We are involved with many aspects of multigenerational planning on a daily basis, including planning and arranging for wealth management, wealth preservation, business succession planning, protecting assets from creditors and ex-spouses, and tax-reduction planning. We help clients plan for wealth management, particularly in the case of younger family members whose lack of maturity, interest or responsibility toward managing assets could impact the succession of wealth planning under way. We use planning techniques and trusts to provide structure for the management and preservation of wealth through multiple generations, and assist clients in preventing negative outcomes from improvident decisions, accidents or bad fortune of family members or other beneficiaries.

As family wealth frequently comes in the form of an interest in one or more businesses or real estate investments, we work closely with other related Dentons practice groups to engage in business succession planning, to ensure the preservation of value through changes in leadership and to provide exit strategies, if appropriate.

We help clients to preserve wealth from potential loss to creditors, including spouses in the event of divorce, and also guide our clients when negotiating, preparing and executing pre-nuptial and post-nuptial agreements to protect against claims arising from divorce or death.

Part of our effort is spent planning for the preservation of wealth against gift, estate, inheritance or other transfer taxation. We help clients navigate the tax provisions of all applicable jurisdictions, to insure that such transfer taxes are reduced to the smallest possible amount within the desired structure, and that the maximum amount of property will pass to spouses, descendants, other family members, charities or other individuals.

Insights

Benefits of having a family constitution and how to start planning one

August 16, 2023

Singapore: With the proliferation of family offices in Singapore, more questions on effective family governance have been raised. In this article, we will explore 10 key potential benefits of putting in place a family constitution, as well as the key questions to ask when designing said family constitution.

Updated conditions for single family offices applying for the 13O and 13U tax incentives (with effect from July 5, 2023)

July 17, 2023

Singapore: The Monetary Authority of Singapore recently issued new guidelines on the updated conditions for a Fund Company of a Single-Family Office that wishes to apply for the Section 13O or the Section 13U Tax Incentive Schemes under the Income Tax Act 1947. These updated conditions apply to SFOs that submit the Annex A (Preliminary Application) to the MAS after 5 July 2023. Nonetheless, SFOs with an existing 13O or 13U tax incentive can still choose to “opt-in” to fulfil the conditions under the Tiered Spending Framework and Capital Deployment Requirement when submitting their annual declaration due after 5 July 2023.

Attracting the best: changes to the global investor programme

March 6, 2023

Singapore: In a bid to attract higher quality investors and individuals interested in obtaining Singapore Permanent Residence status, the Singapore Economic Development Board announced on 2 March 2023 several changes to the Global Investor Programme’s (GIP) application criteria which will take effect on 15 March 2023. In this client alert, we will outline the key changes to the GIP’s criteria and comment how the more stringent criteria might affect high-net-worth individuals who are interested to migrate to Singapore under the GIP.

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