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Singapore Abolishes Estate Duty Part IISingapore Abolishes Estate Duty
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The business of families
Use a will or a trust in estate planning?
Therapists Tackle Emotional Burden of Being Rich
A Defective But Useful Trust
Buffett Backs Estate Tax
The Role of Advisors in Charitable Planning and De...
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Friday, February 15, 2008
Singapore Abolishes Estate Duty Part II
The full text of Minister for Finance and Education Tharman Shanmugaratnam's budget speech can be found on www.singaporebudget.gov.sg.We quote from the paragraph announcing the removal of Estate Duty:
4.76 I have therefore decided to remove Estate Duty from our tax regime, with effect from today. It is not just a practical or expedient measure, but one that on balance will be in our collective interest. If we make Singapore an attractive place for wealth to be invested and built up, whether by Singaporeans or foreigners who bring their assets here, it will benefit our whole economy and society, not just the individuals who build up their wealth. It is not a zero sum game.
Read the Estate Duty part of Minister Shanmugaratnam's speech posted by Charles Monat Associates at 5:23 PM | 0 comments
Singapore Abolishes Estate Duty
SINGAPORE, Feb 15 (Reuters) - Singapore said on Friday it will keep income tax unchanged, a surprise move that leaves the top personal rate at 20 percent, and said the small city-state could not insulate itself from global inflation."We will not be making any further move on personal income tax this year," Finance Minister Tharman Shanmugaratnam told parliament in the presentation of his budget for the fiscal year beginning in April 2008. Read more... posted by Charles Monat Associates at 5:19 PM | 0 comments
Friday, February 01, 2008
UK Non-residents and non-domiciliaries – the draft new rules
The new rules for taxing UK resident non-domiciled individuals and for calculating periods of UK residence have finally been released (in draft) more than three months after their announcement in the Pre-Budget Report. The proposed provisions are even broader and more draconian than was anticipated and, to the extent that planning to mitigate their effects is possible, there is little more than two months available to do so. In context, however, there continue to be significant benefits for UK resident non-domiciliaries for inheritance tax purposes, and in respect of untaxed remittances to the UK.The linked PDF outlines some of the more salient points and is used with the premission of Lawrence Graham LLP.
LG%20Tax%20%26%20Private%20Capital%20notes%20-%20January%202008.pdf posted by Charles Monat Associates at 4:05 PM | 0 comments
Monday, November 26, 2007
The business of families
Families have certain dynamics -- complex, fluid and emotional -- while businesses have very different ones. So what happens when the two combine? Read more...posted by Charles Monat Associates at 11:01 AM | 0 comments
Use a will or a trust in estate planning?
Many people are confused about whether to use a will or a trust in estate planning. Each has its advantages and disadvantages.A will is a legal and binding contract that allows you to name a personal representative to administer your affairs upon your death. You can name a guardian for any minor children, provide for special needs for children or a spouse and leave instructions for the distribution of your assets. In the will, you can leave property to someone who would not otherwise inherit under the state’s intestacy law — if you passed without a will. You can disinherit someone via your will, except for your spouse unless the spouse agrees to not receiving the inheritance. Read more...
