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Author: Vincent Ooi
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
In recent years, the increasing prevalence of ultra-high net-worth individuals (“UNWIs”) in Asia has placed the actions and choices of this new class of financial elites and their affairs in the spotlight. In this paper, we consider the common structures used in Family Offices and Private Trust Companies (“PTCs”) used by the ultra-wealthy, focusing on the composition of their management. Several family governance issues commonly arise in practice, such as control and management, duties owed by the managers, succession planning, and how to resolve possible conflicts between beneficiaries. These must be evaluated when considering the structures to adopt. In addition, where settlors attempt to retain considerable control over the trusts (for example, through “double hatting”), trust integrity issues may arise, raising risks of trusts being treated as sham or illusory trusts. We propose several solutions to resolve the family governance and trust integrity issues highlighted in this paper, including focusing on the importance of proper administration, succession planning and employing professionals with good trusts experience to assist in management.
Author: Vincent Ooi
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
In recent years, the increasing prevalence of ultra-high net-worth individuals (“UNWIs”) in Asia has placed the actions and choices of this new class of financial elites and their affairs in the spotlight. In this paper, we consider the common structures used in Family Offices and Private Trust Companies (“PTCs”) used by the ultra-wealthy, focusing on the composition of their management. Several family governance issues commonly arise in practice, such as control and management, duties owed by the managers, succession planning, and how to resolve possible conflicts between beneficiaries. These must be evaluated when considering the structures to adopt. In addition, where settlors attempt to retain considerable control over the trusts (for example, through “double hatting”), trust integrity issues may arise, raising risks of trusts being treated as sham or illusory trusts. We propose several solutions to resolve the family governance and trust integrity issues highlighted in this paper, including focusing on the importance of proper administration, succession planning and employing professionals with good trusts experience to assist in management.
Author:
Publisher:
ISBN: 9781787429611
Category :
Languages : en
Pages : 0
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Book Description
Private trust companies play an increasingly important role in the wealth structures of many ultra-wealthy families, offering a high degree of control and flexibility in the administration of a family's trusts and the management of trust assets. Featuring chapters written by leading practitioners from firms including Appleby, McDermott, Will & Emery and Squire Patton Boggs, this edition fully explores the legal, regulatory and practical dimensions of forming and operating a private trust company.The relevant law in prime jurisdictions including Bermuda, the Cayman Islands, Hong Kong, Jersey and key US states is thoroughly examined. In addition, content shines a light on organisational and operational issues such as designing a private trust company's ownership structure, implementing proper internal controls, outsourcing services and working with professional advisers. Important matters like coordinating with the family office, communicating with family, protecting privacy and handling disputes involving private trust companies are also tackled.New chapters in this edition cover:Guernsey;Switzerland; andsanctionsKey topics featured include:recent regulatory developments in the Cayman Islands;tax law changes in Hong Kong;legislative developments in Wyoming and other US states;recent cases relevant to private trust companies;discovery disputes involving private trust companies; andrecent developments concerning beneficial ownership disclosure requirements in the United States and Europe.This handbook is a comprehensive resource for lawyers, accountants, family office executives and others who advise families on private trust companies.
Author: Richard Nolan
Publisher: Cambridge University Press
ISBN: 1009058835
Category : Law
Languages : en
Pages : 343
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Book Description
There has been insufficient literature focusing on the world-changing rise of Asian wealth. Private wealth in Asia is very substantial, with 33 per cent of the global population of high-net-worth individuals based in Asia. Yet, there is a dearth of legal analysis of Asian wealth, particularly by texts written in English. This collection aims to fill that gap, with chapters on legal issues in relation to Asian wealth transmission, investments in international real estate, familial disputes, family offices and private trust companies. A substantive section of this book also focuses on the changing legal context with chapters exploring trusts and cryptoassets, constructive trust, trustee's discretion and decision-making, changing regulatory environment and abuse of trust structures. This collection of essays on trusts and wealth management presents a focus on Asian wealth and the changing legal context, and follows the related publication, Trusts and Modern Wealth Management (Cambridge University Press, 2018).
