A new paper from Global Superyacht Club makes the case for fractional ownership of luxury yachts, noting savings of time and money on maintenance, crewing, management, safety and security procedures, planning, provisioning and relocation delivery.
There are significant changes in the taxation of non-UK domiciled individuals. This question-and-answer document from KPMG LLP provides a quick overview of these changes as well as the impact on those affected.
Recent tax court cases have shown the ongoing administration of family limited partnerships is as important as making sure the transaction was properly structured at the outset. Withers Bergman says the family office is a natural fit for ensuring such administration because of its day-to-day involvement with family members and their holdings.
An economic downturn can accentuate the drivers of fraud and misconduct within companies, according to KPMG's third national integrity survey. Researchers found that 75 percent of employees had observed or knew of wrongdoing within their organizations. Ethics and compliance programs seemed to make employees more willing to report the misconduct they observed.
Individuals who have been diagnosed with cancer can do much to influence the course of their illness and improve their quality of life. This comprehensive guide from PinnacleCare can help patients navigate the healthcare system to get the best possible treatment outcomes.
Staff recruitment, hiring and retention are challenging and diffi cult processes for any employer. When this task is assumed by a family, many of the standard issues raised are magnifi ed because of the family's limited experience in this job capacity. When you take on the role of employer, risk management changes in many ways. Despite the concerns that are raised, proper planning and preparation can mitigate or remove many of the potential pitfalls.
A new paper from Butterfield Private Office outlines private trust companies and how ultra-wealthy individuals and families can use them to manage a wide variety of assets while retaining a large measure of control over the administration of those assets.
A limited liability company may seem like the best way to structure private aircraft ownership, organizing finances while shielding other assets from liability, but think again, says Gary Horowitz of Wiley Rein. Using an LLC can lead to a huge tax liability, potential fines by the Federal Aviation Administration and increased personal liability. The author offers alternative structuring that can be less costly and provide better liability coverage.
Two notices from Withers Worldwide discuss changes to U.S. tax rules in the deferred remuneration area that take effect on 1 January 2009. These rules (found in Sections 409A and 457A of the U.S. tax code) target deferred payments that do not satisfy complex technical requirements, imposing a compliance burden on non-U.S. as well as U.S. employers. (Section 409A)
Many officers of family offices serve on boards of directors for family-owned businesses or companies in which they have made equity investments. If these companies move into distressed status, litigation by investors and creditors may follow – and agents of family offices may appear to have the deepest pockets. This report from JD Ford & Company considers the role of these agents, noting potential land mines and offering suggestions for handling these situations successfully.