The Destructive Power of Family Wealth

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Marcovici Philip. The Destructive Power of Family Wealth

Advanced Praise

A Few Extracts From The Destructive Power of Family Wealth

Preface

Acknowledgments

About the Author

Introduction

Chapter 1. Any Amount of Wealth is Enough to Destroy a Family

Chapter 2. The Psychology of Wealth

The Wealth Creator

The Wealth Creator's Spouse

Aging Relatives – Alive… and Well?

The Second Spouse

The First Mistress or Toy-boy

The Second Mistress or Toy-boy… and the First is Not Thrilled

The Children in the Second Family

The Sons

The Daughters

The Sons-in-Law and Daughters-in-Law – A Broad Spectrum

The Grandchildren

The Siblings

The Friends

Chapter 3. The Move to Transparency

There are Only Two Choices: Play by the Rules, or Get Out

Tax Evasion and the Misuse of Bank Secrecy is a Global Problem

How Do Tax Authorities Find Out About Undeclared Money?

Automatic Exchange of Information Backed Up by Anti-Money-Laundering Rules – But Will it Always Work?

Are All Countries Ready for Automatic Exchange of Information?

For Countries That are Not Ready for Transparency, What Kind of Alternative Tax System Could Work?

Tax Competition, Mobility, and Countries Not Ready for Full Information Exchange

Should Tax be the Driver in Asset Protection and Estate Planning?

Chapter 4. Understanding the World of Taxation

Tax Evasion, Tax Avoidance, and Tax Planning – the Years to Come

Different Kinds of Tax Systems

Will There be One Global Tax That Applies, or Will Tax Competition Survive?

Countries That Do Not Impose an Income Tax

Territorial Tax Systems

Worldwide Taxation on the Basis of Residence

Tax Treaties and the “Tie-Breaker” Rules

There are Many Differences between Worldwide Tax Systems Based on Residence

Offshore Companies and Worldwide Tax Systems

The USA and Worldwide Taxation of Citizens and Green Card Holders

There are Many Kinds of Tax

Mobility and Citizenship Planning, and Fixing Historical Tax Non-disclosure

The Golden Rules of Undeclared Money

Getting Out

Chapter 5. The Needs of Wealth-Owning Families

Knowing Where the Assets Are – And Not Having a Plan is a Plan

Succession, Wills (Including “Living Wills”), and Probate

Divorces (and Relationships Generally)

Second Families

Multi-jurisdictional Families

Changing Demographics

Family Conflict Resolution

Business Succession and Family Constitutions

Doing Good – Philanthropy and Families

Privacy and Confidentiality

Investments, Liquidity, and the Diversification of Ownership Structures

Tax-Advantaged Investing

Asset Protection and Preservation

Art, Jewelry, Classic Cars, and Other Valuable Special Assets

Political Risk

Security and Kidnapping Risks

Do I Need Separate Structures for All These Things?

Chapter 6. The Tools of Wealth Planning

Wills

Trusts

Foundations

Partnerships

Companies: Offshore, Onshore, and “Midshore”

The Family “Bank”

Insurance Products

Derivatives and More

Chapter 7. Advisors – We Need Them but Need to Control Them

Lawyers and Accountants

Private Banking and the Wealth-Management Industry

Independent Asset Managers, Multi- and Single-Family Offices

Conflicts of Interest – Everyone Has Them!

Chapter 8. Getting it Right

Stress Tests and Understanding That No Plan is a Plan

Knowing What You Have and Where the Assets Are

Advisors, the “Family Office,” and Who Will be Doing What

Communication and Avoiding Surprises

How Far Do We Go to Minimize Tax and to Protect Assets from Claims of Creditors, Spouses, and Others?

Women and Wealth

What Mom and Dad Meant

The Reality of Emotions, Psychology, Aging, and Communicating with Money

Can Private Banks, Trustees, and Other Advisors Get it Right?

Education is Key

Addendum: The Need for Dialogue on Tax Transparency

The USA and Switzerland: Failed Strategies by Switzerland, but has the USA Achieved All That It Could?

The Liechtenstein–UK Example: The Possibilities of Strategy and Dialogue

The Main Elements of the LDF and Related Arrangements

The Practicalities of Anti-Money-Laundering Rules and the Addition of Tax Offences as Predicate Offences

Glossary

Index

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The Destructive Power of Family Wealth

A GUIDE TO SUCCESSION PLANNING, ASSET PROTECTION,

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There is no question that religious and cultural issues impact how families work as well as the successionprocess itself. But no family is immune to the dangers that wealth can generate, or the relatively new issues associated with all of us living longer and the succession changes that result because of changes in the demographic patterns. If Mom or Dad lives to 105, does that mean that I inherit when I am 80? And what of the growing incidence of dementia and all the problems that come with it?

Are these only problems of the “wealthy?” For me, the answer is no – all wealth owners, meaning anyone who owns anything of value that may pass to the next generation or to others, have the potential to destroy their families through a poorly planned or ambiguous succession process. In fact, families who have relatively little in the way of assets have a particular responsibility to ensure that what they have and hope to use to enhance the lives of the next generation does not end up in the wrong hands or result in the destruction of family relationships.

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