Russian Family Foundations: benefits and pitfalls for international clients with Russian connections

2020 ◽  
Vol 26 (6) ◽  
pp. 574-579
Author(s):  
Sergei Alimirzoev ◽  
Ilya Aleshchev ◽  
Daria Romanova
Keyword(s):  
Succession Planning ◽  
Common Law ◽  
Estate Planning ◽  
Private Foundation ◽  
Effective Implementation ◽  
Gray Area ◽  
Russian Law ◽  
Family Foundations

Abstract Since 2018, Russian law has provided for the concept of a “Hereditary Foundation”, a private foundation which can be established after the demise of the testator and which can act in a way similar to a common-law trust. It is an option for complex estate planning under Russian law. It has attracted both interest and controversy, with many concerned that the gray area, lacunae, and inconsistencies in the legislation may prevent its effective implementation. The authors analyze the practical challenges in this area and consider whether and how this vehicle fares in competition with the non-Russian structures traditionally used by Russian private clients for estate and succession planning.

Family Foundations in Switzerland

2020 ◽  
Vol 26 (6) ◽  
pp. 580-589
Author(s):  
Natalie Peter
Keyword(s):  
Common Law ◽  
Estate Planning ◽  
Asset Protection ◽  
Legal Limits ◽  
Swiss Law ◽  
The Future ◽  
Family Foundations

Abstract At a governmental level, the introduction of a Swiss law on trusts is currently being reviewed. One of the arguments is that Switzerland does not provide for a suitable instrument to be used for estate planning or asset protection purposes. Many scholars and practitioners take the view, though, that a common law trust is not a suitable instrument and that therefore it would be more advisable to review the existing instruments, such as the Swiss family foundation or the fiducie (Treuhand), and to amend them accordingly. This article shall shed some light on the Swiss family foundation, on its use and limits and how it could be used de lege ferenda in the future if its legal limits were finally to be released.

Foundations in the wild west: the Wyoming Statutory Foundation Act

2019 ◽  
Vol 25 (6) ◽  
pp. 617-625
Author(s):  
Jordan S Chandler ◽  
Geoffrey Cone ◽  
Paolo Panico ◽  
Amy M Staehr
Keyword(s):  
Succession Planning ◽  
Common Law ◽  
Civil Law ◽  
Corporate Law ◽  
Wealth Management ◽  
The Usa ◽  
In The Wild ◽  
Wild West ◽  
Asset Preservation

Abstract Traditionally a civil law concept, the use of foundations as wealth management and succession planning vehicles is gaining popularity in common law jurisdictions. Wyoming is the second state in the USA to adopt common law foundation legislation that will allow for the formation and administration of statutory foundations. The Wyoming Statutory Foundation Act, effective 1 July 2019, combines elements of well-established trust and corporate law in Wyoming with classical elements of foundation legislation found in civil law jurisdictions, while also providing access to Wyoming’s privacy and asset preservation laws.

Attributions for Family Business Failure: The Heir's Perspective

1996 ◽  
Vol 9 (2) ◽  
pp. 171-184 ◽  
Author(s):  
Karen Maru File ◽  
Russ Alan Prince
Keyword(s):  
Family Business ◽  
Succession Planning ◽  
Family Businesses ◽  
Business Failure ◽  
Financial Assets ◽  
Estate Planning ◽  
Estate Tax ◽  
Business Studies ◽  
Us Economy ◽  
The Us

Family business studies have focused on succession because of the incidence of family business failure and the importance of family businesses within the US economy. This study furthers the understanding of family business failure by making the distinction between succession planning (the management task of transitioning leadership) and estate planning (the task of transitioning financial assets and managing federal estate tax obligations) and using this distinction to better understand family business discontinuance. This study of 749 heirs of failed family businesses demonstrates that inadequate estate planning is more often associated with family business failure than is poor succession planning.

The Curacao Trust--a common law trust in a civil law jurisdiction--a comparison with the Curacao Private Foundation

2012 ◽  
Vol 18 (6) ◽  
pp. 535-542
Author(s):  
M. Bergervoet ◽  
D. Mansur ◽  
T. Stienstra
Keyword(s):  
Common Law ◽  
Civil Law ◽  
Private Foundation

The German family foundation: concept, legal framework, and taxation

2020 ◽  
Vol 26 (6) ◽  
pp. 534-541
Author(s):  
Maximilian Haag ◽  
Michael Tischendorf
Keyword(s):  
Common Good ◽  
Legal Framework ◽  
Estate Planning ◽  
Non Profit ◽  
Wealth Management ◽  
German Family ◽  
Asset Protection ◽  
The Common ◽  
Business Succession ◽  
Family Foundations

Abstract Most German foundations serve the common good. Nevertheless, setting up a private foundation in Germany has proven to be a valuable instrument in private wealth management and estate planning. About 5% of all German foundations are the so-called family foundations with the purpose of serving the interests of one or more families. There are numerous possible areas of application, such as business succession, asset protection, estate planning, and/or use of tax advantages. This article is intended to describe the concept of the German family foundation, its establishment, constitution, and termination, as well as its taxation, in order to provide an overview of its advantages, disadvantages, and possible applications. The German non-profit foundation shall not be discussed.

scholarly journals DISADVANTAGES OF THE RUSSIAN NOVELS ON COMMORIENTS (ARTICLES 1114, 1116 OF THE CIVIL CODE OF THE RUSSIAN FEDERATION) IN THE COMPARATIVE LEGAL ASPECT

2020 ◽  
Vol 8 ◽  
pp. 42-48
Author(s):  
Vyacheslav B. Panichkin ◽  
◽  
Elena V. Panichkina ◽  
Keyword(s):  
Russian Federation ◽  
Common Law ◽  
Legal Aspect ◽  
Civil Code ◽  
Critical View ◽  
Law System ◽  
The Russian Federation ◽  
The Common ◽  
Russian Law ◽  
The Moment

The article contains a critical view on the new laws on the commorientes (heirs in simultaneous death and death in quick succession) of the Civil Code of Russia (Art. 1114, 1116), which replaced the legal category “day of death” by the category “the moment of death”. It must be noted the critics made from the standpoint of a supporter of such changes of law. While analyzing the new laws by method of law comparing with the foreign laws concerning the same tasks in the common law system, the author finds eight significant insufficient of present Russian law that need to be corrected.

scholarly journals Challenging of Debtor`s Transactions Aimed at Infliction of Damage on Creditors in Anglo-American Law and Russian Civil Law: Comparative Law Research

JURIST ◽  
2021 ◽  
Vol 3 ◽  
pp. 19-24
Author(s):  
Sergey V. Myshyakov ◽  
Keyword(s):  
Common Law ◽  
Civil Law ◽  
Comparative Law ◽  
Legal Analysis ◽  
Legal Provisions ◽  
American Law ◽  
The Common ◽  
Russian Law ◽  
Anglo American ◽  
Fraudulent Transfer

This article deals with the common law institutions on the grounds for challenging transactions made to the detriment of creditor’s property interests, and the relevant legal provisions and presumptions located in Chapter III.1 of the Russian law on insolvency (bankruptcy), a comparative legal analysis of the object and grounds of the challenge, the subjects of the challenge, the composition for proving the fact of fraudulent transfer of the debtor’s property and the preferred satisfaction of the creditor’s claims is carried out.

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