Prevent Estate Planning Blunders by Using Asset Protection
As I have previously discussed, fung shui master Peter ChanChun-chuen is currently on trial for forging the partial will of Chinachemtycoon Nina Wang, which bequeathed to him HK10 million. However, Nina Wang isnot the only name in Hong Kong.
Another high profile name in Hong Kong is Dr. Staney Ho, the man who allegedly lost his $3bn casino empire. Apparently, he becameill, and his share of SJM Holdings was divided up amongst his many wives and 17children. Dr Ho’s intention was to pass his share of SJM to his second andthird wives. Perhaps if Dr. Ho had paid more attention to asset protectionstructures for ensuring that assets are protected are trusts and companies hislegacy would be different. There are many benefits to trusts and companies.Below are a few benefits from assets protection structures in Asia that mayhave prevented these estate planning blunders.
- Assets are protected by placing them into different companies which ends up shielding them.
- There is little risk of loosing all assets at the same time when assets are divided into different companies.
- Using a trust can make it hard to take legal action for people with a trust that owns all of their assets.
See Marc Farror, Asset Protection in Asia, Mondaq Aug. 6, 2013.