Private client law Books

Book SynopsisAs globalisation continues apace, opportunities are arising for practitioners in trust jurisdictions that did not exist a few years ago. Growth continues in the traditional trust jurisdictions, especially in civil law jurisdictions where trusts and foundations have previously been used in a limited capacity. In parallel, the concept of the foundation has been adopted by several common law jurisdictions that, until recently, have relied exclusively on trusts – notably Jersey and Gibraltar. The fifth edition of 'Trusts in Prime Jurisdictions' has been fully updated and features a number of new chapters on topics including trust and real estate trust in Israel, what it means to be a fiduciary family office, the role of the trust protector, Islamic (Waqf) trusts, and trusts in relation to divorce. In addition, new for this edition are chapters on Germany and Bermuda. Produced in association with STEP, this edition provides a solid grounding in the use of trusts in a wide range of important jurisdictions and contexts. It also examines related topics such as trust taxation, anti-money laundering laws, the OECD initiative, CRS, exchange of information, transparency of registers and the notion that countries are entitled to collect taxes beyond their borders, among others. Written by leading professionals and recognised academics, many of whom are STEP members, the fifth edition of 'Trusts in Prime Jurisdictions' will be an essential resource for all lawyers, trust practitioners and banking professionals working in the field.Trade ReviewThe Fifth Edition of Trusts in Prime Jurisdictions will be a valuable primer, an enabler of us asking the right questions of our opposite numbers in the other jurisdiction, even where it does not provide the answer. -- Richard CitronAs a lawyer from a civil law country, I am thankful for having had the possibility to review a two-volume book dealing with trusts, which has recently been updated and which greatly helped me bridge the gap and expand my knowledge. The editors of Trusts in Prime Jurisdictions (Alon Kaplan from Israel and Barbara R Hauser from the United States) are well-known practitioners. They have brought together more than 50 contributors, mostly from common law countries but also a few from civil law jurisdictions. -- Dr Niklas SchmidtTable of ContentsPreface Introduction Alon Kaplan Barbara R Hauser Part One: Introduction Hague Convention Hein Koetz Max-Planck Institut, International Academy of Comparative Law The Hague Convention on Trusts and the Uniform Code Michael W Galligan Phillips Nizer LLP Part Two: Jurisdictional Overview Australia Allan Blaikie Mathew Fenwick Clayton Utz Bermuda Keith Robinson Carey Olsen British Virgin Islands Christopher McKenzie Vanessa King O’Neal Webster Canada Rachel Blumenfeld Martin J Rochwerg Miller Thomson LLP Cyprus Emily Yiolitis Harneys Aristodemou Loizides Yiolitis LLC Cayman Islands Bernadette Carey Carey Olsen England and Wales Martyn Gowar Ziva Robertson McDermott Will & Emery UK LLP Germany Raoul Jacobs Bafin Guernsey Natasha Kapp Nina Silva Carey Olsen Gibraltar Moses J Anahory Wayne Fortunato James Levy QC Hassans Hong Kong India Ravi Nath Rajinder Narain & Co Israel Lyat Eyal Aronson, Ronkin-Noor, Eyal Law Firm Alon Kaplan Advocate and Notary Meytal Liberman Alon Kaplan Law Firm Japan Makoto Arai Chuo University, Tokyo Jersey Justin Harvey-Hills Mourant Ozannes Oliver Schmidt Allgemeines Treuunternehmen Liechtenstein trusts and foundations: creation and operation Dietmar Loretz Jacqueline Marxer David Vogt & Partner Trust reg Luxembourg Paulo Panico Paolo Panico’s Law Chambers – Private Trustees SA Malta Priscilla Mifsud Parker Chetcuti Cauchi Advocates New Zealand Quebec Marilyn Piccini Roy Robinson Sheppard Shapiro LLP Scotland Paolo Panico Paolo Panico’s Law Chambers – Private Trustees SA Switzerland Dominique Jakob University of Zurich Peter Picht Max Planck Institute for Innovation and Competition; University of Zurich The use of trusts in Switzerland Daniel Bader Daniel Leu Baer & Karrer Ltd United States Barbara R Hauser Independent Family Adviser The use of trusts for estate planning in the US Stanley A Barg Kozusko Harris Duncan Part Three: Special Topics Asset protection trusts Gideon Rothschild Moses & Singer LLP International trust litigation, jurisdiction and enforcement David Faust Faust Oppenheim LLP The trustee as fiduciary: some practical considerations David Faust Faust Oppenheim LLP Fiduciary responsibility Susan Schoenfeld Wealth Legacy Advisors LLC Trusts, trustees and family businesses Christian Stewart Family Legacy Asia (HK) Limited Settlor control and influence-through the use of settlor-reserved powers and private trust companies Paul Matthams Carey Olsen The UK Tax Treatment of Offshore Trusts Maggie Gonzalez Buzzacott LLP Trusts and money laundering Yehuda Shaffer Deputy State Attorney (Financial Enforcement) Israel International Family Governance Integration with Family Trusts Barbara R Hauser Independent Family Adviser Trust and Divorce Ziva Robertson McDermott Will & Emery UK LLP The trust protector – a mini revolution in trust law Alexander A Bove Jr Bove & Langa Law Firm The war on trusts Filippo Noseda Withers LLP Beneficial ownership registers of companies and trusts Paolo Panico Paolo Panico’s Law Chambers – Private Trustees SA

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Book SynopsisSetting up a family office is never an easy undertaking and can present numerous challenges for anyone seeking to steward assets for future generations or meet the complex needs of extended family members. This Special Report provides a practical guide to the main factors to consider when setting up a family office and helps families and their advisers navigate a path through the wide range of family office models in use today. In addition to a brief history of family offices and their evolution, the report covers how families can be encouraged to spend quality time thinking about their needs and aspirations – as well as their relationship to the family wealth – and explores how advisers can work alongside families most effectively. Written in an engaging, accessible style Setting Up a Family Office looks at who can benefit most from a family office and walks the reader through each key step in the process, including: •how to hire; •where to locate; •what structure to use; •how to ensure privacy and loyalty; and •the evolution of the office and the family. This report makes essential reading for anyone considering setting up a family office including advisers working alongside families on these key issues. Authors Barbara Hauser and Keith Drewery have decades of practical experience working with family offices, in all stages, and in many countries.Trade ReviewThis report is extremely apt and valuable in raising key questions to assist those considering setting up an SFO in particular, as well as those advising families in this connection. Moreover, it includes various useful additional resources and links that are helpfully set out at the end. In view of the trend in favour of the use of a family office in today’s economic circumstances in many parts of the world, there is no doubt that the accessible style enables the reader to grasp not only the challenges but also key solutions that are available. -- Linda SpeddingTable of Contents1. Why read this special report? 2. How to use this special report? 3. Should I have a family office? 3.1 Does it need to be a single family office? 3.2 The need for a family office 3.3 Size of assets/investments 4. What are some of the benefits from having a family office? 5. Purpose of creating a family office 6. What does the family need doing? Assessing needs and expectations 7. What will the family office look like? Setting up a Family Office 8. What will the family office do? 8.1 Potential services to be provided 9. Where should your family office be located? 10. Getting the staffing right? 10.1 Recruitment 10.2 Remuneration 10.3 Retention 11. Funding the family office 12. Managing risks of the family 13. Getting the “infra-structure” right 14. Governance 15. Conclusion – the life cycle of a family office 16. Appendix

