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Wealth Transfer: 7 Ways to Maximize the Value of Y...Rowbotham & Co LLC article : Expatriation: A Growi...
World's wealthy favour London and New York, with A...
The Best Financial Advice I Ever Received
Greatest Love of All
OSU Cowboys' Death Wish Goes Unanswered, Lose $33 ...
The domiciled, the deemed domiciled and the comple...
Inheriting money from abroad is a pain. It should ...
Individual becomes resident while in the UK on hol...
Fuss to investors: Avoid these fixed-income ETFs
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Friday, April 27, 2012
Wealth Transfer: 7 Ways to Maximize the Value of Your Gift
There’s never been a better time to give it away. From tax attorney Chuck Rubin: “This may be the best time to transfer a large amount of wealth without transfer taxes. Unfortunately time is running out on this short term opportunity because the current generous gift-tax exemptions are scheduled to expire at the end of 2012.” Read more...posted by Charles Monat Associates at 10:32 AM | 0 comments
Thursday, April 05, 2012
Rowbotham & Co LLC article : Expatriation: A Growing Trend for U.S. Citizens
As a result of the intensifying international tax compliance environment, many U.S. citizens are re-evaluating the cost of keeping their U.S. passport, once dubbed the “gold card.” For those wishing to expatriate (giving up U.S. citizenship), there may be an exit tax as though one had sold their worldwide assets at current fair market values.For those entering the U.S. as new residents, there is a greater need for pre-arrival planning. Read more (PDF)...
posted by Charles Monat Associates at 10:26 AM | 0 comments
World's wealthy favour London and New York, with Asian hubs rising.
London and New York continue to be the two most important global cities for wealthy individuals, and are likely to hold their top positions over the next decade despite the rise of Asian hubs such as Hong Kong and Singapore, according to a wealth survey, reports eFinancial News. Knight Frank and Citi Private Bank’s The Wealth Report 2012 showed that, despite developments in emerging markets and the rise of Asian hubs such as Hong Kong and Singapore, the ultra rich continue to favour more developed cities, even if those locations are farther away from the primary economic growth centres. Read more...posted by Charles Monat Associates at 10:26 AM | 0 comments
Wednesday, April 04, 2012
The Best Financial Advice I Ever Received
A friend asked me last week, “What is the best piece of financial advice you ever received”? Without much thought, I responded, “invest your time, don’t spend it”. I got that sage advice from Jeff Gitomer, an entrepreneur and author of several best selling books. While the idea is not original to Mr. Gitomer, I had never read it so succinctly nor contemplated so thoroughly.Similar to investing money, investing your time pays dividends for you in the future, while spending time is a quick pleasure that provides little future value. Investing time will improve you, your life, your health and especially your finances. Read more... posted by Charles Monat Associates at 9:51 AM | 0 comments
Thursday, March 22, 2012
Greatest Love of All
Ever since Whitney Houston’s death on Feb. 11 at age 48, rumors have been circulating about her estate. Would her ex-husband, Bobby Brown, seek to gain control of the money? Did Whitney protect her daughter, Bobbi Kristina, with a trust, or will everything be paid to her at once, since she is 18? Read more... posted by Charles Monat Associates at 5:23 PM | 0 commentsOSU Cowboys' Death Wish Goes Unanswered, Lose $33 Million
The Oklahoma State Cowboys wagered on a few timely deaths, but they lost the bet and the team’s coffers are now $33 million lighter. Read more... posted by Charles Monat Associates at 2:03 PM | 0 commentsWednesday, March 21, 2012
The domiciled, the deemed domiciled and the completely baffled: who is affected by UK IHT
The difference between domiciled and “deemed” domiciled is more than just an extra six letters.Chargeability to UK IHT, for example, depends on where a person is domiciled or ‘deemed’ to be domiciled. If a person is domiciled or deemed domiciled in the UK, they are liable to IHT on their worldwide assets, wherever these happen to be situated. Read more... posted by Charles Monat Associates at 5:42 PM | 0 comments
Tuesday, March 20, 2012
