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international wealth protection an introduction
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international wealth protection an introduction
About usHoward Kennedy offers an exceptional series of legal services andsolutions for the wealthy discerning client. From our offices at No.1 London Bridge, and in conjunction with our global legal networks,the Firm provides a highly personalised service to meet life’s small(and larger) challenges, while seeking always to ensure that the legalstructure of our clients’ asset bases is protected, both now and forthe future generations.
We understand “Family Office” issues. We work closely with leadingservice providers in finance, investment, property management,accounting, taxation and a range of other related service sectors.Through our wide and long-established client and intermediarynetwork, we are happy to introduce our clients to alternativesources of funding, other like-minded partners and investmentopportunities.
Clients choose to work with us because:
• we value their business, many comment that they feel like a ‘number one’ client
• our partners are involved in the detail as well as the big picture – our partners stay involved seeing transactions through to completion and do not simply turn up for the pitch
• our team of specialist lawyers has a breadth and depth of experience across the spectrum of industry
• we have an entrepreneurial and forward-thinkingapproach
• we provide commercial solutions, not just legal opinions
• we offer integrated advice on complex issues and projects
What we do to protect your wealth
• Tax and international succession planning
• Estate administration and disputes
• Family law advice
• Sale and purchase of high value real estate and luxury assets
• Immigration and nationality issues
• Strategies for protecting inward UK investment
• Structuring charitable giving and philanthropy
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Chambers & Partners Clients’ Guide to the Legal Profession 2015
“We find them easy to work with as they can present information in
a sensible and pragmatic way.”
How we can helpTax and international succession planningProper management of tax affairs is critical to wealthy individuals and any businesses they may own. We put time and effort into working with our clients on legitimate tax planning and mitigation strategies. We specialise in the creation of tax efficient Wills and trust structures to protect a client’s wealth and to ensure it transfers to future generations, whilst co-ordinatiting international planning for clients with foreign interests.
Clients with foreign domicile and/or residence can take advantage of their status and benefit from tax planning opportunities using offshore trusts and other vehicles. We regularly advise on the benefits of such structures for the purpose of succession planning, confidentiality and UK tax mitigation.
Estate administration and disputesAs well as advising clients on lifetime issues, we take away the stresses and uncertainties that can arise when administering estates upon death. Where appropriate we advise on how to mitigate inheritance tax post death, including the use of deeds of variation.
We proactively co-ordinate the worldwide administration of estates where there is an international dimension.
Where inheritance disputes arise, our specialists achieve effective, timely and economical resolutions.
Family law adviceOur dedicated team of family law specialists can advise you about protecting your wealth when marriage or relationships threaten to break down. Also before marriage and in calmer times during a marriage, Pre-Nuptial and Post-Nuptial Agreements enable clients to protect assets and future inheritances.
Whilst such agreements are not binding under English law, there have been dramatic
changes as a result of recent cases so that, provided certain safeguards are met, the English Courts will now follow them unless there is something seriously unfair about the terms of the agreement. For international couples, we co-ordinate the English advice in all relevant jurisdictions and analyse the enforceability of agreements beyond the UK.
Sale and purchase of high value real estate and luxury assets, including artWhere clients are considering the sale and purchase of high end real estate, yachts or private aircraft, we help with negotiating building contracts, sale agreements and financing documentation and also provide any VAT or other tax advice.
We advise on commissioning, purchasing and selling art and are well versed in co-ordinating transactions that involve several jurisdictions. We liaise with brokers, insurers, charterers, auctioneers, galleries and other interested parties to facilitate production of the documentation and information to satisfy registries, lenders and auction houses.
Immigration and nationality issuesFor non-UK individuals considering living or working in the UK, we can demonstrate the most effective routes to enter and live in the UK.
We advise on both the immigration rules (to secure your personal status and minimise travel disruption) and the most tax effective means to secure your wealth prior to residency in the UK.
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Investing in the UKStrategies for protecting inward UK investmentIf clients are setting up business in the UK, or buying (or buying into) an existing UK business, we can assist with the following issues:
• personal and business tax planning• employee tax planning and immigration• optimal business or corporate structures
together with wider considerations such as premises rentals and purchases, IT licensing, distributing arrangements, intellectual property issues and corporate governance.
We specialise in business reconstruction where businesses face commercial or financial difficulties (or to investors in distressed enterprises).
We assist wealthy international families with the formation of a family office with a view to coordinating investment programmes in the UK and overseas, relationships with joint venture partners etc. Where appropriate our role helps minimise contact with UK regulations.
Structuring charitable giving and philanthropyWe can recommend to clients tailored structures to maximise the tax efficiency of personal charitable giving. We are able to assist in structuring charitable institutions and foundations and work closely with banks and accountancy firms who specialise in the financial aspects of such entities.
