Article from Michael Young, Tax & Trusts specialist at Thrings
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Transcript of Article from Michael Young, Tax & Trusts specialist at Thrings
Canada is an increasingly attractive jurisdiction for foreign investors and high net worth individuals who are attracted to the country’s stable
which has fared very well throughout the worldwide economic downturn.
Furthermore, Canada is a vibrant multicultural country with a high level of immigration and a successful track record of accommodating people from diverse backgrounds. Against this backdrop, growth in the high net worth sector and private client work in general, including from those with multi-
O’Sullivan Estate Lawyers’ focus is bespoke estate planning, estate admin-istration and estate dispute resolution services for high net worth clients and
-viduals and families with multijurisdictional and cross-border Canada/US
“We are involved in a multitude of mandates involving multijurisdictional will and estate planning, and we have many clients who are U.S. citizens or married to one or who have children who reside in the U.S. where we
U.S. counsel.“We also act for some of Canada’s wealthiest individuals and families and
many Canadian business leaders and entrepreneurs, as well as clients from
involved in cross-border and multijurisdictional probate and estate adminis-
will and estate planning:
assessment of assets and liabilities to accurately determine the nature and
review relevant documents, accounts, trust agreements, life insurance poli-
the estate, or create obligations on death, including buy-sell agreements, separation agreements, cohabitation agreements, marriage contracts, court orders, potential dependents’ claims and potential forced heirship claims.
citizenships and domiciles.
will planning, and chaired the Ontario Bar Association committees on the Hague International Conventions on Trusts and on Succession.
CANADA
Founding PartnerO’Sullivan Estate Lawyers
Luxembourg has a very favourable environment for private clients. The -
ing and can address almost every client’s need. The legal tools used in wealth structuring range from corporate structures and partner-ships through contractual instruments, such as insurance policies and
and matrimonial agreements. Luxembourg has signed a large number of Hague conventions relating to international private law issues and has
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individual acting in the course of the management of his private wealth
direct line.
“This trend to global worldwide transpar-ency is perceived as a challenge to the
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This trend to global worldwide transparency is perceived as a challenge -
yers, it is bringing new opportunities as it changes the way families will
structuring vehicles, widely used in the institutional and private equity
to private clients and international families. “Our strategy is to assist a small number of UHNW with highly personalised and specialised services
LUXEMBOURG
Founding Partner
Trusts, Estates & Wealth Planning Chairman
STEP
The Society of Trust and Estate Practitioners (STEP) is the world-
estates, executorship and related issues. STEP aims to promote the highest professional standards through education and training lead-
planning across future generations to governments, professionals,
16,000 members, with almost 6,000 members in the UK.
STEP also actively promotes continuing professional development among
both clients and the wider community.
its members about the future of their business. This was initially under-taken as a response to the global economic crisis.
The landscape for STEP members in the United Kingdom is very dynamic. New regulations, new competition, new business practices are all combin-
future of the Trust and Estate industry in the UK entitled ‘Trusted Advisor: The Future’. What emerges most clearly is the fact that members in the UK
There were three main conclusions of the STEP report:
However, on a positive note, STEP members consider themselves to be bet-ter placed than non-members to deal with increased regulation. A majority of respondents thought that the prospective regulation of non-lawyer
increased regulation on costs will make it disproportionately harder for
through the internet is also having an impact on clients’ needs in the trust and estates market. This information is leading to clients making more
-vices. The increasing availability of information through the internet will also result in downward pressure on pricing.
-man of STEP, said: “I think it is vital that practitioners ensure that the advice they offer clients is of the highest order and that the service from practitioners represents good value for money. Anyone offering a service
In this climate STEP’s role as guardian of the highest standards of professional practice, is a vital and valuable resource for practitioners and their clients alike.”
In England and Wales the legislative framework enabling alterna-tive business structures [ABSs] came into being with the passing of
framework for ABSs.
STEP members’ attitudes to alternative business structures [ABSs] are determined by whether they see them as a threat or an opportunity. There was a slim majority for those who thought ABSs will create more awareness and hence more custom for private client practitioners across the price spectrum. Nevertheless, it was strongly felt that ABSs will revolutionise the way services are delivered and that a collision of differing cultures and regulatory regimes will provide challenges.
competing on price and those offering bespoke services and that clients will be more ready than they have been historically to move from one service provider to another. They also thought that fewer TEPs would offer will drafting services as a loss-leader. They predicted the demand for the multi-disciplinary approach will result in the increased use of
Finally, members agreed that the industry was moving towards the ‘One Trusted Advisor’ model where the advisor knows their client, and knows a network of specialists that they can manage to handle all areas of estate administration.
Safeguarding legal frameworkLaws in the industry are constantly being amended and STEP takes a leading role as an advocate for its members by having a dialogue with
and the public around the world.STEP has consistently campaigned for fair, transparent and consis-
to enter into long-term commitments.STEP thus highlighted the damaging impact of proposed changes to
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changes in legislation. STEP worked closely with the EU in ensuring that proposed changes
-visers to implement. STEP has also been working closely and positively
in association with STEP