Inheriting money from abroad is a pain. It should be easier
WHEN Susan’s cousin died intestate in 2009, his 20-odd heirs were scattered in two countries and his property was spread across three. His death kicked off a lumbering international inheritance procedure. “We thought it would take a year,” Susan says (choosing to stay anonymous while the lawyers are still at work). It will probably last three.Dealing with the belongings of the dead is a grim job, but trickiest when they cross borders. Two or more jurisdictions may claim the right to share out an estate (or all may deny responsibility for it). When a legatee lives in a third country it is harder still. “It’s like three dimensional chess,” says Richard Frimston, a lawyer. Read more... posted by Charles Monat Associates at 9:48 AM | 0 comments
Tuesday, March 13, 2012
Individual becomes resident while in the UK on holiday
The First-tier Tribunal has determined that a taxpayer became resident while in the UK on holiday. Accordingly, when he disposed of shares shortly after departing from the UK, he disposed of them as a UK resident and therefore incurred a substantial capital gains tax liability.The appellant worked in Japan. It was accepted that he was not resident in the UK before 17 July 2005. On 17 July 2005, the appellant left Japan and returned to the UK for a holiday with his family. This was a common annual event. He departed the UK for Italy on 30 July 2005 for another holiday. He sold his shares on 12 August 2005 realising a substantial gain. The appellant returned to the UK on 28 August 2005 with the intention of residing here permanently. HMRC conceded the availability of extra-statutory concession A11 (ESC A11), which treats taxpayers that arrive part way through a tax year as resident from the point residence is established rather than for the whole of the tax year. Read more... posted by Charles Monat Associates at 9:09 AM | 0 comments
Friday, March 09, 2012
Fuss to investors: Avoid these fixed-income ETFs
Dan Fuss, portfolio manager of the $20 billion Loomis Sayles Bond Fund (LSBRX), says market-cap-weighted ETFs make sense — just not when it comes to fixed income.Investing in an equity index, such as the S&P 500, makes sense because over a long period of time the index has a positive bias toward companies with rising market capitalizations, Mr. Fuss said. “In general, with equities, low turnover and low costs lead to better returns over a long time period,” he said.
But when fixed-income exchange-traded funds are weighted by market cap — and most of them are — they are simply giving the largest weighting to the company that issues the most debt. Read more... posted by Charles Monat Associates at 12:19 PM | 0 comments
Friday, March 02, 2012
Q4 took toll on investors in HK, Singapore
Investor confidence in Hong Kong and Singapore fell sharply in the fourth quarter of last year, according to the seventh Investor Attitudes study from Friends Provident International (FPI). Read more... posted by Charles Monat Associates at 5:17 PM | 0 commentsTuesday, February 28, 2012
George Clooney Makes Estate Planning Sexy
Estate planning doesn’t often make it to the Academy Awards. But that’s happened this year, with The Descendants nominated for Oscars in five categories, including best picture, best actor (George Clooney) and best director (Alexander Payne). Read more... posted by Charles Monat Associates at 5:51 PM | 0 commentsEven Rich Heirs Deserve A Fair Shake From The IRS
Over the years, I’ve spent a lot of time chronicling the creative tax strategies of the rich and famous. That would include everything from the secret offshore accounts that forced billionaire California real estate developer Igor Olenicoff to plead guilty to a felony; to the aggressive tax shelters used by such Forbes 400 members as Texas banker Andrew Beal; to the tax protestor arguments that landed action star Wesley Snipes in jail. Read more... posted by Charles Monat Associates at 5:47 PM | 0 commentsFriday, February 24, 2012
IRS Releases the Dirty Dozen Tax Scams for 2012
The Internal Revenue Service today issued its annual “Dirty Dozen” ranking of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud.The Dirty Dozen listing, compiled by the IRS each year, lists a variety of common scams taxpayers can encounter at any point during the year. But many of these schemes peak during filing season as people prepare their tax returns.
