Lawyer Monthly Magazine - July 2019 Edition

of the reality of these several countries that fit into each of the clients’ families and their businesses. Thus, without there being a professional with the qualification and capacity to manage the connection with the most diverse professionals needed in each jurisdiction involved, there are great chances that the final result of the wealth planning will have marginalized relevant aspects that should have been considered for its effective success. In your opinion, when should business people begin considering devising a wealth plan? There is no objective answer or a general rule that can be applied in all cases. This is because wealth planning takes into account situations and families that are trivial to the most complex, from the viewpoint of their wealth context. However, taking into account that regardless of family and wealth complexities, some situations and their respective impacts are recurrent in any case, such as: the incidence of taxes and the transfer of assets in a succession event, among others. It is recommended that all clients begin their considerations regarding their estate planning as soon as possible since, logically, as the family and wealth universe takes greater proportions, the complexity takes proportionally more time for evaluation, elaboration and implementation of the appropriate planning, as well as the associated costs. Thus, one wants to avoid that in the middle of the planning process; you would want to avoid the family being caught unprepared in the face of unexpected events that imply irreparable impacts and/or losses in their personal family and wealth context. What benefits does a strong wealth management plan pose for clients? Our practical experience has shown us that the most relevant benefits are: 1. An introduction for the new generations into the understanding of their family’s wealth management in which this opportunity is used to create a much stronger family WEALTH MANAGEMENT AND PLANNING bond, since thenext generation feel themselves to be part of a much larger context and with that responsibility for the success in the construction or maintenance of the legacy initiated by the previous generations. Also, such opportunity will serve as a stage for learning and education in terms of wealth and financial management for the next generations, which will be very important to contribute to the maintenance and growth of family wealth. 2. Proper preparation for the transfer of assets in a coordinated way is one of the aspects of wealth planning: the succession aspect. In addition, it is possible here to avoid family conflict, because the process is done in a more transparent way with the involvement of all the family generations, ensuring that the primary generations in the planning can expose and present their considerations of how they would like the family context to be followed after their absence and the reasoning behind, thus opening up the possibility of family dialogue. 3. The reduction of tax impacts in the process of asset management, be With a variety of factors playing a part in wealth planning, can you share the most underrated, but highly important aspect, which enables clients to devise an efficient wealth management plan? Nowadays, the personal reality of clients and their families is that not only their family members but also their assets and businesses, are no longer present in only one single country. Clients who seek advice on wealth planning are more globalised than ever, and are starting and developing their roots in multiple countries. With this in mind, no matter how common globalisation may seem, many clients still do not give due attention to the qualification(s) that the professionals with whom they work and the multijurisdictional knowledge that these professionals have. This factor, although still highly neglected, has a great impact on the success of the developed planning since, the integration - not only from the legal aspect but personal and corporate -, has created a much more holistic plan, since they must take into account and equalize the interrelation Here we speak to Rodrigo Alonso Martins about the variety of factors in wealth planning and how globalization has impacted clients. Why should you devise a wealth plan? Read on to find out. 70 Professional Excellence www. lawyer-monthly .com JUL 2019