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Private Client Magazine: Issue 3 - 2021: ADAPT. ENDURE. PERSIST - NOW AVAILABLE
2021 isn’t exactly starting off how we’d hoped but here we are. We remain desperate to return to this so-called ‘new normal’ but for now, we continue to adapt. The true success of our growing community is a reflection of the passion and focus of every single person involved and we continue to generate thought-provoking content that comes to their first-hand experiences.
Thank you to our authors, readers and members and our Community Partners for their continued support. We are excited to show what we have planned for later on this year so watch this space…
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ThoughtLeaders 4 ContentAnnouncement
Anita Arthur joins TL4 as Community Director for Disputes - exciting new community coming soon
ThoughtLeaders4 is delighted to announce that Anita Arthur has joined as Director for our new DISPUTES community that will be launching shortly.
Anita brings huge experience within the industry and a strong track record of launching and growing market leading events over the last 15 years within disputes, sanctions, anti-corruption, fraud & asset recovery and private equity, among others.
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ThoughtLeaders 4 ContentAnnouncement
James Baldwin-Webb Joins Thought Leaders 4 as Private Client Partnership Director!
James has been the commercial lead on many globally renowned Private Client events and forums and has over 10 years of experience of curating communities across the full spectrum of the Private Client advisory market.
James’s arrival re-unites him with Laura Golding and along with the ThoughtLeaders4 directors, gives over 30 years’ experience within Private Client, and will add continued impetus to an already rapidly growing community.
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ThoughtLeaders 4 Content
Virtual Value Visibility Partnership
Deliver Value through Virtual Visibility.
Understand what is unique about the ThoughtLeaders4 community approach and how you can add Value to our Communities and be Visible through our Virtual platform.
To find out more about our VVV packages DOWNLOAD OUR BROCHURE
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ThoughtLeaders 4 ContentCase Study
TL4 X-Over Case Study
Case study outine for TL4 Virtual Community X-Over on 19 November 2020 is a unique virtual event bringing together HNW Divorce, FIRE and Private Client experts.
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Articles
Cooking up a storm: The Privy Council’s decision in Webb v Webb
This follows our previous piece, Divorced from reality: Pugachev, Webb, and illusory trusts in divorce proceedings, which was published in the August 2020 edition.
On 3 August 2020 the Privy Council handed down its eagerly awaited Webb v Webb ([2020] UKPC 22) judgment in the appeal from the Cook Islands. Its judgment grapples with several important issues, with perhaps the most eye-catching aspect
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Articles
Why virtual mediation is here to stay for private client disputes
A couple of months ago few people in the legal world had heard of virtual mediation. Thanks to Zoom’s confidential breakout room technology, virtual mediation has been widely adopted by mediators and litigators who have adapted quickly. Once the Rubicon is crossed, there is no going back.
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Articles
Top 10 Tips for Successful Video Interviews
Now that we’re all working remotely and practising social distancing, we’re seeing our clients’ meetings with candidates moving to video platforms such as WebEx, Zoom or Skype. As this is a new experience for many of us, we thought we would share our top 10 tips for successful video interviews.
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Articles
The Moral Maze – considering child adult claims under the Inheritance (Provision for Family and Dependants) Act 1975
In England and Wales, we are free to leave our estates to whomever we choose. This is the principle of testamentary freedom, and it is a principle the Court is keen to uphold. Whilst we have this freedom in England and Wales, we also have the Inheritance (Provision for Family and Dependants) Act 1975 (‘the 1975 Act’). A statute that was implemented to protect and provide for those individuals where it would be unjust for them not to receive financial provision from the deceased’s estate.
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Articles
What should Protectors be thinking about since the arrival of Covid-19?
Many protectors or their advisors will already have navigated difficult issues during the recession following the financial crisis in 2008, others will have done so even earlier. The issues which arise from the physical restrictions placed on us and our movement during the current crisis may be quite unusual, but the economic issues arising from the Covid-19 crisis are likely to be similar to previous downturns.
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Practical Considerations for Trustees
The profound impact which the current pandemic has had on all aspects of life cannot be understated. This, of course, includes the global economic downturn; in some quarters it has been compared to, or indeed said to be likely to eclipse, the Great Depression
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Articles
It’s time to adapt – the Next Generation is on their way!