“Taxpayers should be careful and avoid falling into a trap with the Dirty Dozen,” said IRS Commissioner Doug Shulman. “Scam artists will tempt people in-person, on-line and by e-mail with misleading promises about lost refunds and free money. Don’t be fooled by these scams.”
Illegal scams can lead to significant penalties and interest and possible criminal prosecution. The IRS Criminal Investigation Division works closely with the Department of Justice to shutdown scams and prosecute the criminals behind them. Read more... posted by Charles Monat Associates at 10:55 AM | 0 comments
Friday, January 13, 2012
Sign of the times: MetLife, Axa limiting customer contributions to certain variable annuity purchases
Axa Equitable Life Insurance Co. and MetLife Inc. have enacted limits to the amount that some customers can add to their variable annuities. In both cases, the limitations apply to customers who have already purchased the variable annuities and would like to add more money to their accounts, which clients may be inclined to do if their investments perform well or if they'd like to protect more of their assets under a benefit rider. Read more... posted by Charles Monat Associates at 9:23 AM | 0 commentsTuesday, November 29, 2011
Fortunes Of Indonesia's Richest Up 19%
Despite volatility around much of the globe, the economy of the world’s fourth most populous country has held up lately. Indonesia’s GDP, 70% of which is based on its domestic economy, is on track to expand 6% this year, and the stock market rose 3%, helping boost the combined wealth of its 40 richest by 19% to $85.1 billion.The country’s three richest – the Hartono Brothers, Susilo Wonowidjojo and Eka Tjipta Widjaja – easily held on to their top spots again this year, adding a combined $7.5 billion to their wealth or more than half the top 40’s total gain. The trio is now worth a staggering $32.5 billion, representing 38% of the list’s total wealth. Read more... posted by Charles Monat Associates at 11:02 AM | 0 comments
Easy Come, Easy Go: Groupon's Chief No Longer A Billionaire
So it goes for entrepreneurs whose fortunes are mostly, if not entirely, tied up in the shares of the companies they founded and run. Mason, a music major from Northwestern, helped found the daily deals site three years ago and built it into what Forbes called, in 2010, the fastest growing company in Web history. Read more... posted by Charles Monat Associates at 10:58 AM | 0 commentsFormer Billionaire Declares Personal Bankruptcy
Once Ireland’s richest man with a personal fortune of $6 billion, Sean Quinn applied for voluntary bankruptcy in Belfast this morning. Quinn owed an alleged $3.85 billion to Anglo Irish Bank’s successor institution, the Irish Bank Resolution Corporation, which he simply couldn’t repay.The entrepreneur, once one of Ireland’s most admired businessmen, started out in the early 1970s selling sand and gravel from a quarry on his father’s farm. He eventually built his Quinn Group into a multi-billion dollar mining, manufacturing, real estate and insurance empire. Read more... posted by Charles Monat Associates at 10:54 AM | 0 comments
FSA warns on ‘toxic’ life settlement funds
UK watchdog is planning to ban the marketing of traded life policy investments after it found problems in the design, marketing and sale of the products. Read more(FT Web Edition, registration required)... posted by Charles Monat Associates at 9:11 AM | 0 commentsThursday, November 24, 2011
Nagging ‘NextGen’ Problem: Protecting the Inheritance
That nagging “NextGen” problem just won’t go away.In addition to wealth managers’ concerns about retaining the children of their clients as customers, evidence continues to pile up that parents remain highly concerned that their children won’t even be able to hold on to their inheritance in the first place. Read more... posted by Charles Monat Associates at 10:35 AM | 0 comments
How Much Cash Are Your Clients Really Holding? The Sum May Surprise You
Over the last year or so, advisors have been struggling to get their clients out of cash, but how much cash are your clients really holding? Investors say they’re holding 27 percent of their investable assets in cash, according to an MFS Investment Management survey of 929 investors. Generation Y investors lead the pack, allocating 33 percent to cash, up from 30 percent in February. Guess what financial advisors who were surveyed thought their younger clients held in cash? On average, advisors surveyed believe Generation X/Y investors held 10 percent in cash. Babyboomers? FAs thought boomers held 14 percent in cash. Read more... posted by Charles Monat Associates at 10:34 AM | 0 commentsMonday, November 14, 2011
Heirs take money and run - from financial advisers
The ratio of 4-to-1 applies to most advisory businesses, yet few advisers are likely aware of it.It's the number of new accounts that an adviser must add to compensate for the revenue lost when an account leaves a firm through a generational transfer, according to consultant Rodney Zeeb.
