One of our clients, tax resident in another continent, wanted to organize the succession of its assets. The assets are real estate, shares in companies, investment portfolio and insurance contracts. His children are living in Europe, the US and the Middle-East.
We advise him to go for a Luxembourg SCSp as it is a flexible family governance tool that allows private wealth management together with succession planning opportunities.
In addition, we analysed the opportunity to use bare-ownership vs usufruct scheme. Luxembourg provides the advantage that it can be created “ab initio”.
We make the analysis of the implication of such scheme and the implications for both the “De Cujus” and the “inheritents” and the application of the relevant provisions of a succession tax treaty.
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