Families and family offices

We acted for an Indian family in relation to the implementation of a family constitution to regulate accession and qualification requirements to the family business and distribution policy in respect of family trusts.

Worked for a Greece based family office of a family with USD 3 billion of shipping, mining, commodity trading and real-estate assets on the establishment of Cayman and Bermuda based private trust company structures for the segregated protection and ongoing management of their personal and business interests in such a way that they are protected from domestic risks.

We advised a family on the most appropriate structure to hold an estate that has been in the family for 32 generations. A complex matter, the family wanted the estate to be held by all of their children rather than one ‘heir’ but for the ‘rules’ of ownership and transfer to be clear and fair and ensure that the family asset is retained.

We worked alongside Brazilian counsel to advise a client on the FATCA and CRS reporting requirements applicable to their complex succession structure for his offshore assets. These included a private trust company, trusts, companies and other entities, a private investment fund and multiple investment accounts, and involved the Bahamas, the Cayman Islands, Switzerland and the US. The advice also needed to take into account the client's plans to relocate his family from Brazil to London, and possibly thereafter to New York City.

Working with a Chilean–US family, we helped to address compliance deficiencies in their family wealth succession planning structure. Small modifications to the structure substantially decreased US annual taxation and simplified reporting, addressing the US family members' income tax, FBAR and FATCA reporting issues. We also liaised with Chilean banks to quickly unfreeze needed accounts.

We represented a Columbian family with interests in Columbia and Brazil, which had been briefly stationed in the United States, with a delicate IRS matter. We assisted the family in negotiating a penalty abatement of upwards of US$1.6 million in potential penalties, and all of the IRS meetings and negotiations were addressed without clients needing to be physically present in the United States.

Using insurance, we worked on the tax-deferred dissolution of our client's substantial multigenerational trust structure alongside Mexican counsel.

A family office, based in Florida, USA, carrying out an underlying investment in the Venezuelan dairy sector sought our advice on the deal.

Creating multiple trusts, and private trust company arrangements to govern them, for a billionaire Mexican family to ensure compliance, confidentiality and efficiency in the management of their non-Mexican assets.

Aided a Brazilian family with significant US commercial real estate holdings to restructure the ownership of this property to avoid US estate tax. Also devised arrangements for Brazilian residents to create legitimate structures that are protected from Brazilian taxation, permit efficient repatriation of capital to Brazil when needed and ensure optimal flexibility and family control to respond to changing needs and tax laws in the future.

Advised clients with cross-border interests in relation to the construction of private trust company structures, which effectively allowed for family business succession planning, cost reduction and greater control over certain trust decisions and tax minimization in the jurisdiction of domicile and internationally.

Advised on the restructuring of a Colombian family's offshore assets in connection with Colombian tax reform.

Advised a Colombian family on the surrender of their US passports in order to come into compliance with their US tax and reporting obligations and thereby cease to be subject to US compliance in a highly tax efficient manner.

Advised on the creation of a long term governance and succession planning structure for one of the wealthiest families in Argentina in order to ensure family control of the business across generations, educate younger generation family members on governance responsibilities and protect the value of the holdings.

Represented a wealthy Argentine family to structure trusts for both their personal and business interests. Our planning allowed this family to minimize domestic wealth tax, ensure compliance with US tax regulations, form a voting trust for the family business and facilitate commercial lending transactions.

Advised a Swiss family office on the structuring of an investment in UK commercial real estate - our multi-disciplinary team of colleagues with expertise in commercial real estate, corporate law and banking law worked to structure and document the funding arrangements to avoid triggering a taxable remittance to the UK by the principle.

Creating US revocable and irrevocable trusts for the US children of Peruvian parents to enable the children to benefit from their parents' Peruvian wealth without causing US estate taxation and optimal income taxation.

Set up a US satellite family office for a wealthy Peruvian family to facilitate their US investments.