“This is one of the biggest problems mature advisers face, and if they don't do something, they'll lose a substantial portion of their revenue — and firm value — over the next few years,” said Mr. Zeeb, co-founder of The Heritage Institute LLC, which trains advisers to work with multigenerational families. Read more... posted by Charles Monat Associates at 3:59 PM | 0 comments
Don't die in New Jersey
The old adage “location, location, location” apparently applies even in death. Nearly half of U.S. states impose an estate or inheritance tax regardless of whether the resident's estate also owes federal estate taxes. Two states, New Jersey and Maryland, levy both estate and inheritance taxes. Read more... posted by Charles Monat Associates at 3:56 PM | 0 commentsThe 147 Companies That Control Everything
Three systems theorists at the Swiss Federal Institute of Technology in Zurich have taken a database listing 37 million companies and investors worldwide and analyzed all 43,060 transnational corporations and share ownerships linking them. They built a model of who owns what and what their revenues are and mapped the whole edifice of economic power. Read more... posted by Charles Monat Associates at 10:28 AM | 0 commentsThursday, November 03, 2011
Top 9 reasons HNW clients use advisers
Some surprising revelations. Read more... posted by Charles Monat Associates at 10:37 AM | 0 commentsMonthly fees won't fly, so banks piling into crowded family office space
The combination of assets from Wells Fargo Family Wealth and its Lowry Hill Investment Advisors Inc. will start the new Abbot Downing advisory unit off with about $27.5 billion in client assets and about 575 clients.Abbot Downing, which is the name of the firm that built the signature Wells Fargo stagecoaches, will focus on gaining customers with $50 million or more in investible assets. The family office also aims to provide a full array of financial services, including mergers-and-acquisitions help, insurance and commercial banking. Read more... posted by Charles Monat Associates at 10:34 AM | 0 comments
Adviser's YouTube video attracts $1M client
While it'll never compete with Justin Bieber, one financial planner's You Tube post on financial standards of client care has become an unlikely hit. Read more... posted by Charles Monat Associates at 10:33 AM | 0 commentsWednesday, November 02, 2011
Keynote Speech By Mr Ng Nam Sin, Assistant Managing Director, Monetary Authority of Singapore
Keynote Speech By Mr Ng Nam Sin, Assistant Managing Director, Monetary Authority of Singapore,at the Society for Trust and Estate Practitioners (STEP) Asia Conference Go to MAS website... posted by Charles Monat Associates at 11:06 AM | 0 comments
Monday, October 31, 2011
Rinehart loses fight to keep family feud over multibillion-dollar trust out of courts
GINA RINEHART'S three eldest children have won the first step in their battle to oust her as trustee of the multibillion-dollar family trust. Mrs Rinehart, 57, heads Hancock Prospecting, the iron ore business she inherited from her father, Lang Hancock, and is Australia's richest person, with an estimated worth of $10 billion. Read more: http://www.smh.com.au/business/rinehart-loses-fight-to-keep-family-feud-over-multibilliondollar-trust-out-of-courts-20111007-1ldn1.html#ixzz1cJtwU2UE Read more...posted by Charles Monat Associates at 9:55 AM | 0 comments
Monday, September 26, 2011
TTR: Life insurance premiums too high
Life insurance premiums in Thailand are too high and the industry regulator should negotiate with insurers to reduce them, say officials of the Thailand Trade Representative (TTR). High premiums may be one reason that the number of life insurance policyholders in Thailand is still small relative to some countries, acknowledged Chantra Purnariksha, the secretary-general of the Office of the Insurance Commission (OIC). Read more...posted by Charles Monat Associates at 9:55 AM | 0 comments
Thursday, June 23, 2011
World Wealth Report 2011
