Through proper Estate Planning same-sex couples can enjoy nearly similar benefits as other couples in Hong Kong, and their children can be suitably protected.
Transitioning ownership and control to the next generation is only one of the hurdles for many family business owners in succession planning
Valuation of artworks is the first step that an investor should think about as it has deep consequences in wealth and estate planning, as well as in case of future divorce proceedings.
Common issues for art law include valuation, how to protect and acquire ownership of Intellectual Property Rights in art, cross-border transfer and more.
It is reassuring for settlors to know that the Hong Kong courts hold professional trustees to a very high standard when exercising their fiduciary duties. Strong protection from the courts may be another reason why professional trustees may be preferred.
If you would like to carry on your family business for successive generations and you feel that the retention of such shares is of utmost importance and that you do not want a third-party trustee to interfere with the management of the business, then a PTC or a VISTA Trust may be the solution for you.
The major hurdle is finding the right trustee since there is no standard answer as the wishes of the settlor, family circumstances and asset picture or holding structure can all affect the choice of trustee.
There are different types of trusts for different purposes depending on the settlor’s needs and goals, while the essential characteristic of all trusts is the separation of legal and beneficial ownership.
In the modern days when even chivalry has been pronounced dead by many, trusts remain relevant, especially for those who wish to protect family wealth and plan for succession.
While abuse cases reporting in Hong Kong is on the increase, statistical figures are just the tip of the iceberg of what’s really happening. Injunctive relief is only part of the solution with much more to do left to social policies and legislation.