Charles Monat Associates: October 2007






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	Wednesday, October 24, 2007 S'pore financial institutions can tap into DIFC's family office framework Family wealth management or family office is emerging as a new area of focus in the financial sector. The Dubai International Financial Centre (DIFC) is setting the pace with a new incentive to define a family office in a legal capacity. It said Singapore-based financial institutions can tap into the framework and leverage on the rising number of high net worth families in this region. Read more... posted by Charles Monat Associates at 2:34 PM \| 0 comments Private banks target family offices Private bankers see little threat from "family office" practices -- units set up to typically manage money for one wealthy family or a small group of them -- and instead regard them as opportunities to win more business. "Family offices are very close to our heart," Reinhard Krafft, head of private banking at German bank Sal Oppenheim, told the Reuters Wealth Management Summit. Read more... posted by Charles Monat Associates at 2:32 PM \| 0 comments Tax changes likely for estates 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 2:29 PM \| 0 comments Thursday, October 11, 2007 Hong Kong tax cut to boost growth Donald Tsang said taxes would be cut by 1 percentage point, to 16.5% for firms and 15% for individuals, in the first policy speech of his new term. Read more... posted by Charles Monat Associates at 8:42 AM \| 0 comments Wednesday, October 10, 2007 Singapore dollar at 10-year highs Not entirely unrelated to Estate Planning and Wealth Transfer, our old friend Charlie Lay is quoted in this story on AFP. Read more... posted by Charles Monat Associates at 3:50 PM \| 0 comments UK 2007 Pre-Budget Report and Comprehensive Spending Review Go straight to HM Treasury and get the latest on the pre-budget, including some changes to the IHT. If you're in our industry, you'll find the double IHT allowance in Chap 5 of interest. Take me there, forthwith! posted by Charles Monat Associates at 3:41 PM \| 0 comments Chancellor plans £2bn tax raid on businesses The Chancellor said he would collect the extra tax from entrepreneurs selling businesses over the next three years by scrapping a relief that reduces the rate they currently pay on business assets held for two years to 10pc. Read more... posted by Charles Monat Associates at 3:34 PM \| 0 comments Charles Monat profiled in Hong Kong Business October Issue Charles Monat, Chairman of Charles Monat Associates is profiled in Hong Kong Business magazine for October. HongKongBusiness%20Oct%202007.pdf posted by Charles Monat Associates at 9:51 AM \| 0 comments Thursday, October 04, 2007 What's Ahead for Financial Markets? Perspectives from Jeremy Siegel and Jacob Wallenberg After a terrible August, when the U.S. stock market appeared to be headed for the pits, October 1 saw a massive rally that sent the Dow Jones Industrial Average soaring above 14,000. Markets seemed to be celebrating the effects of the Fed's interest rate cut, and media reports said money was pouring back into equities. The following day, however, stocks began to fall again -- because the National Association of Realtors reported a sharp drop in home sales. In short, Wall Street still seems to be sending out mixed signals. Read more... posted by Charles Monat Associates at 2:42 PM \| 0 comments Tuesday, October 02, 2007 Family council the right forum to navigate to next generation Establishing a family council is one of core elements in succession planning to close the gaps between patriarchs and descendants and sustain the success of family businesses.Succession planning, or preparing to pass the torch from one generation to the next, has become increasingly important for family businesses, especially for those that have grown over one or two generations into substantial corporate entities. However, many risk serious problems or even failure during the transitional period from the ageing founders to the next generation. Read more... posted by Charles Monat Associates at 10:38 AM \| 0 comments To Sell or Not to Sell? The toughest moment for the owners of a family business may be deciding whether to kiss it goodbye. Read more... posted by Charles Monat Associates at 10:32 AM \| 0 comments Going out on top Thinking about passing the torch? Here are six ways to ensure that your fortunes are set, your family is satisfied and your company succeeds Read more... posted by Charles Monat Associates at 10:30 AM \| 0 comments Secrets of success in business succession planning The number of small to medium enterprises (SME) in Australia means it is virtually commercially unsound to ignore those businesses’ need for succession planning (BSP) – the funding for much of which we would call ‘business insurance’. Read more... posted by Charles Monat Associates at 10:28 AM \| 0 comments
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