At the end of last year, there were 10.9 million high-net-worth individuals worldwide — those with more than $1 million in investible assets — an increase of 8.3% from 2009. Their combined wealth totaled $42.7 trillion — 9.7% higher than the previous year. Both the number of “millionaires” and their total wealth now have surpassed pre-financial crisis levels in 2007.The so-called ultrahigh-net-worth population — those with more than $30 million in investible assets — grew by 10.2% to 103,000 and their wealth grew 11.5%. They represent less than 1% of the global HNW population but account for 36.1% of the total wealth, or about $15.4 trillion. Download Full Report (Registration required)... posted by Charles Monat Associates at 9:28 AM | 0 comments
Tuesday, June 21, 2011
Private School Tuition Bill Tops $40,000
The Riverdale Country School will charge $40,450 for high-school students in the coming year, the first time a New York private school has topped $40,000 in annual tuition.Tuition costs at the city's private schools, which breached $30,000 just five years ago, have climbed 79% in the past decade. The best schools have no trouble getting enough students. Still, school administrators and academic experts said they are increasingly worried about the effects of rising tuition. Read more... posted by Charles Monat Associates at 4:49 PM | 0 comments
Thursday, April 14, 2011
Commentary: Norway's savvy investing pays off
Is anywhere safe?Wall Street will tell you that government bonds issued by advanced Western countries are the safest investments money can buy.
But recent events have made a mockery of that idea. If it weren't for international rescue packages, Greece, Ireland and Portugal surely would have defaulted on their bonds.
Don't think the trouble's going to end there. Spain's finances are in trouble. Italy's net debts are 100% of its gross domestic product. Read the full story here... posted by Charles Monat Associates at 9:59 AM | 0 comments
Tuesday, April 12, 2011
Singapore: Deposit Insurance and Policy Owners’ Protection Schemes Bill and Insurance (Amendment) Bill
The Bill had it's second reading in Parliament yesterday (April 11). Included is an increase in the Deposit Insurance Scheme from $20,000 to $50,000 and proposal to include all non-bank depositors such as sole proprietorships, partnerships, companies and unincorporated entities.The scope of coverage under the Policyholder Protection Fund (PPF) is expanded to cover 100% of a life insurer's liabilities, subject to a cap of $500,000 for sum assured and $100,000 for surrender values. Link to the speech by Mr Lim Hng Kiang, Minister for Trade and Industry and Deputy Chairman, Monetary Authority of Singapore posted by Charles Monat Associates at 10:25 AM | 0 comments
Friday, March 04, 2011
Lifespan Reduced By Six Years Of Diabetes That Starts During Middle Age
Individuals who develop diabetes during middle age have an average lifespan six years shorter than other people, researchers from the University of Cambridge, England, revealed in the New England Journal of Medicine after carrying out a major, multinational study, involving over 250 scientists from 25 nations.Read more... posted by Charles Monat Associates at 12:08 PM | 0 comments
Monday, February 28, 2011
IFC Review - The rise of the Asian millionaire
According to the Boston Consulting Group's Global Wealth Report 2010, high net worth individuals in the Asia-Pacific tend to keep their wealth close to home. Those who keep their money offshore park it in Singapore and Hong Kong, eschewing the traditional Swiss havens. The emergence of Singapore and Hong Kong as key hubs for the private banking sector is partly a result of the increased wealth in the region, as well as the tightening of regulations in Europe and the US. It is no wonder that global private banking players are tripping over themselves to set up shop here in Asia. Read more... posted by Charles Monat Associates at 10:56 AM | 0 commentsFriday, December 10, 2010
Rock by Night, Life Insurance by Day
You might buy car insurance from a gecko or a cave man, but would you consider buying life insurance from a blood-spitting hellion in leather pants?Gene Simmons, the 60-year-old co-founder of the rock band Kiss, hopes so. If you are wealthy enough, that is.