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Book SynopsisAs F Scott Fitzgerald wrote in The Great Gatsby, “the rich are different” and face unique challenges – this is perhaps especially true today. Countries are racing to disclose bank accounts to garner more tax income and the politics of being in the “1% club” are not always positive. Yet these are important clients with important needs. This comprehensive new handbook, featuring contributions by leading private client advisers, includes chapters on topics including: •the importance of having a detailed, organised balance sheet; •buying very substantial properties; •choosing a country of residence; •managing cross-border taxes; •protecting assets from marital claims; •understanding trust documents; •creating a private trust company; and •setting up a family office. In addition, this book explores risk and reputation management, addresses diminished capacity and provides an evaluation of the wealth infrastructure, the philanthropic framework and the future of global investing. Edited by Barbara Hauser, Editor of The International Family Offices Journal and the new edition of Family Offices: The STEP Handbook for Advisers, this new handbook will provide essential reading for all private client advisers, wherever they are based.Trade ReviewAdvising the Wealthy Client covers many of the crucial areas for advisors to know about and implement in their work. It is a welcome addition at a time when both family wealth and the world are becoming ever more complex. -- James Grubman PhDTable of ContentsIntroduction Barbara R Hauser Independent family adviser Overview of global situation for private wealth Joseph A Field Pillsbury Winthrop Shaw Pittman LLP Inventory and comprehensive consolidated balance sheet Asher Noor AlTouq Group Special assets purchase and maintenance: purchase of substantial properties Jeremy McGivern Mercury Homesearch Managing insurable risks Linda Bourn Crystal, Alliant Private Client General risk preparedness John Deverell thepreparedmind.net Choice of residence Nicola Saccardo Maisto e Associati Management of taxes Jeremy Arnold Withersworldwide Reputation management Charlie Bain Digitalis Protection from marital claims Simon Bruce Farrer & Co Review of all trust documents Gail Cohen Gerry Joyce Fiduciary Trust Company Consider creating a private trust company Advantages of a family office Barbara R Hauser Independent family adviser Addressing diminished capacity The philanthropic framework Melissa A Berman Rockefeller Philanthropy Advisors Global investment future views Craig Pearson Private Wealth Systems The essential infrastructure for wealth preservation Natasha Pearl Aston Pearl

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Book SynopsisIt is now easier than ever for ultra-high-net-worth individuals to relocate and select a country as their residence, and in light of a variety of circumstances, including political instability and the proliferation of special tax regimes across more countries designed to attract the wealthy, this is a continually increasing trend. However these individuals must consider a wide range of factors when deciding whether to relocate internationally, and so advisers need to take a holistic approach. This title, featuring contributions by leading private client advisers from 16 key jurisdictions worldwide, provides readers with expert guidance on the tax and legal aspects of inbound and outbound transfer of residence of ultra-high-net-worth individuals. Chapters cover the relevant law in their respective jurisdictions relating to: immigration; tax; succession; and family. It also considers the application of tax treaties to beneficial tax regimes, and the relocation of works of art, as well as other key topics. This book will be an invaluable tool for lawyers, tax advisers, bankers and all professionals who assist ultra-high-net-worth individuals.Trade ReviewThis publication could not have come to market at a more propitious time. As the world begins to open up again, the trend towards international mobility will resume – and especially among ultra-high-net-worth individuals and, not infrequently, their dependents. The first half of the volume consists of in-depth tours d’horizon of fifteen different countries, reviewed by expert advisors drawn from leading law firms, accountants and family offices. As one might expect, they guide the reader through the complexities of the commercial and personal tax regimes of countries as varied as China, Monaco and the United States. Throughout, the topics are illustrated with examples that bring to life what might otherwise be a series of purely technical discourses. A bonus is the second half. In this a select number of authors discuss a number of contemporary issues, such as the “fiscal nomad” and the relocation of works of art. Much of this is revelatory: what might appear relatively straightforward to the lay person, is shown to be complex and multi-layered, with unintended consequences for the unwary. Of particular interest are the comparisons between civil and common law jurisdictions, and the implications for immigration, changes in family circumstances such as divorce, and tax planning for succession purposes. This book should be a standard work of reference on the shelf of every advisor to the mobile high-net-worth community. -- David MolianThis topical and comprehensive publication definitely deserves space in the library of any self-respecting advisor dealing with wealthy families and their affairs. Nicola has brought together a top drawer panel of contributors covering all of the key jurisdictions and a number of the most relevant associated subject areas including; succession law, the impact of tax treaties and an up-to-date position on the oft referenced but misunderstood subject of “fiscal nomads”. The next few years will undoubtedly see wealth owners focus attention on the issue of tax residency as the consequences of the pandemic evolve in terms of funding its cost and their own increased focus on quality of life where they can exercise a choice between competing jurisdictions. -- Paul HodgsonTable of ContentsIntroduction Nicola Saccardo Maisto e Associati Part 1. Country chapters Australia Daniel Appleby Speed and Stracey Lawyers Belgium Canada Elie S Roth Ryan Wolfe Davies Ward Phillipsm& Vineberg LLP China Sakura Ji Peter Ni Zhong Lun Law Firm France Stéphanie Auféril Arkwood SCP Germany Christian von Oertzen Flick Gocke Schaumburg Hong Kong Clifford Ng Zhong Lun Law Firm India Kunal Savani Rishabh Shroff Cyril Amarchand Mangaldas Israel Shaul Grossman Meitar Law Offices Italy Nicola Saccardo Maisto e Associati Monaco Portugal Nuno Cunha Barnabé Maria Inês Assis Abreu Advogados Spain Florentino Carreño Cuatrecasas Switzerland Bernard Vischer Ksenia Iliyash Schellenberg Wittmer United Kingdom David Lingham James Riby Charles Russell Speechlys LLP United States Part 2. General chapters Succession law ramifications from relocation Family law ramifications from relocation Archie Best Mark Harper Hughes Fowler Carruthers Relocation and works of art Ruth Cornett Christie’s Fiscal nomads: the impact of relocation on CRS and DAC6 Samantha Morgan John Riches RMW Law LLP; Withers LLP Eleanor Riches-Lenaghan RMW Law LLP The application of tax treaties to beneficial tax regimes Benjamin Blades Laurent Sykes QC Gray’s Inn Tax Chambers