posted by Charles Monat Associates at 10:55 AM | 0 comments
Friday, November 16, 2007
Therapists Tackle Emotional Burden of Being Rich
For ultra-rich clients, financial-advisory firms provide all kinds of specialists. There are wealth planning specialists, risk management specialists, insurance specialists, trust specialists, and so on. Firms are starting to recognize, however, that this array of specialists isn't qualified for the more emotional — and sometimes darker — side of big bucks. Read more...posted by Charles Monat Associates at 9:46 AM | 0 comments
A Defective But Useful Trust
The sunset provision that was built into the gradual repeal of the estate tax is beginning to loom on the horizon, and wealthy taxpayers are doing everything possible to reduce their taxable estates before the provision takes effect in 2011. Read more...posted by Charles Monat Associates at 9:44 AM | 0 comments
Buffett Backs Estate Tax
Berkshire-Hathaway chairman Warren Buffett showed his support for the estate tax Wednesday, testifying before the Senate Committee on Finance that the so-called “death tax” is actually a “death present,” and to repeal it would be another step in the road to an American aristocracy.Referencing the ever-widening income gap and the enormous increase in wealth of the richest Americans, the billionaire Buffett stated that ``A meaningful estate tax is needed to prevent our democracy from becoming a dynastic plutocracy.'' Read more... posted by Charles Monat Associates at 9:39 AM | 0 comments
The Role of Advisors in Charitable Planning and Decision Making
A very interesting survey from Registered Rep magazine, sponsored by Schwab Charitable shows increased opportunities for Charitable Planning conversations with clients.Schwab_whitepaper.pdf posted by Charles Monat Associates at 9:31 AM | 0 comments
Lloyd Blankfein and Ken Moelis on Wall Street Risks, Rewards and Opportunities
When Merrill Lynch reported solid second-quarter earnings last July, chairman and CEO Stan O'Neal sent employees a memo boasting about the firm's risk management prowess. Only three months later, Merrill Lynch took its historic $8.4 billion write-down for losses in mortgage-related securities, with Citigroup and others soon reporting unprecedented credit losses as well. O'Neal and Citigroup chairman and CEO Charles Prince were both ousted from their jobs. Read more...posted by Charles Monat Associates at 9:27 AM | 0 comments
Monday, November 12, 2007
Hong Kong’s millionaires stay ahead of those in Singapore
Hong Kong will continue to stay ahead of Singapore in terms of its number of millionaires and the assets they hold, according to a recent report by London-based market research firm Datamonitor.The number of Hong Kong millionaires will increase by 8.8% annually to 83,000 in 2011 from 51,000 in 2006. In Singapore, that number will increase by 7.3% annually to 29,000 millionaires in 2011 from 19,000 in 2006. Read more...
posted by Charles Monat Associates at 9:05 AM | 0 comments
Wednesday, November 07, 2007
Norway's oil fund to grow to $600 bln
Norway's oil fund, which invests the country's oil wealth, is expected to grow to $600 billion in four to five years from $350 billion currently, central bank governor Svein Gjedrem said on Tuesday. Read more...posted by Charles Monat Associates at 1:10 PM | 0 comments
Now flush, Norway turns tables on Sweden
Long a poor cousin in Scandinavia, Norway has surpassed Sweden to become one of the richest countries in the world and a magnet for young Swedes ready to work hard to make a quick - and rather big - buck. Read more...posted by Charles Monat Associates at 1:08 PM | 0 comments
Succession Planning: Readers and Experts Talk
The Oct. 22 Small Business Link looked at ways small companies had planned for a change in management at the top.We asked Tim Berry, founder and president of Palo Alto Software Inc. in Eugene, Ore., and Andrea Fetterman, director of corporate-image consulting at City Apparel, an offshoot of uniform and dry-cleaning business Kramer Enterprises Inc., in Findlay, Ohio, to be guest moderators on a reader forum on WSJ.com about succession planning. Read more...
posted by Charles Monat Associates at 12:58 PM | 0 comments
Tax changes likely for estates
If you have assets of more than $1 million, the cost of not planning will come in the form of potentially higher taxes if you die after 2010. That's when the current estate tax exemption (the amount that's not subject to tax) of $2 million in assets expires and reverts to the 2001 exemption of $1 million. The higher exemption was the result of President Bush's tax cut plan, which expires in 2010. Read more...posted by Charles Monat Associates at 12:52 PM | 0 comments
How to Handle Beneficiary Designations
The decision about how to designate beneficiaries for your company retirement plan, life insurance policies, and other assets might seem like a no-brainer. Chances are you would like those near and dear to you to inherit any money you've accumulated during your lifetime, so making sure that happens should be as simple as writing their names on the appropriate forms, right? Read more...posted by Charles Monat Associates at 12:50 PM | 0 comments
Retirement planning: Key points you must know
The younger generation has fancy ideas about retirement. Many dream of retiring early, and then pursuing their hobbies or passions, or seeing the world extensively. Whether you subscribe to this view or whether you have the more traditional view of retirement, i.e. retire at 60, plan the occasional pilgrimage and devote time to reading or spirituality, it helps plan well and in advance. Read more...posted by Charles Monat Associates at 12:49 PM | 0 comments
Wednesday, October 24, 2007
S'pore financial institutions can tap into DIFC's family office framework
Family wealth management or family office is emerging as a new area of focus in the financial sector.The Dubai International Financial Centre (DIFC) is setting the pace with a new incentive to define a family office in a legal capacity.