It is widely publicised that economists and financial observers estimate that, over the next few decades, assets worth many trillions of dollars will pass from one generation to the next - dubbed “The Great Wealth Transfer”. This passing of wealth is likely to take many forms including the transfer of individual influence over existing wealth-holding structures and as such it is clear that the fiduciary industry will experience the effects of this intergenerational change.
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Articles
Dealing with the death of a settlor
Trusts are settled for many reasons but succession planning is usually featured at the top of this list. Many settlors like the idea of leaving a legacy, of leaving their accumulated wealth in safe hands and of doing what they can to minimise if not completely eliminate family disharmony after their passing.
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Articles
Private label funds – collective investment vehicles for HNWIs
Collective investment vehicles are very familiar to high net worth investors (“HNWIs”) and their connected structures (trusts/family offices etc). In fact, many such HNWIs are key investors for new fund launches. Most such funds are put together by wealth managers looking to profit from the management of the fund.
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Articles
Relaxing Requirements for Executing a Will during Covid-19
The archaic nature of England’s law on the execution of Wills has been called into question in recent years, but never more so than in the last couple of months with the outbreak of Covid-19. Embracing modern technology in Will writing has moved from being something that the industry felt it “should” do, to a more urgent plea to allow those that need to execute a Will now, to do so, safely and validly. Other countries have been more reactive introduced emergency legislation to deal with the situation, but so far, England has failed to do similarly
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Articles
Abuse of the Interpol system
The COVID-19 pandemic has forced the planet to grind to a halt and will have a lasting economic impact. Whilst the severity of this impact remains to be seen, we know from previous economic downturns that well-connected elites in high risk jurisdictions have often used improper methods to recoup their personal losses.
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Articles
Insolvent trusts and trustee duties
Economic uncertainty brought by the Covid-19 pandemic will undoubtedly have a profound effect on the value of trust assets. Industry experts predict steep rises in insolvencies, affecting key industries. Many businesses may become cash-flow/balance sheet insolvent (if they are not already).
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Articles
Coronavirus’ impact on HNWs advice
The Coronavirus pandemic reminds us of Simone de Beauvoir’s “All men are mortal” Both encourage us to re-evaluate our priorities, prompting us to seize new opportunities otherwise ignored under the “business as usual” regime.
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Articles
Practical Considerations for Trustees
The profound impact which the current pandemic has had on all aspects of life cannot be understated. This, of course, includes the global economic downturn; in some quarters it has been compared to, or indeed said to be likely to eclipse, the Great Depression.
Read more
Articles
Dealing with the Death of a Settlor
Trusts are settled for many reasons but succession planning is usually featured at the top of this list. Many settlors like the idea of leaving a legacy, of leaving their accumulated wealth in safe hands and of doing what they can to minimise if not completely eliminate family disharmony after their passing.
Read more
Articles
Trustees and Divorce: Navigating Stormy Waters
Debt, death and divorce: often grimly cited as the estate agent’s best friends, they are also three main harbingers of trust litigation. The last of these can be particularly troublesome for trustees, who can find themselves in a difficult position when a beneficiary (or beneficiaries) of a discretionary trust divorce, especially when it is taking place in the English courts
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Articles
Towards a radical overhaul of UK inheritance tax?
Death and taxes may be the only certainties in this world, but exactly how tax is raised on death and on lifetime gifts is subject to tinkering and political debate. A new cross-party parliamentary report proposes radical changes to completely change, rather than just tinker around the edges, how inheritance tax would be charged in the UK and, if ever adopted, would have significant impact on your wealth and succession planning.
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Articles
Ways of Protecting Family Wealth on Divorce
Parents are increasingly reluctant to provide financial assistance to their adult children because they are concerned that the money could be lost in a divorce. We are often approached by anxious parents who are keen to ensure that family wealth intended for their children and grandchildren won’t fall into the hands of their estranged son or daughter in law, should they later divorce.
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Articles
Potential Psychology and Emotional Challenges in HNW and UHNW Divorce
While we are all aware of the highly complex legal, financial, commercial and international issues raised by HNW divorces, how much do we know about the personalities that have evolved within this section of society? What might we encounter of the psychology and emotional aspects of the parties involved? HNW and UHNW individuals face and develop a set of challenges within life that might be unfamiliar to those who do not inhabit that world of affluence. The very nature of their circumstances allows them to distance and detach themselves from the everyday concerns that occupy most of the planet, the need to survive financial demands on daily basis, to make ends meet. Consequently there is often little awareness, sympathy or empathy for the human and existential struggles that they, like every other human on the planet, have to face.
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