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Book SynopsisThe 'life cycle' of a family business is a fascinating process. Beginning with the initial entrepreneur starting the business, it encompasses the development of the business to success, involvement of family members in the business, estate planning, preparation for integration of the next generation, creating a family constitution to regulate relationships among family members, and creating a family trust when appropriate. The completion of the cycle then gives the option of continuing - to potentially become one of the one-hundred-year businesses. This Special Report is a one-stop collection bringing together a distinguished team of international contributors, each an expert in their respective field with a global reputation, to cover the entire life cycle of a family business. It provides guidance on many of the key issues encountered including governance issues, protecting the family business assets, fostering entrepreneurship and succession planning. Life Cycle of Family Business is a unique source of knowledge for family businesses and professionals working in this specialist field. In this very readable single volume - edited by Barbara R Hauser and Alon Kaplan - those involved in family businesses can benefit from its expert guidance, at any stage of the life cycle.Trade ReviewLife Cycle of a Family Business is like a wonderful Gem; nine Contributors look at Family Businesses from eight different angles and stages. Each one from the Prism of their own expertise. Together this becomes a Diamond, condensed, shining and precious. In the 1st Stage (The three circle paradigm prism) we learn about the uniqueness of a family business which is owned (and run) by a heterogenic group of people which are related by blood, but otherwise might be very different. This needs a "Stewardship" mind as well as a firm framework and a lot of planning; actually a few plans which are interdependent. In the 2nd Stage (The family relationship prism) we learn about the emotional side of the family business and how good communication, gratitude, expressed love, common family vision and to make room for togetherness as well as individualism is important. Multidisciplinary approach for all people involved with the family is key. The chapter ends with this important statement: "This multidisciplinary approach can produce successful outcomes when everyone - family members, business stakeholders and advisers - is working in harmony for the good of all. In fact, that is what much of this book is about." Stage 3 is all about Challenges and Boards (The structural prism). We all know that a good governance and board makes all the difference. A good board does not happen automatically. This chapter introduces the process of how to build and advance an effective board. It does not happen overnight, but happens in stages. Through examples we get introduced to various designs of boards. What about Risk? In this chapter (Stage 4; The risk prism) the author talks about four main Risk categories, in particular Risk appetite, Risk attitude, Risk strategy and Risk management in the environment of a family business. In these days of "black swans" it is crucial for family businesses to have forward-looking, multifaceted systems of risk management in place. Stage 5 looks at another risk; the risk of family feuds and divorces (The family feud prism). The damage such an event could do to the family business should not be underestimated. Lots of challenges to prepare for this unexpected and unfortunate risk. Family Courts very frequently drag the business into the divorce negotiations. A situation one should avoid. What happens in the divorce has also long-term effects on the family business and its next generation of leaders. Every stakeholder in the family business is exposed. This chapter shows actual court cases to describe the traps and pitfalls one should be aware of when the 'black swan' happens in the family and not in the business. The 6th Stage touches on the uniqueness of a family business - (The longevity prism). If you are the steward of your family business you can and should plan for longevity, 50 to 100 years at least. You are not "in it" for the fast buck, but manage your business in an entrepreneurial spirit, also as successor generation. Relying on the past is not good enough. One needs entrepreneurialism and intrapreneurialism. Also an established business needs to reignite and rediscover the entrepreneurship the founding generation had in the first place, when all the business success was only a dream. In the 7th Stage (The advisor prism) we learn that not every family member is suited to be the successor to the business leadership or to have any role beyond being a shareholder. The selection process needs thorough preparation by an advisor and the decision process inside the family business needs to be well designed. Often there are no structures in place when the advisor is hired and the process includes also ignoring the obvious and rather than finding the correct structure from "out of the box" thinking. First the advisor needs to get to know the family and its values, before the process of successor finding can even start. The 8th Stage is about the 100-year families (The 100-year prism), the ones that make "it" beyond the third generation; the exception. Of course the success beyond the 3rd Generation depends on the result of the choices the first and second took. Cooperation and collaboration has to be trained and governance, which becomes relevant in the 3rd Generation, has to be initiated. The business will look different from the initial business. Change is inevitable; in the business and in the family. "Generative families see themselves as being on a journey, continually reinventing themselves [...]". Transformations come in various ways: Harvesting, Pruning, Diversifying and Grounding. The author explains these transformations. Without cultivating and strengthening the family relationships the family will not succeed to transition beyond the third generation. "The family enterprise rests on twin pillars, separate and independent: the family and the enterprise." This book manages to touch all the important facets and tools that make a family business the long-lasting and special place where the family can flourish and be a role model for generations to come. Every Next Gen of a business family needs to read this book BEFORE joining the family business. -- Philippe J. WeilTable of ContentsForeword 5 Dennis T Jaffe Wise Counsel Research Preface 11 Barbara R Hauser Independent family adviser Alon Kaplan Alon Kaplan Advocate & Notary Stage I: The same but different - enterprise heterogeneity 13 Justin B Craig Bond University and Northwestern University Stage II: The delicate family issues 29 Thomas M Hubler Hubler For Business Families, Inc Stage III: Creating a board for continuity and growth 45 Allen Bettis Legacy Associates LLC Stage IV: Risk management in family enterprise expansion 59 Wendy Sage-Hayward Family estate winery, Southern Gulf Islands, Canada The Family Business Consulting Group University of British Columbia, Sauder School of Business Stage V: Protection of the family business assets on divorce 77 Claire Gordon Daisy Tarnowska Farrer & Co Stage VI: Entrepreneurship in the family business 93 Peter Vogel Professor of family business and entrepreneurship IMD Global Family Business Center IMD Business School Stage VII: Leadership succession in family firms 109 Christian Stewart Family Legacy Asia (HK) Limited Stage VIII: Beyond the third generation 131 Dennis T Jaffe Wise Counsel Research About the authors 145 About Globe Law and Business 151