It said Singapore-based financial institutions can tap into the framework and leverage on the rising number of high net worth families in this region. Read more...
posted by Charles Monat Associates at 2:34 PM | 0 comments
Private banks target family offices
Private bankers see little threat from "family office" practices -- units set up to typically manage money for one wealthy family or a small group of them -- and instead regard them as opportunities to win more business."Family offices are very close to our heart," Reinhard Krafft, head of private banking at German bank Sal Oppenheim, told the Reuters Wealth Management Summit. Read more...
posted by Charles Monat Associates at 2:32 PM | 0 comments
Tax changes likely for estates
Few people want to think about planning for death, but when 2011 gets here, more may wish they had.If you have assets of more than $1 million, the cost of not planning will come in the form of potentially higher taxes if you die after 2010. That's when the current estate tax exemption (the amount that's not subject to tax) of $2 million in assets expires and reverts to the 2001 exemption of $1 million. The higher exemption was the result of President Bush's tax cut plan, which expires in 2010. Read more...
posted by Charles Monat Associates at 2:29 PM | 0 comments
Thursday, October 11, 2007
Hong Kong tax cut to boost growth
Leader Donald Tsang said taxes would be cut by 1 percentage point, to 16.5% for firms and 15% for individuals, in the first policy speech of his new term. Read more...
posted by Charles Monat Associates at 8:42 AM | 0 comments
Wednesday, October 10, 2007
Singapore dollar at 10-year highs
Not entirely unrelated to Estate Planning and Wealth Transfer, our old friend Charlie Lay is quoted in this story on AFP. Read more...posted by Charles Monat Associates at 3:50 PM | 0 comments
UK 2007 Pre-Budget Report and Comprehensive Spending Review
Go straight to HM Treasury and get the latest on the pre-budget, including some changes to the IHT. If you're in our industry, you'll find the double IHT allowance in Chap 5 of interest. Take me there, forthwith!posted by Charles Monat Associates at 3:41 PM | 0 comments
Chancellor plans £2bn tax raid on businesses
The Chancellor said he would collect the extra tax from entrepreneurs selling businesses over the next three years by scrapping a relief that reduces the rate they currently pay on business assets held for two years to 10pc. Read more...posted by Charles Monat Associates at 3:34 PM | 0 comments
Charles Monat profiled in Hong Kong Business October Issue
Charles Monat, Chairman of Charles Monat Associates is profiled in Hong Kong Business magazine for October.HongKongBusiness%20Oct%202007.pdf posted by Charles Monat Associates at 9:51 AM | 0 comments
Thursday, October 04, 2007
What's Ahead for Financial Markets? Perspectives from Jeremy Siegel and Jacob Wallenberg
After a terrible August, when the U.S. stock market appeared to be headed for the pits, October 1 saw a massive rally that sent the Dow Jones Industrial Average soaring above 14,000. Markets seemed to be celebrating the effects of the Fed's interest rate cut, and media reports said money was pouring back into equities. The following day, however, stocks began to fall again -- because the National Association of Realtors reported a sharp drop in home sales. In short, Wall Street still seems to be sending out mixed signals. Read more...
posted by Charles Monat Associates at 2:42 PM | 0 comments
Tuesday, October 02, 2007
Family council the right forum to navigate to next generation
Establishing a family council is one of core elements in succession planning to close the gaps between patriarchs and descendants and sustain the success of family businesses.Succession planning, or preparing to pass the torch from one generation to the next, has become increasingly important for family businesses, especially for those that have grown over one or two generations into substantial corporate entities. However, many risk serious problems or even failure during the transitional period from the ageing founders to the next generation. Read more...posted by Charles Monat Associates at 10:38 AM | 0 comments
To Sell or Not to Sell?
