International Wealth

 
Many Australians own assets abroad, spend time living abroad or enter into relationships with people from other countries.

Similarly, people moving to Australia often retain assets in the country they have moved from and enter into relationships with Australians. On death or incapacity, this can create a complex situation with different succession laws applying to different assets and individuals. It can also create conflict about which laws to apply.

Complicating this further are the complexities of the Australian tax and duties legislation coupled with how international wealth interacts with the tax systems of other countries. For example, many other countries have inheritance and gift taxes that can apply on deaths, whereas Australia does not.

We apply a considered and thorough approach in dealing with these issues, both in the Australian and international contexts.

Experience

  • advising clients on succession to their worldwide wealth including the use of Australian and offshore trusts, companies and other entities to simplify the structure and governance of their international wealth.
  • cross jurisdictional probate and estate administration including estate disputes.
  • dealing with clients with UK assets and issues including assisting clients with a UK inheritance tax exposure to ensure their strategy works from both an Australian and UK perspective.
  • dealing with clients with US assets and issues including assisting clients with a US estate and gift tax exposure to ensure their strategy works from both and Australian and US perspective.
  • the acquisition, sale and structuring of Australian residential and commercial property and businesses by non-Australian residents.
  • international tax advice including ceasing Australian residence and tax planning for Australian income tax, capital gains tax and stamp duty.

Key contact

Emma Woolley

Partner & Head of Family Office Advisory

Emma has extensive experience advising clients in estate planning/administration, succession, trust structures and disputes.

Our team

James specialises in estate and succession planning for high-net-worth clients in Australia, the UK, Europe, the US and Asia.

Related thinking

Private Clients| 04 Mar 2024

US citizenship or assets? Don’t risk excess estate tax on your death

We delve into how being a US citizen affects taxes, cover transfer tax considerations for both US and non-US citizens and provide practical tips for reducing tax liabilities.

Private Clients| 23 Feb 2024

How to obtain executor commission?

Executors’ commission involves an executor of a Will obtaining remuneration for the administration of a deceased’s estate.

Private Clients| 09 Feb 2024

Trusts: to vary or not to vary

We outline the key issues if you’re considering varying or amending a trust deed, and provide some practical examples.

Private Clients| 25 Jan 2024

The Pickering Family Trusts: no variation power… no options?

We examine the recent landmark decision in Re The Pickering Family Trusts, which highlights alternatives for trusts lacking variation powers, showcasing the court's use of Trustee Act powers.