The high net worth community faces a plethora of challenges and risks to their wealth. Risks can be broadly viewed as “external” or “internal”. External risks cover third-party creditors, challenges from the State, political instability, economic uncertainty, reputation and the increasing global focus on transparency with the implementation of FATCA (new tax reporting requirements for US taxpayers) and CRS (a Common Reporting Standard for tax reporting mirroring the transparency required by the US).
Yet however daunting the external risks may be, it is often the internal risks that are less readily addressed and far more detrimental to the preservation of the family’s wealth. Family disputes - particularly when it comes to succession and divorce - can divide the family and dissipate its wealth. With that in mind, we set out in this eBook some of the common strategies that families can employ to help preserve their wealth for future generations.
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