Charles Monat Associates: September 2007






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	Saturday, September 22, 2007 Luciano Benetton: The green billionaire This is the way Luciano Benetton sails off into the sunset. The man who gave us his United Colours, who revolutionized the Italian fashion business, who made our brains hurt by yoking cheap and cheerful knitwear with images of birth and death, Aids, prisoners on death row and babies trailing umbilical cords, has built the ship of his dreams. Read more... posted by Charles Monat Associates at 9:32 AM \| 0 comments Norway boasts more billionaires A booming, oil-fuelled economy has helped make the rich richer in Norway. The average net worth of the country's 400 wealthiest people now amounts to more than NOK 1.8 billion (about USD 322 million), according to magazine Kapital, which compiles the annual list. Read more... posted by Charles Monat Associates at 8:51 AM \| 0 comments Singapore Airlines reveals A380 cabin configuration I may be too late to take part in the charity auction for a seat on the first A380 flight, but we'll eventually want to decide what seats to get when we do embark on a flight. Singapore Airlines has posted cabin configuration on their website and if your travel budget doesn't allow for the new 'R-class' there are still some nifty economy seats in the rear of the upper deck. Read more... posted by Charles Monat Associates at 8:43 AM \| 0 comments Friday, September 21, 2007 The 100 Richest Turks manage $170 billion Total wealth of the 100 richest families in Turkey exceeded $170 billion this year, increasing approximately by $20 billion compared to last year, according to 'the 100 richest Turks' list of economy magazine Ekonomist. Read more... posted by Charles Monat Associates at 10:44 PM \| 0 comments United Arab Emirates makes concession for family businesses Dubai’s Al Habtoor Group has become the first family owned business in the United Arab Emirates to consider a listing under a new law allowing families to keep control of their businesses while issuing shares. Until last month, UAE law required family owned firms to sell a minimum of 55% of the business in an initial public offering, however, the figure was viewed as too high, so most remained privately held. The lowering of the ceiling to 30% is expected to unlock opportunities for investors as more families list shares in their billion-dollar companies. Read more... posted by Charles Monat Associates at 10:37 PM \| 0 comments Sort out succession, family firms advised With figures showing that those companies prepared for future leadership do better financially than those that are not, family business owners have been urged to get their succession plans in order. Read more... posted by Charles Monat Associates at 10:36 PM \| 0 comments Who is Going to Take Care of the Family Business Family owned businesses in Canada and the United States have comprised a major portion of the job market and economy for decades. What does the future hold for North American family owned businesses? As the population ages and the beginning phase of a large population of Northern Americans begins to retire, what will the face of the future business economy look like? Read more... posted by Charles Monat Associates at 10:33 PM \| 0 comments Estate plan necessary for clarity Q: My wife and I have two grown children, and we own a home. I was told we really do not need a will because my kids will get everything when we die. My wife and I signed a paper and had it notarized stating that our children should split all of our property equally. Do we need a lawyer to prepare a will? Read more... posted by Charles Monat Associates at 10:32 PM \| 0 comments Thursday, September 20, 2007 Are You a Tightwad or a Spendthrift? And What Does This Mean for Retailers? Men are bigger tightwads than women; younger people are more likely to be spendthrifts than older people; and the more educated a person is, the more likely he or she is to be a tightwad. Read more... posted by Charles Monat Associates at 11:36 AM \| 0 comments Monday, September 17, 2007 Dying to ensure the devil is not in the detail When you die, someone has to know where the details of your financial life are located. Things such as a comprehensive list of assets and liabilities, life insurance policies, power of attorney, your will, credit cards, details of bank accounts -- and all the other important parts of your busy life. The problem is that once you have passed away, an executor has to go through an exhaustive -- and expensive -- process to collate all the financial components of your life so that your estate can be distributed to beneficiaries. Read more... posted by Charles Monat Associates at 12:18 PM \| 0 comments Friday, September 14, 2007 September is birthday month at CMA Singapore! What better time to have a