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Book SynopsisBeneficial ownership registers were introduced in the European Union (EU) under the 4th and 5th Anti Money Laundering Directive, with the ultimate goal of promoting increased transparency in the financial markets. Nevertheless, public access to the beneficial ownership information of companies and other legal arrangements, such as trusts, raises significant issues in relation to each individual's fundamental right to privacy, and consequently many EU member states are still struggling to strike the right balance between transparency and privacy. As a result, the implementation of beneficial ownership registers has been delayed in many EU member states and different legislative choices have been made in the various jurisdictions. Since beneficial ownership registers do not only apply to entities incorporated or administered in an EU jurisdiction, but may also extend to foreign entities with some business connection to that jurisdiction, it is essential to master these differences. This book, co-published with STEP, the world’s leading organisation for private wealth professionals, provides an in-depth analysis of the beneficial ownership registers legislation in a number of EU jurisdictions as well as in the UK, which pioneered it with the creation of its own ‘PSC Register’. It also looks at similar initiatives being experienced in some leading international financial centres as well as in the US. It includes coverage of: The functioning of beneficial ownership registers in selected EU jurisdictions; The differences between the beneficial ownership registers for companies and those for trusts, which are maintained in many EU member states; Practical comparisons on the possibility for individual beneficial owners to apply for their personal information to be withheld from public access; The ways of complaint in case such an application is not accepted; and Special cases such as the treatment of an EU company controlled by a trust or a foundation. The first to comprehensively approach this topic, this title will benefit private client advisers (lawyers, notaries, accountants) and family officers whose clients have business interests in the EU. The registration of the details of beneficial owners has become a new variable to be considered in any estate planning or asset protection exercise and more generally in any circumstance where a company or any other legal arrangement is created. It is therefore essential reading for anyone involved in any of these fields.Trade ReviewBeneficial Ownership Registers provides detailed and up-to-date information on the reporting of ‘beneficial ownership’ of companies and trusts and sets the contemporary scene both internationally and on a country-by-country basis, with reference to European Union countries, the United Kingdom and the United States. Differences among EU member states exist although they are meant to implement the same EU directive, as the book convincingly shows, and a substantial difference also stands out between the EU and the US where the Corporate Transparency Act has approached the issue of reporting beneficial ownership of companies (though not of trusts, not a mean distinction) on a functional basis, rather than as a politically biased mission to be accomplished no matter what. -- Maurizio LupoiThe concept of beneficial ownership has become increasingly relevant in the context of numerous measures to increase transparency and disclosure, in particular by way of publicly accessible registers, such that it now extends significantly beyond its original application to anti-money laundering and ‘know your client’ compliance requirements. It is therefore important that there is a renewed focus on the legal meaning of the term so as to ensure its correct legal interpretation and application in practice. This compendium of multi-jurisdictional legal analyses is a welcome contribution to that renewed focus. -- Andrew KnightThis new book is the first to offer a comprehensive review of the rules relating to the reporting of beneficial ownership of companies and trusts in fifteen different EU jurisdictions, as well as in the UK, the Crown Dependencies, the USA and Liechtenstein. It also emphasises the variation of treatment relating to public access to information on beneficial ownership of companies and, importantly, of trusts. The reader can only echo Paolo Panico’s comment that an EU regulation harmonising some of the varied national requirements would be a welcome development. But until that happens this book will be an essential source of reference for any practitioner advising on international corporate and trust structures. -- Richard Pease TEPThis volume is a valuable new addition to the Globe Law and STEP stable of co-publications. The topic of beneficial ownership has been much in the public eye in recent years, prompted partly by an international drive to create greater corporate disclosure to counter money-laundering and terrorist finance, and partly by a series of exposés in the form of the Panama, Paradise and Pandora papers. Now family office advisers, law firms and accountancy practices have at their fingertips an up-to-date digest and commentary on the state of affairs prevailing in some of the world’s key jurisdictions. Consulting editor Paolo Panico has assembled a team of experts to appraise the measures taken by the authorities in 18 different countries and three British Crown dependencies. The reader’s understanding is greatly assisted by introductory chapters which explain the history of government and supra-national [in the form of the EU] interventions, as various initiatives have evolved and with them new legislative frameworks and requirements. The direction of travel is consistent, but the interpretation and implementation of new agreements and directives varies considerably. The chapters on individual countries take a deep dive into the registration of beneficial ownership in each case, and explain how concepts such as benefit and control are variously construed. If you are seeking a comprehensive guide to navigate you through the tricky waters of beneficial ownership, look no further. -- David MolianDr Panico and his colleagues present a masterful survey of this difficult subject. The discussion of its history and purposes introduces detailed accounts of its application in several EU countries, the United Kingdom and the United States. The publication will be much welcomed by practitioners dealing with the affairs of international clients. -- Milton GrundyTable of ContentsIntroduction: the 4th and 5th AML Directive Paolo Panico Paolo Panico’s Law Chambers Private Trustees SA Austria Christiane Edelhauser Michael Petritz KPMG Austria Belgium Saskia Lust Loyens & Loeff Crown Dependencies Paul Matthams Stonehage Fleming Cyprus George Economides E&G Economides LLC Czech Republic Šteˇpán Holub Holubová advokati s.r.o. France Jérôme Barré Barré & Associés Stéphanie Auferil Arkwood Germany Susanne Stauder Heuking Kühn Lüer Wojtek Greece Petros-Fotios Chr. Fatouros Angeliki Chimona Phi Lambda Law Firm Ireland Aileen Keogan Aileen Keogan Solicitor & Tax Consultant Italy Luigi Belluzzo Belluzzo International Partners Liechtenstein Johanna Niegel Allgemeines Treuunternehmen Luxembourg Paolo Panico Paolo Panico’s Law Chambers Private Trustees SA The Netherlands John Graham Graham, Smith & Partners Poland Aldona Leszczyn´ska-Mikulska Tomasz Piejak GWW Portugal Nuno Cunha Barnabé António Vidal ABREU Slovenia Tatjana Andoljšek OPAM LAW Luxembourg, Slovenia Spain Alberto Perez Cedillo Alberto Perez Cedillo Spanish Lawyers and Solicitors United Kingdom E N Reed Iskra Doukova Macfarlanes LLP United States Todd D Mayo UBS