Mr. Simmons's new group, Cool Springs Life Equity Strategy, was launched last month to tap into a lucrative demographic: entertainers, sports stars and other people with a net worth of $20 million or more who need a life-insurance policy of $10 million or greater. The firm's founders, who include David R. Carpenter, formerly of insurance powerhouse Transamerica, believe there is big opportunity to sell jumbo insurance policies to rich people. Go to WSJ story... posted by Charles Monat Associates at 3:47 PM | 0 comments
Wednesday, November 24, 2010
NY Times Article - Q. and A.: The Differences Between Philanthropy in the West and the East
Wealthy Asian families are showing increased interest in giving back to society through philanthropic activities. Three years ago, after a career in private banking and wealth management that spanned four decades, Noor Quek founded NQ International in Singapore to provide advisory services to family offices in Asia and the Middle East. Read more... posted by Charles Monat Associates at 11:16 PM | 0 commentsTuesday, October 19, 2010
Pension Funds Flee Stocks in Search of Less-Risky Bets
After making the same kinds of investment blunders as many individuals, corporate pension funds now are seeking the same remedies: fleeing stocks for the perceived safety of bonds.A growing number of pension managers are concluding their pursuit of maximum returns was a mistake, interviews with managers and consultants show. Instead, many funds are trying to achieve stable returns that more or less keep pace with the plan's obligations. To WSJ article posted by Charles Monat Associates at 2:13 PM | 0 comments
AIG’s Asian Insurance Unit Could Close Stock Sale Early
A sale of shares in American International Group Inc.’s Asian life insurer AIA Group Ltd. that could potentially raise up to $20.6 billion will close two days earlier than expected after meeting with strong demand from investors, people familiar with the matter said. Go to WSJ story posted by Charles Monat Associates at 2:11 PM | 0 commentsMonday, October 18, 2010
IFC Review - Asia faces challenge of channeling floods
As money surges with ever greater force from the west into emerging markets, nowhere does fear of asset bubbles and currency volatility run deeper than in the fast-growing economies of Asia, the Financial Times reports.Foreign capital has rushed into the region’s bond and equity markets this year, driving the region’s currencies sharply higher against the dollar and raising the prospect of a sharp response from Asian policymakers. Read more... posted by Charles Monat Associates at 10:17 AM | 0 comments
Wednesday, October 13, 2010
We remain confident in Fixed Income assets for Long-Term Asset Preservation
I remain confident that fixed income assets are a key component of a portfolio designed for long-term asset preservation. Life insurance also plays an important part in asset allocating for safety when preserving assets over the generations.My call for a correction in Gold turned out to be a false hope - the trend is up but at these levels I don't see a place for the average investor. Commodities may well have a role to play in asset preservation, but at the moment it looks far more like a professional traders' market.
Long term asset preservation depends on avoiding large shocks to a portfolio and in the past 2 years+ our view has been largely correct - low volatility assets outperform on a longer horizon.
posted by Charles Monat Associates at 11:45 AM | 0 comments
'Surge’ in demand for life products among HNWIs in emerging markets
Demand for offshore insurance-linked investment products among high-net-worth individuals in the world’s emerging markets is “both large and under-served by private banking businesses”, according to Scorpio Partnership. Read more... posted by Charles Monat Associates at 11:40 AM | 0 comments
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