team lunch at Ritz Carlton? Sadly Dialina, Vincent and Shaun could not join us for this lunch. posted by Charles Monat Associates at 3:41 PM \| 0 comments Thursday, September 13, 2007 India: Life insurance growth to double in five years Management consultancy firm McKinsey has forecast that India’s life insurance industry will double in the next five years from $40 billion to $80-100 billion in 2012. This growth would improve the level of insurance penetration from 5.1% of gross domestic product to 6.2% in 2010-2012. Read more... posted by Charles Monat Associates at 6:06 PM \| 0 comments Rich Indians look at trusts to manage money for long haul A growing number of wealthy Indians are looking at trusts as a way to manage money for the long term. The objective of such efforts is to fulfil the legacy requirements of individuals and families in areas such as philanthropy and also insulate family wealth from the fallout of professional hazards and breakdown in marriages. Read more... posted by Charles Monat Associates at 6:05 PM \| 0 comments Carnation's heir shares principles of wealth Stuart E. Lucas is an unusual financial adviser: a wealthy man who dispenses advice on building wealth. He is a fourth-generation heir to the Carnation fortune. Carnation, which made products such as evaporated milk and nondairy creamers, was a family-owned business before Nestle bought it in 1985. Moreover, Lucas is chairman of Wealth Strategist Network, an organization that helps wealthy families manage their fortunes. In the following excerpt from his book "Wealth: Grow It, Protect It, Spend It and Share It," published by Wharton School Publishing, he summarizes his guiding principles: Read more... posted by Charles Monat Associates at 6:03 PM \| 0 comments US: Planning could save you big surprises in estate taxes Few people want to think about planning for death, but when 2011 gets here, more may wish they had. If you have assets of more than $1 million, the cost of not planning will come in the form of potentially higher taxes if you die after 2010. That’s when the current estate tax exemption (the amount that’s not subject to tax) of $2 million in assets expires and reverts to the 2001 exemption of $1 million. The higher exemption was the result of President Bush’s tax cut plan, which expires in 2010. Read more... posted by Charles Monat Associates at 5:51 PM \| 0 comments Estate Planning - What About Life Insurance? Not too many years ago life insurance was considered to be the indispensable platform upon which all other estate planning efforts should be based. In fact, for those in the median and lower income ranges, it was often the only recognized method for protecting one’s heirs, particularly in the event of untimely death. Read more... posted by Charles Monat Associates at 5:50 PM \| 0 comments Wednesday, September 12, 2007 Wealth management sector set for record growth levels in next 3 years CEOs staggeringly optimistic about growth prospects but success could be derailed by a lack of focus on client-centric behaviour and regulatory compliance Read more... posted by Charles Monat Associates at 11:02 AM \| 0 comments Friday, September 07, 2007 Two Singapore firms in Forbes Asia Fabulous 50 List For the first time, Singapore companies have made it to Forbes' annual ranking of big-cap, profitable companies in Asia, with Neptune Orient Lines and SembCorp Industries in the Forbes Asia Fabulous 50 List. Read more... posted by Charles Monat Associates at 6:04 PM \| 0 comments Outlook on US life insurance sector stable - S&P Standard & Poor's Ratings Services said that its outlook for the US life insurance sector remained stable and that it expects positive and negative rating movements to be about equal over the next 12 months. Read more... posted by Charles Monat Associates at 3:07 PM \| 0 comments Pet lovers like Helmsley plan ahead Say this for Leona Helmsley: She loved her dog. Some of her grandchildren? Not so much. The imperious hotel magnate, who died last month, left $12 million to her white Maltese, Trouble, ensuring that Trouble will continue to enjoy a lifestyle other dogs can only dream of. Two of her grandchildren, meanwhile, got nothing. The two others got $10 million each, though their inheritance will be cut in half if they fail to visit their father's grave once a year. Read more... posted by Charles Monat Associates at 12:12 PM \| 0 comments Thursday, September 06, 2007 From wooden hut to £50m philanthropist SHE launched a travel agency in a wooden hut in Saltcoats 51 years ago that was to became one of the UK's largest. Today, weeks after celebrating her 85th birthday, Margie Moffat has become one of Scotland's leading philanthropists by giving £50 million to charity. Read more... posted by Charles Monat Associates at 11:59 AM \| 0 comments
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