Advised on the sale of assets in Venezuela and global residency, immigration and planning needs for a Venezuelan family needing to temporarily or permanently leave their country.

Acted for a Venezuelan family concerned about security and control of the family's assets now and for future generations. This resulted in a comprehensive restructuring of their worldwide assets, including the reorganization of existing trusts and creation of a flexible set of arrangements for the migration of trusts to separate jurisdictions for different beneficiaries.

Represented heirs to the fortune from a pharmaceutical company in a dispute concerning control of the family office and competing claims of breach of fiduciary duty. After completing all pre-trial discovery and motion practice, Withers successfully negotiated a settlement for the heirs without the need for a costly and public trial in California state court.

A Canadian-US family living on both sides of the US-Canadian border asked us to assist with US reporting deficiencies (FBAR, FATCA, income tax returns, entity reporting, etc), where the potential IRS penalties well exceeded USD $1 million. We successfully negotiated full penalty waiver on all missed reporting forms for all impacted family members.

The child of a wealthy Canadian family moved to the United States and married. We advised the family on protecting their assets and created trust structures sufficiently flexible to grow with the child and the child's emergent new family needs, while avoiding inclusion in the child's US estate and minimizing a potential divorce settlement payout. This included optimizing various in-bound real estate investments as the family purchased, exchanged and extensively renovated properties.

We advised a wealthy a Kazakh family and set up a wealth planning structure designed to tax efficiently fund family members residing in the UK.

We were instructed by this family, consisting of several members spanning two generations, in relation to setting up a private trust company structure (PTC). The PTC acts as a trustee of a master trust to hold the family office, family business and family investment entity. The beneficiaries of the master trust were a series of "feeder" trusts established for the benefit of each of the family members and their respective families together with a number of charitable entities. In addition, we advised the family on establishing a sophisticated governance structure, including a family council and family constitution.

Assisting and advising this family based in Taiwan with extensive business interests and assets in multiple jurisdictions. Advice includes a multi-disciplinary team covering succession planning, immigration and cross-border investment.

We represented a Swiss-based family office in a corporate control contest involving a California-based US$500 million private company in the coatings business. The company has an independent Board of Directors and is owned by three significant minority owners and widely dispersed current and former employees. Our work involved M&A, corporate governance, finance, complex contracts, tax and offensive corporate litigation. We drew on our New Haven, Greenwich and Los Angeles lawyers and implemented a partial contingent billing arrangement.

We act for the adult children of the late Nigel Vindis whose will left most of his estate, including his 50% share in the highly successful Vindis plc on discretionary trusts for a class of beneficiaries. Nigel's sisters claimed to be entitled to half the share. At the same time his estranged widow issued a claim for financial provision. Working with their mother's solicitors we secured the 50% shareholding for the nuclear family.

We worked with a South American family with significant business interests when they chose to liquidate holdings in a multi-billion dollar business outside their home country. The family wanted to diversify their exposure and explore more sophisticated investment opportunities. We advised on the creation of a holding structure for their investments and helped them to establish a family office, based in New York, to advise it.

Withers represents many successful families who live and work in countries around the world. We are sometimes asked to advise on contracts for personal staff who travel with the family, in this particular case when there were immigration issues to address.

Withers advised a family office when they wished to implement a 'tracking' partnership basis. Our team pooled the family's high-value investments into a single entity structure but allowing each family member to allocate their investments to the assets that suited them best. This tax-efficient structure was tailored to the individual financial needs of each member, their tax status and goals.

A prominent non-US family contacted Withers for advice on creating tax efficient structures to help them invest in US property and business. Withers' years of invaluable experience in this area allowed us to help them to navigate their tax liabilities in the US and their country of domicile, avoiding a potential 'double tax' bill.

Our reputation for tax advice is second to none. This was exemplified when several major investment houses and family offices turned to Withers to advise on the tax efficiency of their investment products and to seek the optimal way of mitigating liabilities in investments.