Post Event Updates
Global Indians: Multi-Jurisdictional Wealth Related Issues (29 November 2012, M Hotel)
On Thursday 29th November, Cyril Shroff, Managing Partner at Amarchand & Mangaldas & Suresh A. Shroff & Co., one of India's leading law firms, presented to over 70 members of the Singapore branch of STEP together with a good number of external attendees.
In the space of an hour Cyril gave the audience an excellent oversight of issues facing Indian clients in the current climate. He started by laying the scene with the issues facing Indian promoters and their families and in particular highlighted the balance of issues related to both their corporate and family requirements. The substantial wealth that has been created in India and externally by both Resident and Non-Resident Indians and Persons of Indian Origin are creating major challenges that the families are now beginning to address (and even pay for advice on).
After looking at the economic backdrop and trends, Cyril highlighted the different factors affecting different segments of the Global Indian footprint. He addressed the all important exchange control environment and looked at this in the context of both Overseas Direct Investment and the Liberalised Remittance Scheme. He addressed the need for both domestic and international planning, and in particular the growing use of trusts.
Interestingly he raised the specter of Inheritance Tax as a matter that is under review and which would clearly create a dramatic escalation in the trust and estate planning industry in India if eventually enacted.
There were a number of questions from a normally quiet audience which seemed to substantiate the expressed view that it was a very good over view of Indian matters and much appreciated by the audience.
Contributed by Mark Smallwood - Deutsche Bank AG, Filiale Singapur
Family Philanthropy: Burden or Opportunity for Wealth Planner? (5 September 2012, Anson III, M Hotel)
STEP monthly seminar ¨Family Philanthropy: Burden or Opportunity for Wealth Planners was held at the M Hotel on September 5th, 2012.
Chaired by our President Goh Seow Chee the event offered participants with experiences of organizations providing insight into the needs of private clients and families concerning their philanthropy desires.
Mr. Maurice Machenbaum from the company WISE Philanthropy Advisors shared his experiences of developing charity projects around the world and the many areas where clients would require assistance to adequately channel resources and efforts towards a philanthropic goal. These experiences moved him to co-found WISE as advisors to families and individuals on all aspects of their charitable work, including working together with the different service providers to a family: asset managers, tax advisors, lawyers and family office.
At the same time, Ms. Catherine Loh from the Community Foundation of Singapore provided insight into the philanthropic environment in Singapore outlining the many areas where the Foundation, as a Public Interest Chartered entity, could provide assistance and guidance to donors of different causes, including the tax benefits granted by the government to these actions. An interesting Q&A session added more details such as standard cost ratios and the panelists´ experiences dealing with the human issues surrounding charitable projects.
Contributed by Alexis Medina - Morgan & Morgan Corporate Services Pte. Ltd