FT Wealth Management  

How to pass wealth down generations and across continents

  • To summarise the issues that can arise with inter-continental inheritance.
  • To explain the use of double taxation agreements.
  • To list the ways trustees can help with international and intergenerational wealth succession.
CPD
Approx.30min

Appointing a trust corporation to handle your affairs is key. It can take title over land where necessary.

Meanwhile, financial institutions would generally be more comfortable when offering specialist trustee financial products, avoiding the common problems associated with trusts when there’s only a single trustee.

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Trust corporations should also have the expertise in-house to help manage the cross-jurisdictional issues that arise. 

Recognise your financial future starts today

Although it is not always too late to consider what happens to assets when you die, it is equally true that estate planning can never begin too early.

This applies whether your clients have spent many successful years in business or they are simply an ambitious graduate who might not be thinking about passing on their hard-won wealth until many decades into the future.

Putting a clear, strategic wealth management roadmap in place from the moment their money starts to grow is the solution.

This may reasonably include the flexibility to be internationally mobile, which may be part of protecting your client's lifestyle.

It also allows you to structure your client's assets across the most efficient tax wrappers, with succession planning involving specialist wills, trusts and expert trustees.

This means clients can rest easy knowing that a long list of financial aspects will be taken care of for multiple generations.

Your clients may be visionary; people who seek to ensure the influence of their legacy transcends their own lives.

If that is the case, the financial advisers and specialists around them need to share that vision, too.

Mohammad Uz-Zaman is founder of ADL Estate Planning

CPD
Approx.30min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. When foreign assets are involved, arrangements can be downright what, according to the author?

  2. According to the author, directors get so tied up in the cut and thrust of growing their business that they ignore what?

  3. In the first case study, what could put the land at risk of dispute by distant family members?

  4. What can double taxation agreements do?

  5. What is one trap that people might fall into when drafting wills in two countries?

  6. When choosing a trust corporation to manage your client's business affairs, what sort of expertise should the corporation have?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • To summarise the issues that can arise with inter-continental inheritance.
  • To explain the use of double taxation agreements.
  • To list the ways trustees can help with international and intergenerational wealth succession.

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