The toughest moment for the owners of a family business may be deciding whether to kiss it goodbye. Read more...posted by Charles Monat Associates at 10:32 AM | 0 comments
Going out on top
Thinking about passing the torch? Here are six ways to ensure that your fortunes are set, your family is satisfied and your company succeeds Read more...posted by Charles Monat Associates at 10:30 AM | 0 comments
Secrets of success in business succession planning
The number of small to medium enterprises (SME) in Australia means it is virtually commercially unsound to ignore those businesses’ need for succession planning (BSP) – the funding for much of which we would call ‘business insurance’. Read more... posted by Charles Monat Associates at 10:28 AM | 0 commentsSaturday, September 22, 2007
Luciano Benetton: The green billionaire
This is the way Luciano Benetton sails off into the sunset. The man who gave us his United Colours, who revolutionized the Italian fashion business, who made our brains hurt by yoking cheap and cheerful knitwear with images of birth and death, Aids, prisoners on death row and babies trailing umbilical cords, has built the ship of his dreams. Read more... posted by Charles Monat Associates at 9:32 AM | 0 commentsNorway boasts more billionaires
A booming, oil-fuelled economy has helped make the rich richer in Norway. The average net worth of the country's 400 wealthiest people now amounts to more than NOK 1.8 billion (about USD 322 million), according to magazine Kapital, which compiles the annual list. Read more... posted by Charles Monat Associates at 8:51 AM | 0 commentsSingapore Airlines reveals A380 cabin configuration
I may be too late to take part in the charity auction for a seat on the first A380 flight, but we'll eventually want to decide what seats to get when we do embark on a flight. Singapore Airlines has posted cabin configuration on their website and if your travel budget doesn't allow for the new 'R-class' there are still some nifty economy seats in the rear of the upper deck. Read more... posted by Charles Monat Associates at 8:43 AM | 0 commentsFriday, September 21, 2007
The 100 Richest Turks manage $170 billion
Total wealth of the 100 richest families in Turkey exceeded $170 billion this year, increasing approximately by $20 billion compared to last year, according to 'the 100 richest Turks' list of economy magazine Ekonomist. Read more... posted by Charles Monat Associates at 10:44 PM | 0 commentsUnited Arab Emirates makes concession for family businesses
Dubai’s Al Habtoor Group has become the first family owned business in the United Arab Emirates to consider a listing under a new law allowing families to keep control of their businesses while issuing shares.Until last month, UAE law required family owned firms to sell a minimum of 55% of the business in an initial public offering, however, the figure was viewed as too high, so most remained privately held.
The lowering of the ceiling to 30% is expected to unlock opportunities for investors as more families list shares in their billion-dollar companies. Read more... posted by Charles Monat Associates at 10:37 PM | 0 comments
Sort out succession, family firms advised
With figures showing that those companies prepared for future leadership do better financially than those that are not, family business owners have been urged to get their succession plans in order. Read more...posted by Charles Monat Associates at 10:36 PM | 0 comments
Who is Going to Take Care of the Family Business
Family owned businesses in Canada and the United States have comprised a major portion of the job market and economy for decades. What does the future hold for North American family owned businesses? As the population ages and the beginning phase of a large population of Northern Americans begins to retire, what will the face of the future business economy look like? Read more...posted by Charles Monat Associates at 10:33 PM | 0 comments
Estate plan necessary for clarity
Q: My wife and I have two grown children, and we own a home. I was told we really do not need a will because my kids will get everything when we die. My wife and I signed a paper and had it notarized stating that our children should split all of our property equally. Do we need a lawyer to prepare a will? Read more...posted by Charles Monat Associates at 10:32 PM | 0 comments
Thursday, September 20, 2007
Are You a Tightwad or a Spendthrift? And What Does This Mean for Retailers?
Men are bigger tightwads than women; younger people are more likely to be spendthrifts than older people; and the more educated a person is, the more likely he or she is to be a tightwad. Read more... posted by Charles Monat Associates at 11:36 AM | 0 commentsMonday, September 17, 2007
Dying to ensure the devil is not in the detail
When you die, someone has to know where the details of your financial life are located.Things such as a comprehensive list of assets and liabilities, life insurance policies, power of attorney, your will, credit cards, details of bank accounts -- and all the other important parts of your busy life.
