Estate Planning

Rosemont provides Estate Planning services across a wide range of areas, assisting clients to understand the estate planning issues surrounding their assets and the implications for its transmission.

Estate Planning is about more than just writing a Will. Where there is an international element it will require a Private International Law analysis which will involve determining the law applicable to an estate, depending on nationality and residence issues and on the location of assets, and examining the related wealth transfer, and succession rules. It may involve working out how best to look after minor children, or vulnerable adults, reducing estate/inheritance taxes, reducing the complications and costs of probate alongside ensuring the provision of liquidity needed for estate settlement expenses at a minimum cost. Wills, trust and foundations, life insurance can be essential tools for estate planning.

As the world becomes increasingly globalized it is common to have family members residing in different countries around the world. Individuals now frequently choose to work outside their home country to find better employment opportunities. Investors are becoming more knowledgeable, looking for good investment opportunities, regardless of where the asset is located. People brought up in traditional “common-law” jurisdictions find themselves living or with assets in “civil-law” jurisdictions and vice versa, where they may be unfamiliar with how these different systems operate and affect them during their lifetime and on death. We are used to working across civil law and common law countries and can help you manage the local issues, whether this involves common lifetime events such as marriage, divorce, adoption, or incapacity or whether it involves succession issues such as “forced heirship rules”. We help you plan to increase the likelihood that your assets are distributed the way you want in the case of death or incapacity.

This increase in the international mobility of families can make the process of transferring assets to the next generation a more complex process than that faced by earlier generations. Good estate planning is essential to make easier the transmission and respond better to the objectives set.

Estate Planning requires an understanding of a multitude of issues concerning the ownership of your assets during your lifetime, and the various family situations and events that may occur. It needs careful consideration of the wide range of tools available to manage and plan to achieve the estate planning aims and reduce uncertainty. It requires constant review to take account of changing circumstances and changing legislation and jurisprudence across the many countries which may be involved. Modern planning should consider your digital assets and non-traditional assets.

All Estate Planning should start with a review of how assets are currently held and considerable reflection should be given as to your wishes for these assets on the occurrence of certain events during your lifetime and afterwards. In which jurisdiction are they held? In whose name and how are they owned, and what is their legal nature? You should document how they were acquired, and whether held directly or through corporate vehicles, as all these facts may change the way they are dealt with. Thought should be given to diverse subjects such as:
  • The estate planning effects of the Marriage Regime – pre-nups and post nups, changing marriage regimes, civil partnerships and same sex-marriages.
  • The estate planning effects of divorce – to whom do the assets belong in the first place?
  • The estate planning effect of moving your residence, domicile or nationality from one country to another.
  • The estate planning effect of moving assets from one jurisdiction to another, or changing their nature by the use of SPVs.
  • What happens in the event of incapacity? Lasting powers of attorney.
  • Adoption, Guardianship, and the capacity of minors to act.
  • The use of wills, for you and your spouse,  regularly reviewing and revising wills for changing circumstances.
  • The use of lifetime gifts, life interest/usufruct, or the creation of charitable foundations.
  • The use of trusts, foundations and other fiduciary structures during your lifetime and afterwards.
  • The use of Life Insurance as a planning tool.
 
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Rosemont Estate Planning and Private International Law services:

1/ Estate Planning Analysis:
  • Analysing the existing position and reviewing your objectives
  • Advising on the tax and legal consequences of your current planning
  • Advising on practical considerations concerning your current arrangements
  • Effective planning and implementation to meet your objectives

2/ Fiduciary Services:
  • Advice, creation and administration of local holding entities, SPVs, Trusts, Foundations, and Investment Funds
  • Trustee and Management services
  • Protector Services
  • Accounting and Reporting
  • Compliance and due diligence, liaison with financial institutions
 
3/ Tax Services:
  • Review of tax implications of change of situation: residence, citizenship, marriage, divorce, adoption
  • Advice on tax planning opportunities for  succession planning
  • Arrival and departure tax planning
  • Tax effective structuring of ownership of assets as part of an estate plan; financial assets, businesses, real estate, yachts, art and other high value assets

4/ Legal Services - International business aspects:
  • Review of the applicable contract law for international agreements
  • Creation, purchase  & investment in  international business entities or real estate
  • Analysing bank guarantees set up for a loan agreements with multi-jurisdiction lenders, borrowers and assets
  • Support when relocating companies across borders

5/ Legal Services - Personal aspects:
  • Succession planning and choice of Law
  • Advice and drafting for Wills, Tusts & Foundations
  • Choice of matrimonial regime, pre-nups, post-nups and validity
  • Issues related to legal capacity of people (minors, protected adults, legal representatives)
  • Analysis and assistance for an international divorce

6/ Legal Services - Other aspects:
  • Lifetime Gifts
  • Charitable Gifts and Foundations
  • Forced Heirship rules
  • Private International Law Audit
  • Nationality & Residency Legal Review
  • Experts in Multi-jurisdiction coordination
  • Conciliation and Family Arbitrage