Navigating International Legal Considerations for Advisors Serving Multi-National FamiliesJuly 20, 2023 – Article
Partners in the Private Client Services Group, Stefanie Lipson and Laura Zwicker, authored, "Navigating International Legal Considerations for Advisors Serving Multi-National Families" in WealthManagement.com.
The role of the family office continues to evolve to meet the changing needs of high-net-worth and ultra-high-net-worth (UHNW) families who are increasingly “global citizens.” Single family offices oversee the myriad of accounting, legal, employment, privacy, security and personnel issues that arise when counseling those who have amassed significant wealth. Family offices serving multi-national families today are required to navigate complex tax intricacies with increasing regulations and scrutiny in the face of continuously evolving global tax and disclosure regimes, as well as manage financial, personal risk and privacy considerations for their families.
Along with our forthcoming second part of this article, we’ll provide insight into advising clients and their family offices on managing tax implications as family members move globally, navigating both the challenges posed by existing structures in place at the time of the move and pre-migration planning that may be advantageous to adopt in fi ve areas: (1) trust planning and structuring involving beneficiaries and assets in multiple jurisdictions;(2) planning for the acquisition of residences across jurisdictions and the tax residency considerations in relation thereto; (3) cross-border premarital agreements and marital property regimes; (4) addressing privacy and security issues for high profile clients while complying with public registry requirements across jurisdictions; and (5) considerations for personnel and employment issues for families with international staff.
Read the full article here.