The problem is that once you have passed away, an executor has to go through an exhaustive -- and expensive -- process to collate all the financial components of your life so that your estate can be distributed to beneficiaries. Read more... posted by Charles Monat Associates at 12:18 PM | 0 comments
Friday, September 14, 2007
September is birthday month at CMA Singapore!
What better time to have a team lunch at Ritz Carlton? Sadly Dialina, Vincent and Shaun could not join us for this lunch.
posted by Charles Monat Associates at 3:41 PM
| 0 comments
Thursday, September 13, 2007
India: Life insurance growth to double in five years
Management consultancy firm McKinsey has forecast that India’s life insurance industry will double in the next five years from $40 billion to $80-100 billion in 2012. This growth would improve the level of insurance penetration from 5.1% of gross domestic product to 6.2% in 2010-2012. Read more...posted by Charles Monat Associates at 6:06 PM | 0 comments
Rich Indians look at trusts to manage money for long haul
A growing number of wealthy Indians are looking at trusts as a way to manage money for the long term. The objective of such efforts is to fulfil the legacy requirements of individuals and families in areas such as philanthropy and also insulate family wealth from the fallout of professional hazards and breakdown in marriages. Read more...posted by Charles Monat Associates at 6:05 PM | 0 comments
Carnation's heir shares principles of wealth
Stuart E. Lucas is an unusual financial adviser: a wealthy man who dispenses advice on building wealth. He is a fourth-generation heir to the Carnation fortune. Carnation, which made products such as evaporated milk and nondairy creamers, was a family-owned business before Nestle bought it in 1985. Moreover, Lucas is chairman of Wealth Strategist Network, an organization that helps wealthy families manage their fortunes. In the following excerpt from his book "Wealth: Grow It, Protect It, Spend It and Share It," published by Wharton School Publishing, he summarizes his guiding principles: Read more...posted by Charles Monat Associates at 6:03 PM | 0 comments
US: Planning could save you big surprises in estate taxes
Few people want to think about planning for death, but when 2011 gets here, more may wish they had.If you have assets of more than $1 million, the cost of not planning will come in the form of potentially higher taxes if you die after 2010. That’s when the current estate tax exemption (the amount that’s not subject to tax) of $2 million in assets expires and reverts to the 2001 exemption of $1 million. The higher exemption was the result of President Bush’s tax cut plan, which expires in 2010. Read more...
posted by Charles Monat Associates at 5:51 PM | 0 comments
Estate Planning - What About Life Insurance?
Not too many years ago life insurance was considered to be the indispensable platform upon which all other estate planning efforts should be based. In fact, for those in the median and lower income ranges, it was often the only recognized method for protecting one’s heirs, particularly in the event of untimely death. Read more...posted by Charles Monat Associates at 5:50 PM | 0 comments
Wednesday, September 12, 2007
Wealth management sector set for record growth levels in next 3 years
CEOs staggeringly optimistic about growth prospects but success could be derailed by a lack of focus on client-centric behaviour and regulatory compliance Read more...posted by Charles Monat Associates at 11:02 AM | 0 comments
Friday, September 07, 2007
Two Singapore firms in Forbes Asia Fabulous 50 List
For the first time, Singapore companies have made it to Forbes' annual ranking of big-cap, profitable companies in Asia, with Neptune Orient Lines and SembCorp Industries in the Forbes Asia Fabulous 50 List. Read more...posted by Charles Monat Associates at 6:04 PM | 0 comments
Outlook on US life insurance sector stable - S&P
Standard & Poor's Ratings Services said that its outlook for the US life insurance sector remained stable and that it expects positive and negative rating movements to be about equal over the next 12 months. Read more...posted by Charles Monat Associates at 3:07 PM | 0 comments
Pet lovers like Helmsley plan ahead
Say this for Leona Helmsley: She loved her dog. Some of her grandchildren? Not so much.The imperious hotel magnate, who died last month, left $12 million to her white Maltese, Trouble, ensuring that Trouble will continue to enjoy a lifestyle other dogs can only dream of.