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Book SynopsisWith the expected rise in the global total of ultra-wealthy individuals, and the trillions of dollars and family businesses predicted to change hands over the next two decades, the considerable challenges involved in managing and transitioning ‘surplus’ wealth are set to multiply rapidly, affecting a much larger number of families and family members. Family governance, which refers to the structures and processes families use to organise themselves and guide their relationship with their wealth, is a key tool in the transition of ownership and wealth between the generations, but it is neither well understood nor explained, particularly in the context of surplus wealth. Family Governance and Surplus Wealth: Sustaining Family Fortunes, written by Russell Prior, an experienced consultant and adviser in Family Governance, Family Enterprise Succession and Philanthropy, de-mystifies the topic and shows advisers and families how governance can assist with the challenges of managing and transitioning surplus wealth. It covers the characteristics and challenges of surplus wealth, why wealthy families need family governance and how family governance can help families with the successful transition of surplus wealth between the generations. Key takeaways include: Understand the need for a sense of shared purpose between the generations for surplus wealth and family enterprises, so it can succeed into future generations; Determine ownership and leadership succession within the family enterprise; Manage the balance of power and decision-making in and between the generations; Prepare the younger generation for their role in a family with surplus wealth; Prepare the older generation to let go of some responsibilities but show them how to take up new reins within the family; Balance the interests of family members managing the family wealth or enterprise with those who do not, and with non-family members involved in the management of the wealth of business; and Understand how major decisions can be taken within a complex family wealth structure or a family enterprise. This title will be important reading and reference for all practitioners advising ultra-wealthy individuals and business families, including family business advisers, private bankers, lawyers, accountants, and financial advisers. It will also be of significant interest to ultra-wealthy family members and family office leaders.Trade ReviewIt is a brilliant overview and a great contribution to how a family can address intergenerational issues related to wealth and wealth management. -- John PepinThis book is essential reading for anyone in the wealth industry looking after UHNW clients -- Charles Boulton CEOGreat read, and very much a key read for UHNW clients and family office structures. -- Caroline KitidisTable of ContentsAcknowledgments Part I – The Challenges of Surplus Wealth Introduction Surplus Wealth The Human Face of Wealth Managing Surplus Wealth Part II – The Need for and Role of Family Governance in Managing Surplus Wealth Defining Family Governance Why do Families with Surplus Wealth need Family Governance? Family Governance and Transition Summary Part III – Elements of Family Governance Introduction Example Governance Structures Family Vision Statement Family Governance Framework – Element Briefs A. Family Governance Elements i. The Family Council ii. The Executive Family Council iii. The Family Assembly iv. Family Branch Assemblies v. Family Office vi. The Family Investment Committee vii. Family Education Committee viii. Family Philanthropy Committee ix. Family Arbitration Committee x. Family Remuneration Committee xi. Family Employment Committee xii. Audit and Risk Committee xiii. Family Code of Conduct B. Corporate Governance Elements i. The Management Board of the Holding Company ii. Agreement between the Shareholders iii. Valuation/Discount C. Trust Governance Elements Part IV – A Final Word

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Book SynopsisFamily businesses and wealth owners today face a wide range of challenges, including increasing government interventionism, business disruption, technology-driven change, international conflicts and the climate crisis. Added to this is the move to greater transparency of the midshore and onshore world and the implementation of the Common Reporting Standard, the increased scrutiny of wealth owners by governments and the media, and the pandemic underscoring the need to apply more sustainable business practices, all of which complicates the processes of creating, retaining and transitioning wealth. How can the rising next generation make sense of and adapt to this complex world? Family Business and Responsible Wealth Ownership: Preparing the Next Generation aims to develop a shared mindset and better understanding across and between the generations, focusing in particular on matters from the perspective of the next generation. It covers key issues pertaining to the important and often complex transitions that all families face, as well as themes which are highly relevant for wealth and business owning families at a time where there is an increasing focus on responsible capitalism. In this report, an international group of experts with decades of practical experience working with wealth-owning families around the world bring together the perspectives of the lived experience of business owning families and the advisory world to examine, among other key topics: •Finding and deploying your purpose; •Effective mentorship for the next generation; •Resolving intergenerational conflicts; •Navigating social media; and •Creating the next generation of entrepreneurs. This title is essential reading for all generations involved in family businesses and wealth ownership. The rising next generations are the future of these families and should be better understood and supported so that family human capital is not wasted or overlooked. It is also an invaluable guide for those who advise families from a professional services or wealth management perspective.Trade ReviewI wish I could turn back the clock and put this book on the bedside table of the past two generations of family wealth owners and their advisors. Had this been possible, I would have witnessed more harmony in wealth‐owning families and sustainable practices for the deployment of their capital over the course of my career. By emphasising the ‘why’ rather than the ‘how’, this book is progressive and practical. Though aimed at the next generation, it is essential reading for the older generations and their advisors about the need to adapt to our society via a new social contract. -- Xavier Isaac TEPTable of ContentsPreface 5 Iraj Ispahani Ispahani Advisory I. Managing your context today and finding and deploying purpose 9 Iraj Ispahani Ispahani Advisory II. Effective mentoring for the next generation 31 Jessica McGawley Dallington Associates III. Safeguarding the family’s digital narrative: how to navigate the challenges of the social media revolution 51 Charlie Bain Digitalis IV. #GenerationNow: resolving intergenerational conflicts through resilience and grit 67 Paul Hokemeyer Drayson Mews International V. Women: wealth and self-reliance 85 Philip Marcovici The Offices of Philip Marcovici Limited Caroline Underwood Philanthropy Company VI. The anatomy of wealth planning: a comprehensive primer for all generations 109 Stefan Liniger Kaiser Partner Wealth Advisors VII. The family bank: creating the next generation of entrepreneurs 137 Ed Lee Bowbridge VIII. The purpose of capital: exploring our relationship with money and meaning 155 Jed Emerson Tiedemann Advisors About the authors 173 About Globe Law and Business 179

