Areas of Expertise
Fiduciary, Trust & Succession Planning
As the international fiscal legal environment is becoming increasingly complex, wealthy individuals and families often look for long-term, innovative solutions to protect their assets and legacy. The use of trusts, foundations, insurance solutions and other instruments can be a useful method of securing long-term asset protection.
A necessary part of an individual’s wealth planning considerations is what will happen to his or her assets upon death, in order to obtain the peace of mind that wealth and assets will be safely transferred to the next generation (and often, to minimize potential sources of conflict between surviving beneficiaries). A trust can facilitate this, as it can be designed in a structure that will exist for future generations following the lifetimes of the original grantor and trustees.
However, understanding the complex and ever-changing legal and regulatory issues surrounding trust structures can be overwhelming, and the use of trusts often has a significant impact on accounting and tax reporting obligations. It is therefore essential to work with experienced and trusted lawyers to guide you through trust and fiduciary options and obligations, particularly if multiple jurisdictions are involved. In addition to being able to provide such advice, our experience in this area includes developing solutions in situations where trusts are not recognized, as is the case in certain civil law jurisdictions, or situations where common law and civil law conflict.
Examples of our work include:
Assisting the settlor of a trust structure to establish a tax efficient succession solution, where the beneficiaries of the trust were Spanish tax residents. The solution involved restructuring the underlying assets of the trust through the use of life insurance and investment fund vehicles, ensuring that this respected both common and civil law requirements.