Two of her grandchildren, meanwhile, got nothing. The two others got $10 million each, though their inheritance will be cut in half if they fail to visit their father's grave once a year. Read more...
posted by Charles Monat Associates at 12:12 PM | 0 comments
Thursday, September 06, 2007
From wooden hut to £50m philanthropist
SHE launched a travel agency in a wooden hut in Saltcoats 51 years ago that was to became one of the UK's largest.Today, weeks after celebrating her 85th birthday, Margie Moffat has become one of Scotland's leading philanthropists by giving £50 million to charity. Read more...
posted by Charles Monat Associates at 11:59 AM | 0 comments
Wednesday, August 29, 2007
UK: Pick yourself a life insurance bargain
Anyone who bought life insurance more than seven years ago could be paying more than they need to, thanks to significant cuts in the price of these policies. Read more...posted by Charles Monat Associates at 11:03 PM | 0 comments
UK: 10 tips to protect your family's wealth
You don't need to wait for the politicians to make up their minds about whether inheritance tax should be scrapped - you can take action now to protect your family's wealth from the posthumous grasp of HM Revenue & Customs. Read more...posted by Charles Monat Associates at 11:00 PM | 0 comments
Early planning can prevent estate problems
Only a co-ordinated estate plan may ensure the right assets go to the right people at the right time.Estate planning refers to the overall process of determining how the assets you've accumulated in life could be distributed on your death. Read more...
posted by Charles Monat Associates at 10:58 PM | 0 comments
Friday, August 24, 2007
Why Family Business Succession Plans Fail & What to Do About It
Many scholarly researchers have concluded that a staggering 90% percent of family businesses fail by the third generation. This sobering statistic becomes more perplexing when you consider the army of attorneys and CPAs available to assist families with cutting edge business succession planning strategies. Read more...posted by Charles Monat Associates at 8:59 AM | 0 comments
A few things to consider when looking for a life insurance policy
Put simply, life Insurance is a legal contract between the insurance company and the policyholder. The policyholder agrees to pay a set sum at regular intervals to the insurance company. They, in return, agree to pay a set sum of money to stipulated beneficiaries in the event of the policyholder’s death.There are many different types of policy available and premiums will vary considerably depending on variety of factors. Read more...
posted by Charles Monat Associates at 8:56 AM | 0 comments
India: Insurance cover should be 20 times one’s current income
The need for buying an insurance policy not only differs among individuals, but also varies with people’s lifestage. The insurance needs of a working executive when he is in his early days of employment (and not yet married) are different from his needs when he is middle-aged and married with children. It is, therefore, important that the individual evaluates his insurance need, considering his lifestage, following which he can arrive at a suitable protection and investment mix, and tenure. Read more...posted by Charles Monat Associates at 8:54 AM | 0 comments
Malaysia: Why Leaving a Will is Important
All human beings must come to terms with their own mortality sooner or later. Yet, most of us would prefer to avoid this subject and take life as it comes.But wait! Haven't you thought of what you will be leaving behind? What is going to happen to your loved ones and your assets after you are gone? Are you going to leave them penniless or leave them as the beneficiaries of your estate? Read more...