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Book SynopsisEssential Reads on Family Offices is your essential resource featuring insights from the world’s foremost experts on the most pressing topics facing family offices and their advisers today. Containing a collection of authoritative materials dedicated to providing family offices and their advisers with the most informative and thought-provoking contributions on key themes, the content focuses on: • Family office profiles: profiles of leading family offices from around the world, highlighting their unique structures, strategies and values. • Governance: best practices for developing and implementing effective governance structures and processes for family offices. • NextGen planning: expert insights on how to prepare the next generation of family members and manage the family’s wealth and legacy. Family offices have complex and unique needs, and Globe Law and Business is committed to providing family offices and their advisers with the resources they need to thrive. Contributions have been carefully curated from the prestigious archive of The International Family Offices Journal, co-published with STEP, and the Special Report, Family Business and Responsible Wealth Ownership in order to provide you with the core knowledge needed to manage a family’s wealth, relationships and legacy for generations to come.Table of ContentsForeword 3 Family office profiles 5 Family office profile: Rodolfo Paiz, CEO of the PT Family Office (Miami and Guatemala) 7 Interview by Suzy Peterfriend Family office profile: Northwood Family Office 10 Interview with Tom McCullough by Barbara R Hauser An interview with Sue Nickason of Dart Family Office 15 Governance, entrepreneurship, resilience and reinvention on the five-generation journey of a family enterprise 17 Dennis T Jaffe, Maya Prabhu and Carolina Cintra Family office profile: VALUEworks AG, Zurich/Switzerland 26 Interview with Kecia Barkawi, CEO and founder of VALUEworks AG by Barbara R Hauser Family business, family office and next gen 30 Fabrizio Arengi Bentivoglio Single-family offices in the 21st century – remaining fit for purpose 33 Iraj Ispahani and Carl Sjöström Governance 41 Case study – design and set up of a family investment office 42 Guillermo Barandalla Family mission vision and values statements: the essential foundation of an effective family governance system or just another form that cannot function? 45 Christian Stewart The three family constitution archetypes and a wise alternative 53 Christian Stewart Family constitutions, the rule of law and happiness 60 Barbara R Hauser Stress tests – building resilience in the face of a crisis 68 David Werdiger The benefits of applying the rule of law in family governance 74 Barbara R Hauser The great man fallacy and family governance 79 Franklin J Parker NextGen 85 Family office succession planning 86 Susan R Schoenfeld The right time to involve the next generation 94 Antoaneta Proctor Parental expectations: effective guidelines or messy messages? 99 Raimund Kamp Not the founder’s family office: evolving to meet the needs of rising generations 106 Amelia Renkert-Thomas Let’s do it the SMART way: a practical guide for the raising of affluent children 115 Philippe J Weil The importance of financial education for securing wealth transfer across generations 122 Peter Brock I’m successful, but can’t talk to my children about money! Help! 128 Maya Prabhu The hows and whys of enterprising families reinterpreting timeless tales for their NextGen 133 Asher Noor Generational resilience through the integration of governance into structure 140 Carly E Doshi, William J Kambas and Michael S Schwartz Reframing succession in a disruptive era – a business family perspective 148 Roger King and Jeremy Cheng Five things wealthy families can learn from Lee Man Tat 154 Russell Cohen The next generation of strategic cultural philanthropy – impact, social justice and the opportunities for nextgen donors in the arts 156 Melissa Cowley Wolf Effective mentoring for the next generation 165 Jessica McGawley Women: wealth and self-reliance 185 Philip Marcovici and Caroline Underwood Safeguarding the family’s digital narrative: how to navigate the challenges of the social media revolution 209 Charlie Bain About Globe Law and Business 225

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Book SynopsisThis vital report is the only textbook of its kind for practitioners in this complex area of law. Since 2002 this essential resource has continued to fulfil its promise of: Enabling compensated persons to understand and obtain the best deal from the means-tested benefits system through the use of personal injury trusts; Enabling solicitors to unravel the mystique surrounding the foundation and administration of personal injury trusts and to equip them to fulfil their role better for it; Enabling solicitors to develop compensation protection services to help protect their firms from negligence claims and to improve the bottom line; and enabling solicitors to do these things in as efficient and as practical a way as possible with the greatest amount of professional peace of mind. The fourth edition has been fully updated to include: The significant changes by the mental capacity act 2005 which came into force fully on 1st October 2007; A revised and expanded property section with specific focus on purchasing property where there is a P I Trust in place or where the Court of Protection are involved; 2008 changes to the care rules and Employment and Support Allowance, which has replaced Incapacity Benefit for new claimants; Plus, new and up-to-date precedents. It is vital that every lawyer doing personal injury compensation work should have a copy of this book on their shelves to enable them to give truly comprehensive advice as to the final process in achieving compensation.Trade Review'Anyone who buys this edition has no excuse for failing to understand what to do and how to protect his/her clients. It is a valuable addition to the armoury of any personal injury lawyer who is seeking to maximise the damages for his/her clients. It should be one of the growing number of essential books, necessary to have on one's bookshelf.' Robin de Wilde, Q.CTable of ContentsChapter 1: An overview of personal injury trusts Introduction Getting over the fear factor What exactly is a 'personal injury trust'? Do all personal injury clients need advice on personal injury trusts? Does advice on personal injury trusts only need to be given to those already in receipt of means tested benefits? Do personal injury trusts have tax advantages? Do personal injury trusts help clients retain entitlement to means tested benefits? Timing: when is it 'too late' to found a personal injury trust? Independent financial advice and the Trustee Act 2000 (TA 2000) A summary of the financial obligations of trustees of personal injury trusts The Solicitors' Accounts Rules 1998 and