate Practitioners (STEP) - US Region.

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Our Experts

Michael Malloy Advanced Financial Solutions, Inc.

British Virgin Islands

Taxlinked.net - the online community for lawyers, accountants, trustees and tax specialists.

Michael Malloy, CLU, is the author of the Life Insurance Law Newsletter and specializes in life insurance planning for high-net-worth individuals, high-level corporate executives and successful entrepreneurs. He works closely with tax advisors (attorneys, accountants and trust officers) designing and implementing sophisticated life insurance strategies to solve a variety of needs. Michael is also the founder of Malloy Insurance Services, a property and casualty insurance agency.

Our Experts

Dr. Goran Studen Partner, JSP Law, Zurich, Switzerland

Taxlinked.net - the online community for lawyers, accountants, trustees and tax specialists.

Dr Goran Studen is the founding partner of the law firm Jakob Studen Partner in Zurich. He has specialized in Estate and Wealth Planning, Asset Protection, Corporate Law and Philanthropy. Jakob Studen Partner advises national and international individuals (HNWI/UHNWI), beneficiaries, trustees and corporations on all aspects of inheritance, trust and foundation law, including cross-border issues.

Our Experts

Beth D. Tractenberg Partner, Steptoe & Johnson LLP, New York, USA

Taxlinked.net - the online community for lawyers, accountants, trustees and tax specialists.

Beth D. Tractenberg leads the firm's Trusts and Estates practice. She concentrates her practice on all aspects of personal representation of high-net-worth individuals and families, as well as representation of fiduciaries. She has a particular focus on international and domestic estate planning, contested matters, estate administration, and the creation and advising of exempt organizations. She provides comprehensive tax, personal, and business advice to families, working closely with their family offices and other advisers.

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