Other services for individuals include:• Wills and Inheritance Tax planning
• efficient administration of estates
• creation and administration of trusts and charities
• trust and estate dispute resolution
• family issues, including:
• marriage and cohabitation (pre-nups/postnups/cohabitation agreements)
• relationship breakdown (divorce/civil partnerships dissolution and financial settlement)
• our specialist children’s unit dealing with residence and contact, adoption and surrogacy, international child abduction and children disputes
• residential property
• employment law advice
• reputation management and defamation
• crime
• personal injury
Legal 500 Guide to Law Firms in the UK 2014
“Very good particularly on response times and value for money.”
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Case StudiesUS tax issues and adviceWe advised an American national CEO of a British company, providing tax and succession advice to dovetail with US advice for estate planning purposes. The advice was specifically designed to take advantage of the US estate and gift tax planning regime. We also worked with him on the creation of an offshore trust structure.
Luxury AssetsLast year we acted for a Middle Eastern seller of a Gulfstream aircraft to an Indian buyer. Our role included: preparing a Letter of Intent; preparing and negotiating the Aircraft Sale and Purchase Agreement; liaising with the operator of the aircraft and with the purchaser’s representatives to arrange a pre-purchase inspection at a Gulfstream facility in Switzerland; subsequently arranging for delivery of the aircraft in Jersey including dealing with Jersey Customs; dealing with the bank financing of the aircraft; co-ordinating the closing which involved the exercise of an option by our clients to purchase the aircraft from the financing bank and the immediate sale on to the ultimate purchaser and the deregistration of the aircraft.
Art CollectionWe recently advised a high net worth client and leading collector of contemporary art based in the UK on the creation of a foundation dedicated to promoting and commissioning land art. The foundation will hold artworks by leading contemporary artists situated in the English landscape and will lease land and commercial premises in order to make these artworks available to the public.
Our work involved advising our client on the charitable structure of the foundation, on tax relief as well as advising on commissioning agreements with the artists involved.
Inward investment into the UKThis year we have helped numerous non-UK residents who wanted to acquire and own valuable residential property in Central London. Our advice included structuring the ownership arrangements tax efficiently, taking into account inheritance taxes and the new annual tax on enveloped dwellings (ATED).
One particular client, who owned UK residential real estate valued at more than £20m, needed us to help unwind an existing corporate structure to return the property to their personal ownership. This advice included an assessment of the implications of that personal ownership and the UK tax consequences of terminating an existing trust structure. English succession law was relevant, and we prepared English Wills to secure inheritance for future generations of the family.
Cross-jurisdiction family proceedingsWe advised a divorcing husband on where the jurisdiction of their breakup would be heard. The couple had married in Switzerland, where they entered into a Pre-Marital Agreement, which said that the marital relationship and any conflicts were governed by Swiss law. Neither of them were British nationals, although they did live in England until the husband returned to Switzerland to initiate divorce proceedings. The wife wanted to divorce in England and contested the Swiss jurisdiction. As Switzerland is party to the Hague Service Convention, the husband’s Application to the Swiss Court took priority over the wife’s, having been served first. We helped the husband win the priority of Proceedings in the Court of Appeal.
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Liz PalmerPartner: Head of private clientT: +44 (0)20 3755 5645E: [email protected]
Meet the team
Alan KaufmanConsultant: FamilyT: +44 (0)20 3755 5538E: [email protected]
Neil LongPartner: Private ClientT: +44 (0)20 3755 5578E: [email protected]
Brian SlaterConsultant: TaxT: +44 (0)20 3755 5712E: [email protected]
Sam HookPartner: Real EstateT: 020 3755 5512E: [email protected]
Anthony HuntPartner: Head of Corporate Real EstateT: +44 (0)20 3755 5521E: [email protected]
The team is “efficient, professional, innovative and extremely capable of dealing with things of a complicated nature.”Chambers & Partners Clients’ Guide to the Legal Profession 2013
Michael ChapelowPartner: InternationalT: +44 (0)20 3755 5399E: [email protected]
Simon MalkielPartner: Private ClientT: +44 (0)20 3755 5587E: [email protected]
Paul AmandiniPartner: AviationT: +44 (0)20 3755 5358E: [email protected]
Sue ThackerayPartner: Head of Commercial LitigationT: +44 (0)20 3755 5743E: [email protected]
Mark Stephens, CBEPartner: Dispute ResolutionT: +44 (0)20 3755 5735E: [email protected]
Howard GouldenPartner: EmploymentT: +44 (0)20 3755 5477E: [email protected]
No.1 London Bridge London SE1 9BGDX 144370 Southwark 4
Tel: +44 (0)20 3755 6000 Fax: +44 (0)20 3650 7000
www.howardkennedy.com