posted by Charles Monat Associates at 8:50 AM | 0 comments
US: Use of Life Insurance Trust avoids IHT
One of us is confused -- I thought life insurance payouts were never taxable and would not be considered part of an individual's taxable estate? Read more...posted by Charles Monat Associates at 8:46 AM | 0 comments
Thursday, August 23, 2007
Talking with the Receptionist, Pausing When You Speak and Other Secrets of Leadership Success
A receptionist is a corporate concierge. They will talk to more important people in a day -- suppliers, customers, even CEOs -- than you will talk to all year. Read more...posted by Charles Monat Associates at 9:29 AM | 0 comments
What's Ahead for the Stock Market -- and Quant Funds
Around the world, investors have been reeling from widespread problems in the subprime sector of the U.S. mortgage business. Stocks have fallen, especially among financial firms. Yields on Treasury securities have dropped, as people pile into an investment that's seen as a safe harbor in times of tumult. And companies – lumped together with the big crowd of homeowners who have defaulted on their loans – are finding it hard to borrow money. Read more...posted by Charles Monat Associates at 9:27 AM | 0 comments
Responding to the Rising Rupee: Why Indian Firms Must Rethink Their Business Models
As India Knowledge@Wharton recently reported, many Indian companies and industry organizations -- especially those that are export-oriented -- have been complaining about the strong rupee's negative effects on their operations. Some have urged the Reserve Bank of India to intervene. Jitendra V. Singh of Wharton's management department -- who takes over as dean of Singapore's Nanyang Business School on September 1 -- has a different view. In this opinion piece, Singh argues that Indian firms should use the rupee's strength to their advantage by adapting their business models in innovative ways, much as Japan's automakers did during the 1980s. Read more...posted by Charles Monat Associates at 9:25 AM | 0 comments
Wednesday, August 22, 2007
Aegon to acquire Merrill Lynch Life for $1.3 bln
Aegon, one of the world's largest life insurance and pension companies, and Merrill Lynch announced they will form a strategic business relationship in the areas of insurance and investment products. As part of this relationship, an Aegon company has signed an agreement to acquire Merrill Lynch Life Insurance Company and ML Life Insurance Company of New York for USD 1.3 bln in cash. Read more...posted by Charles Monat Associates at 8:16 PM | 0 comments
Small business owners aren't planning ahead
A PwC survey findings released Tuesday show that 54 per cent of business owners do not have a plan outlining the future ownership of their business. That climbs to 70 per cent of the owners of companies with revenues less than $10 million. Read more...posted by Charles Monat Associates at 3:34 PM | 0 comments
Singapore's Temasek Raises Stake in StanChart
Singapore investment firm Temasek Holdings Pte. Ltd. has increased its stake in U.K. bank Standard Chartered PLC to 15.29%, according to a regulatory filing.Temasek has been the largest single shareholder in Standard Chartered since buying an initial 11.53% stake in July 2006 from the late Singapore tycoon Khoo Teck Puat. Read more...
posted by Charles Monat Associates at 3:24 PM | 0 comments
Standard Life: “Freeing Britain to Compete” IHT proposals
On 17 August 2007 the Economic Competitiveness Policy Group (ECPG) published its 211 page report looking at equipping the UK for globalisation.The wide-ranging paper looked at a whole host of issues from energy policy, transport, science, higher education and pensions to taxation.
Taking a narrow look at the policy recommendations for capital taxation (which includes inheritance tax), the paper referred back to the work done in 2006 by the Tax Reform Commission, chaired by Lord Forsyth. Read more...
posted by Charles Monat Associates at 3:17 PM | 0 comments
Tuesday, August 21, 2007
Norway the Gangster's Paradise? A Political Myth is Born
We would normally save stories like this for the more light-hearted Friday postings, but the article has a nice picture from my hometown... Read more...posted by Charles Monat Associates at 9:46 AM | 0 comments
UK: Inheritance tax: a question of trust
Tax doesn't have to be complicated – but it invariably is, particularly when it comes to inheritance tax and estate planning. But in a rare move HM Revenue and Customs, last week announced plans to cut red tape and simplify the tortuous process many people have to go through when they are giving money or assets away. Read more...posted by Charles Monat Associates at 9:36 AM | 0 comments
Monday, August 20, 2007
India: More time to phase out ULIPs: IRDA
After banning certain kinds of unit linked products (ULIPs), a move that largely affected Bajaj Allianz Life and Aviva Life Insurance, the insurance regulator has issued a clarification that the companies will be given more time to phase out the products. Read more...posted by Charles Monat Associates at 4:47 PM | 0 comments
Saturday, August 18, 2007
Life insurers subprime exposure 'manageable' -- Fitch
Fitch, one of the three U.S. major rating agencies, told a nervous market on Friday that the U.S. life insurance industry could weather the subprime crisis, and no individual company had enough exposure to create a credit problem. Read more...posted by Charles Monat Associates at 4:41 PM | 0 comments
Protecting your business assets with a ‘prenup’
While asking your sweetie to sign a prenuptial agreement before the wedding isn’t a very romantic notion, such an agreement can be a critical tool in asset protection – and it’s one that every business owner should consider.In New Hampshire, marital property will be divided equitably by the court. Equitable means that the property is fairly divided. All property, no matter whose name it is titled in, is thrown into one “pot” at the time of divorce and then divided equitably by the court unless there is a valid prenuptial agreement dictating otherwise. Read more...