personal injury trusts Thinking long term Summary of Chapter 1. Chapter 2: Choice of personal injury trust Why is it important to consider different types of personal injury trusts? The implications of the 2006 Budget upon the choice of personal injury trust Underlying considerations behind the choice of a personal injury trust Types of personal injury trusts Original Section 89 IHTA trusts for the disabled Making a decision over the choice of trust Finance Act 2006: the implications for pre 22 March 2006 personal injury trusts and future personal injury trusts The extension of Section 89 IHTA trusts for disabled persons The capital gains tax principal private residence exemption, ordinary discretionary trusts and Section 89 and 89A trusts Summary of Chapter 2. Chapter 3: Getting technical - means-tested benefits Benefits implications of personal injury trusts A brief overview of benefits Mainstream income-related means-tested benefits and awards for personal injury A word about tax credits Residents in long-term-care and the receipt of personal injury awards Personal injury trusts and care provided at home Additional notes on personal injury trusts and means-tested benefits Pension credit. Chapter 4: Choice of trustees Can a settlor be a trustee of his/her own personal injury trust? How many trustees should there be? Are friends and family suitable trustees? Are professional trustees appropriate? Can trustees be beneficiaries? Can a trustee live abroad? How old should a trustee be? Who should never be a trustee? When does trusteeship take effect? Summary of Chapter 4. Chapter 5: Personal injury trusts and investment Introduction Defining and meeting the investment challenge Modern Portfolio Theory and its implications for trust investment policy Building an asset class portfolio - the basics Selecting and working with a financial adviser Summary of Chapter 5 and conclusion. Chapter 6: Periodical payments A brief history Why have few structured settlements been implemented in the past? The Courts Act 2003 Can periodical payments be assigned or charged? What about variable periodical payments orders? Are periodical payments treated any differently than a lump sum for benefits entitlement? The viability of periodical payments and indexation The indexation of periodical payments The indexation issues RPI The Annual Survey of Hours and Earnings (ASHE) 6115 Other elements The creation of a two-tiered system The advantages of periodical payments The disadvantages of periodical payments Other issues Conclusions. Chapter 7: Personal injury trusts and the Court of Protection Introduction Jurisdiction The Court of Protection and personal injury trusts Why apply to found a personal injury trust for a patient ? Should the deputy be retained? Worked example of an application for a personal injury bare trust Court of Protection Application form Guidance notes Court of Protection Annex A Supporting information for property and affairs applications Court of Protection Assessment of capacity Guidance notes Court of Protection Witness statement. Chapter 8: Will-making in the context of personal injury bare trusts Executors The beneficiaries Indecisive testators 'Letters of Wishes' Property issues and succession Inheritance tax planning in the context of personal injury trusts Death of family members and benefits-related planning Death of carers Other potentially important matters Summary of Chapter 8. Chapter 9: Property transactions and personal injury trusts The natural link between personal injury trust work and property transactions What are the advantages of the trust framework for a purchase? Practical issues to consider on a purchase Legal issues to consider on a purchase prior to exchange of contracts Legal issues on a purchase post completion What are the relevant tax-related issues for personal injury trusts and property transactions? Worked examples of property transactions and personal injury trusts. Chapter 10: Personal injury trusts - some problem areas Fatalities cases Professional negligence compensation Other types of compensation Past care awards Divorce Disagreement among the trustees Can the defendant reduce the award if a personal injury trust is contemplated? The implications for litigators The choice and use of powers comprised in a personal injury trust. Chapter 11: General precedents Precedent covering letter and guide for clients Precedent Pro Forma Instructions Precedent Guidance for Beneficiaries and Trustees Precedent Guide on Compensation Protection Trusts for Benefit Paying Agencies Including the Local Authority Precedent Resolution to Distribute. Chapter 12: Drafting personal injury trusts The fundamental responsibilities of the draftsman in using these personal injury trust precedents The style of the following personal injury trust precedents Who may legally draft a personal injury trust? Common factors contained within the personal injury trust precedents Uncommon factors contained within the personal injury trust precedents Precedent for a Personal Injury Discretionary Settlement: Notes Precedent for a Personal Injury Flexible Life Interest Settlement: Notes Precedent: Personal Injury Bare Trust: Notes Precedent for a Personal Injury Bare Trust: Mentally Capable Adult Precedent for a Personal Injury Bare Trust: Court Order for a Minor under rule 21.11 of the Civil Procedure Rules 1998 Precedent for a Personal Injury Bare Trust: Court of Protection for a Mentally Incapable Beneficiary Precedent for a Personal Injury Life Interest Settlement: Court of Protection for a Mentally Incapable Beneficiary Precedents for Personal Injury Section 89 IHTA 1984 Trusts for the Disabled: Notes Precedent for a Personal Injury Section 89 IHTA 1984 Trust for the Disabled: Wide Form Precedent for a Personal Injury Section 89 IHTA 1984 Trust for the Disabled: Narrow Form for a Mentally Incapable Person Examples of the Type of Further Provisions the Draftsman May Also Choose to Incorporate. Appendix 1: The Standard Provisions of the Society of Trust and Estate Practitioners (1st Edition) Appendix 2: Paying family carers: income tax and national insurance issues Appendix 3: A practitioner's guide to Court of Protection property procedures Index

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Book SynopsisRecognition of the power and importance of businesses controlled by family shareholder groups has grown steadily over the past 30 years. Apologies for working in the family business in the 1980s and 1990s have been replaced by public pride on the parts of leaders of family controlled firms for their enduring growth under family control and contributions to all stakeholders in the enterprise. What has been missing from the business literature is a guide to the processes, structures and interventions that assist family-controlled enterprises to sustain continuity of growth, family control and family harmony. This book compiles the wisdom of experienced leaders of family growth companies and those who advise them, focusing on what works to sustain business success without sacrificing family relationships or control. Each of the contributors is grounded in deep management or professional expertise guiding or advising family-controlled enterprises. And each chapter contains clear, practical advice on how to address issues that challenge family firm leaders and their advisers on a regular basis. This new book demonstrates to members of family shareholder control groups, their non-family executives and members of the boards of directors, as well as lawyers and other long-term advisers, that there are ways to address the emotionally