Author: Rob Rikoon
Publisher: John Wiley & Sons
ISBN: 9780471321156
Category : Business & Economics
Languages : en
Pages : 392
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Book Description
Managing Family Trusts is an uncompromising, nuts-and-bolts guide to the world of family trusts. Written by a seasoned expert with many years of firsthand experience in the field, it describes how financial professionals can help beneficiaries loosen the grip of unresponsive or inefficient trustees, assert their rights as inheritors, and assume greater responsibility for their own financial lives. Managing Family Trusts provides a complete set of tools to all those concerned with the business of building better, more satisfying fiduciary arrangements and presents a rare insider's view of how this world operates and details its unique challenges and rewards.
Author:
Publisher:
ISBN:
Category : Trust companies
Languages : en
Pages : 528
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Book Description
Author: Clay Herrick
Publisher:
ISBN:
Category : Trust companies
Languages : en
Pages : 500
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Book Description
Author: Hartley Goldstone
Publisher: Createspace Independent Pub
ISBN: 9781480038820
Category : Law
Languages : en
Pages : 146
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Book Description
TrustWorthy is a collection of 25 personal -- and positive -- stories told by beneficiaries, trustees and their advisors. The book speaks to the human side of personal trusts, leaving the technical side (legal, tax, investments) to others. The book's objective? To begin to transform the most complex, conflicted and difficult relationship known under the law -- the "arranged marriage" between beneficiary and trustee -- by supplanting prevailing negative assumptions and behaviors. Readers are given a peek at "what other families do." Storytellers tackle big questions, for example: How can trusts be used to promote beneficiaries' maturity? What should I look for in a trustee? How can beneficiaries successfully integrate inheritances into their lives? How can trustees, prudently and within legal and other constraints, administer trusts in a way that enhances beneficiaries' lives? How can the widespread dissatisfaction, and all the talk of "problem" beneficiaries and "problem" trustees, give way to more creative and productive relationships? Hartley Goldstone, J.D. and MBA, delights in being surprised by profound questions, having served families for 30 years at attorney, trustee and planner. Today, he is an accomplished speaker, educator and coach for trustees, inheritors in all stages of life, their families and advisors. Kathy Wiseman, MBA and faculty at the Bowen Center for the Study of Family systems, assists people with the legacy potential of their family business, foundation and wealth. She educates families and their professionals about the human assets that underlie success for any trust/estate. Here's what others say about TrustWorthy: You are about to go on the positive journey that is the ongoing effort of Hartley and Kathy to reengineer the beneficiary/trustee relationship toward its higher functioning... -From the Foreword to TrustWorthy, by James E. Hughes Jr., author of The Cycle of the Gift and Family Wealth This is the one book to read this year if you are creating your estate plan, if you are a trustee or a beneficiary, or if you advise families of wealth. You will not think about trusts in the same way again. -Charles W. Collier, Former Senior Philanthropic Advisor at Harvard University and author of Wealth in Families TrustWorthy should be required reading not only for trustees and beneficiaries, but also for grantors and trusted family advisors. Hartley and Kathy's decision to use storytelling to reveal the vast potential in the trustee and beneficiary relationship was a stroke of genius. The stories in this book are inspiring and do a great job of demonstrating how trusts can be used not only to transfer financial wealth, but also to transfer legacy from one generation to the next. -Sara Hamilton, CEO and Founder, Family Office Exchange
Author: Atlantic Trust Company
Publisher:
ISBN:
Category :
Languages : en
Pages : 8
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Book Description
Author: Richard C. Nolan
Publisher: Cambridge University Press
ISBN: 1107170494
Category : Business & Economics
Languages : en
Pages : 609
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Book Description
New essays by leading figures from the judiciary, practicing lawyers and academics illuminating the worlds of trusts and wealth management.
Author: Clay Herrick
Publisher:
ISBN:
Category :
Languages : en
Pages : 106
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Book Description
