Issues of inheritance and family law
Conference "Issues of inheritance and family law", Riga, Latvia
Conference "Issues of inheritance and family law"
June 14, 2019
Hotel Radisson Blu Daugava, Riga
Sooner or later, there comes a time when every owner thinks that there will be a time when their business will need to be handed over to someone. Hence, it is better to plan this moment in advance, to prepare a heir and to think over the “Plan B” for the future, than solve possible issues on an emergency basis.
QUESTIONS FOR CONSIDERATION:
- TO SELL OR TO HAND OVER: WHAT OPTIONS ARE THERE, WHAT DO THEY AFFECT AND WHAT DEPEND ON?
Mechanisms that give the head of the family (older generation) peace of mind and confidence that, regardless of any circumstances, their family members will never be left without means for life (Plan “A”).
- TIMELINE FOR OWNERS AND THEIR HEIRS
The peculiarity of Family Business is to consider the interrelation of two generations – those who are leaving (Seniors) and the new (NextGen).
• How and when is it best time to introduce heirs into a business and what training is required?
• How to release the family from the battle for the inheritance?
• How to write a will: new rules are introduced in Latvia.
• When a will is necessary and in what cases a testament is mandatory.
- STRATEGIES FOR THE OWNER
There are two types to plan the Plan B:
a) Urgent (if the owner has passed away or has lost capacity);
b) Successive (gradual transfer of affairs during the life of the owner).
Successive plan and the importance of its implementation:
• What criteria should a company meet in order for the transfer of management to be the most secure?
• Fundamentals of interaction with professional (non-family) managers.
• The essence of consultations and the role of the owner's vision.
• The practice of drawing up wills for owners as a way of planning the future movement of assets (not only legal aspects).
• Building an effective corporate governance outline by using an example of a family business (board, family council, family constitution, family assembly).
- HOW AN OWNER CAN REMAIN HAPPY
There is a direct relationship between happiness in the family, timely decision of inheriting business and happiness in successful business activities.
• Do you feel the signals correctly, when family happiness and business efficiency begin to decrease?
• In such case, what changes should be made to Plan "B"?
• Family constitution: helps each family member to determine their role in business and sets the rule of the game for future generations.
- FAMILY OFFICE SERVICES in financial, legal and tax matters:
• Do not wait for the inheritance for six months, if it is “packed” in the hereditary fund;
• Funds and their application in the practice of inheritance law and inheritance disputes;
• Tax issues of using inherited funds;
• Unexpected questions that may arise from the inheritance of foreign assets;
• The principle of universality: the transfer of inherited debts and assets. Disputes of the heirs with the creditors of the testator;
• A will that includes foreign property. Difficulties in certifying "complex" wills by a notary;
• Features of the planning and execution of the inheritance with a foreign part according to the Latvian law.
Invited to participate in the conference: owners of companies and their heirs, representatives of industry and government agencies, financial institutions, investment and legal companies, banks and pension funds, notaries and lawyers, representatives of international Family Business associations’ development, representatives of academic institutions and law students.