powerful issues and challenges that are specific to family controlled enterprises. Many of these proven solutions to the special requirements of leading family firms have broad global applications, assisting them to grow, without sacrificing their culture or strategy.Trade ReviewGems in this collection make it an excellent companion to the NACD Handbook Series for family business boards. -- Allen Bettis * NACD Directorship Magazine *Richard Narva is the gold standard when it comes to insights and advice on the world of family business! -- Steve Forbes * Chairman and Editor-in-Chief of Forbes Media *Table of ContentsPreface 7 Richard L Narva Narva & Company Part I. Understanding the power and constraints of family shareholder control groups Entrepreneurship in family firms: reassessing the fascination with success, failure and succession 11 Jennifer Halyk Communications consultant Entrepreneurial family businesses and family entrepreneurs: the unsung heroes of entrepreneurial effort 19 Matt Allen Babson College The entrepreneurial family revisited 27 Ramona Kay Zachary Baruch College, The City University of New York Working with siblings and how to survive them 39 Lucio E Dana Creativity in Business Pty Ltd, trading as Family Business Dynamics Kosmas X Smyrnios RMIT University Australia Thriving once the founder has gone 57 Doug Rauch Conscious Capitalism The power of family 67 Shari Wyner Narva Narva & Company Consulting with a clinician 75 Adam Narva Psychologist Part II. Building human capital to lead family controlled enterprises Characteristics of centennial family companies 85 Ernesto J Poza Thunderbird School of Global Management Understanding paternalistic leadership of family enterprises 101 Dorothy Nebel de Mello Nebel&Mello Consultores Associados and BI International Effective legal representation of family firm clients 115 John L Talvacchia Eckert Seamans Cherin & Mellott, LLC This is not your father’s HR department 127 Joshua A Narva Sonos, Inc Challenges facing the executive coach in a family firm 131 Sunny Stout-Rostron Institute of Coaching at McLean Hospital Part III. Designing family controlled organisation for growth A practitioner’s guide to transferring a family business from one generation to the next 149 Frederic J Marx Hemenway & Barnes LLP Effective family governance in entrepreneurial families 159 Kathrin Phelan Midgley Phelan Family Enterprises, LLC Building for success: better governance today begets a brighter tomorrow 167 Denis Thomas USALCO, LLC One family business’s governance journey 177 Daniel B Hatzenbuehler E Ritter & Co The non-executive chair’s role in maintaining and strengthening the culture of the enterprise 189 Gareth Ackerman Pick N Pay Stores Limited The role of independent directors in family controlled listed enterprises 205 Richard L Narva Narva & Company Part IV. Financing growth and change in family controlled enterprises Shareholder agreements for family controlled businesses: managing the expectations and covering all bases 219 Dara Bachman Timothy Malloy Michael L Mixell Barley Snyder How the best family business owners optimise their financial adviser relationship 237 David C Linton Bigelow LLC Challenges faced by family controlled companies in growing by acquisition 247 Simon Mordant Luminis Partners affiliated with Evercore How to manage the successful disposition of a family firm 255 Charles S Fradin Former family business owner and corporate director Family enterprises and their real estate 265 Janet B Fierman Sheehan, Phinney, Bass + Green PA Part V Afterword 283 Richard L Narva Narva & Company About the authors 285

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Book SynopsisMost people have a straightforward vision of the perfect family business. First, they hope for continued strengthening of the company’s financial and market position so it can support the lifestyle and needs of family members, from generation to generation. Secondly, they wish for family harmony. But life gets in the way. Sometimes family members’ short-term or individual needs can overwhelm the needs of the business. In other cases, family members strongly disagree on the strategic direction, or even on the day-to-day management of the business. These family conflicts, when acted out on the stage of the family controlled enterprise, can seem insurmountable. This new book is a follow up companion guide to Family Enterprises: How to Build Growth, Family Control and Family Harmony. The first volume features chapters written and edited by experts from many disciplines and located across the globe to provide the architecture for enduring, continuing family controlled enterprises. This second volume is intended to provide sustenance to those stakeholders committed to the core objectives presented in the title to the first book. It addresses ongoing issues facing both family shareholder control groups and the enterprises they control that surface in ongoing, mature, successful endeavours. The audience for this book is the owners, directors, managers of, and advisers to, family-controlled enterprises and the families that control them. It assumes that such enterprises have been launched – or at least renewed – as expressly family controlled businesses, or other enterprises.Table of ContentsPreface 5 Richard L Narva Narva & Company LLC Part I. Understanding the power and constraints of family issues in family enterprises Managing intergenerational expectations, responsibilities and relationships in a family enterprise 7 Emily F Abrams Narva & Company LLC Louis Turchetta Strategic Psychological Services Family values: the soul of family business 15 Thomas Hubler Hubler for Business Families Inc Culture and ethnicity in family enterprises 25 Everett Moitoza Moitoza Consulting Crossing cultural boundaries: the duties of Chinese successors to their family controlled enterprises 45 Anna Xia Market Ignition Group & Advisory LLC Ushering out a family business founder who doesn’t want to leave 57 Christian W Dame Interim Executive Solutions LLC Part II. Building the ability to lead family controlled enterprises Optimising the advent of non-family executive management in family firms 63 George P Bukuras Milestone Business Advisors LLC Transformation and tradition: transitioning to a non-family leader at the family firm 77 Roger Patkin Next Generation Group Family governance: questions and answers 93 Daisy Medici GenSpring Family Offices Awareness and action: transforming a family business via family enterprise and vertical leadership 105 Greg McCann McCann & Associates Leading from the self 121 Robert Goodman RGoodman Associates LLC Creating a strong leadership team 137 Ann Lindsey Lindsey Leadership Consulting Part III. Solving problems of sustainability Mediating family business disputes: a primer for clients, family business advisers and other professionals 147 David A Hoffman Boston Law Collaborative LLC Family business turnarounds: non-financial fixes are the key 163 Gerald Sherman Pathway Advisors LLC Family enterprise guide to major mental illness 181 Eugene J Fierman Commonwealth Medical Psychiatry Associates Janet B Fierman Sheehan Phinney Bass & Green PA Assessing going-concern risk in family enterprises 199 Patricia A Frishkoff Leadership In Family Enterprise LLC Special issues in strategic planning in family controlled enterprises 211 Julian E Lange Babson College Mindfulness and the management of family business stress 221 Thomas Hubler Hubler for Business Families Inc Part IV Afterword 229 Richard L Narva Narva & Company LLC About the authors 233

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