posted by Charles Monat Associates at 4:39 PM | 0 comments
Good Estate Planning Can Ease Heirs' Pain
Good estate planning can ease the transfer of wealth between generations. But without intergenerational communication, it may all be for nothing. Even with it, it may be a close call. Read more...posted by Charles Monat Associates at 4:36 PM | 0 comments
Friday, August 17, 2007
Forbes.com - Best Business Schools
Our fifth biennial ranking of business schools highlights the appeal of one-year programs. Our survey ranks schools based on return on investment--meaning compensation five years after graduation minus tuition and the forgone salary during school. Each of the top five one-year foreign programs beat out all two-year programs because the opportunity cost, in lost wages, to attend is materially less. Read more...posted by Charles Monat Associates at 6:32 PM | 0 comments
Communication is Everything
Bad communication is a problem. No communication is unforgivable.Productive and long lasting client relationships are nourished through frequent client communications. Read more...
posted by Charles Monat Associates at 5:43 PM | 0 comments
PLANNING | Decide how business will run after you leave
Are you a business owner who spends time on succession planning? If not, you have company, as studies show that fewer than one-quarter of business owners give these issues serious thought.Business owners say they're too busy to bother to plan who will take over their businesses, but they should know that half of all business owners, regardless of age, will be out of their business or will die within a decade. Read more...
posted by Charles Monat Associates at 4:56 PM | 0 comments
Singapore's shopping obsession inspires filmmaker
Singapore can seem like one big shopping centre, where everything is neatly arranged and price tagged in air-conditioned comfort, and local film director Li Lin Wee knows it all too well.Wee's first feature-length movie, "Gone Shopping" in theatres this month, was inspired by the national pastime and centres on three characters - a lonely socialite, an abandoned Indian child and a dissatisfied young corporate executive - who seek comfort, love and fantasy in shopping malls. Read more...
posted by Charles Monat Associates at 4:53 PM | 0 comments
Wednesday, August 15, 2007
Success--And Succession--Takes Planning
As CEOs try to improve their companies, they have lots of tools at their disposal. They can buy and sell operations, of course. Pumping up marketing expenditures and expanding sales efforts are a frequently used measure. Other available instruments include cutting costs, boosting research and development expenditures and reallocating assets.But there's another tool that the best CEOs are picking up out of the toolbox: building management capability and establishing succession-planning as a key driver of organizational success. Read more...
posted by Charles Monat Associates at 11:56 AM | 0 comments
You mean I'm not going to live forever?
Uh, no. But if you take care of a few key financial tasks now, you can go back to pretending you will. Read more...posted by Charles Monat Associates at 11:46 AM | 0 comments
Family businesses face three challenges at their very core
Families in business routinely deal with challenges ranging from a new competitor in the marketplace to a relative who's 100 percent on the payroll and only 50 percent on the job. But there are three special challenges that are at the core of what family business is all about: challenges of conflict, of continuity and of character. Read more...posted by Charles Monat Associates at 11:43 AM | 0 comments
Six Estate Planning Essentials
Many people believe that having an estate plan simply means drafting a will or a trust. However, there is much more to include in your estate planning in order to make certain all of your assets are transferred seamlessly to your heirs upon your death. A successful estate plan also includes provisions to make sure your family members can access or control your assets should you become disabled. Read more...posted by Charles Monat Associates at 11:41 AM | 0 comments
Fate of estate tax worries planning lawyers
Estate planning lawyers are increasingly worried that Congress may not act on estate tax reform before the estate tax repeal expires at the end of 2010. Read more...posted by Charles Monat Associates at 11:40 AM | 0 comments
Using Life Insurance Wisely
Every family should have a life insurance policy on at least one of the financial providers. A policy should always be in place in case one of the primary breadwinners passes away so that the family will be able to support itself if no other source of income is available after the breadwinner dies. Read more...posted by Charles Monat Associates at 11:36 AM | 0 comments