Private Family Trusts: Benefits, Trends and Challenges
According to SFC’s 2018 Asset and Wealth Management Activities Survey, the private wealth AUMs amounted to HKD7.6trillion. As of July 2019, Bloomberg reported that Hong Kong made up 30% of Asia’s 20 richest families. These High Net Worth Individuals (“HNWIs”) and Ultra HNWIs (“UHNWIs”) seek options to help them manage their families’ financial lives, not just managing their assets. Private Family Trusts have become an increasingly popular choice for asset protection, family succession and preservation of their family wealth.
By the end of the seminar, participants will be able to understand:
‧ the benefits of trusts
‧ current trends for the use of trusts
‧ today’s challenges of trust structuring
1) Primary benefits of trusts
2) Current trends for the use of trusts:
a) Succession Planning
b) Community/Matrimonial Property in divorce
c) Pre-IPO trusts
d) Employee Share Ownership Plans (“ESOPS”)
e) Sustainability and ESG
3) Today’s challenges of trust structuring:
a) CRS and global tax
b) TCSP Licensing and AML/CTF
c) Business succession
Who should attend
Professionals, such as lawyers, accountants, bankers, asset managers, company secretaries, corporate service providers, insurance brokers/agents, family offices, private wealth managers, wealth managers and others working in the Wealth Management industry.
Financial Incentive Scheme of the WAM Pilot Programme
Eligible in-service practitioners of the financial services industry could apply for reimbursement of 80% of the course fees, subject to a maximum of HK$7,000 (whichever is lower) upon satisfactory completion of a course / seminar / conference over the three-year period of the Scheme.
Each individual may apply for reimbursement for more than one course / seminar / conference.
Application to reimburse the course fees, together with the required documents, must be submitted within four months from the last day of the course / seminar / conference attended. Please refer to the WAM Pilot Programme website for more details.
Michael holds a New Zealand law degree, is a current Committee member, and past Chairman (in 2015, 2016 & 2017) of the Hong Kong Trustees’ Association (“HKTA”). He is a Co-chairman of the China Development Sub-Committee of the HKTA jointly with STEP Hong Kong. Michael is a member of the Hong Kong Development Council Financial Services Advisory Committee and the Hong Kong Monetary Authority’s Process Review Committee. He holds the HKTA Certified Trust Practitioner qualification.
Yie Ying holds a Bachelor Degree in Accountancy and a Masters Degree in Finance. She is also a Certified Trust and Estate Practitioner.