High-Net-Worth Contentious Disputes

Trusts can be exposed to challenge if in fact they are trusts only in appearance, and not in reality. There are many circumstances that give rise to a challenge, and the principal challenge occurs when the trust arrangement is intended to defeat the legitimate legal claims of others.

Most attacks on a trust focus on the language of the document itself, its technical validity, or the behavior of the trustee. However, there are other avenues and tools that are available to attack the integrity of trusts. Be sure to join us in this session as our experts explore some of the most common and successful strategies and tools to challenge trusts, including:

• Undue influence
• Fraudulent conveyance or preference statutes
• Equitable remedy of mistake
• Breach of fiduciary duty
• Misconduct in operating or revoking the trust

When contemplating or anticipating a divorce filing, it is not uncommon for a wealthy party to the marriage to conceal their wealth in complex offshore holdings, trusts, and other methods of hiding those assets from their spouse. To effectively identify and value assets that have not been disclosed – or are grossly undervalued – in divorce proceedings, it is important to utilize the latest legal, forensic and investigative tools to trace, trap and return those hidden assets to the marital estate.

Some of the challenges, tools and assets that will be discussed in this engaging session include:

• Hurdles to gathering evidence in multiple foreign jurisdictions
• How to effectively and ethically utilize forensic accounting and corporate intelligence for high stakes matrimonial asset recovery investigations
• Creative use of insolvency tools in matrimonial cases

Art assets, cultural heritage property, bankruptcy estate assets, bribe payments, corruption proceeds, assets belonging to UHNW divorcing spouses, and almost anything else can conceivably be transferred secretly. This can be done by using common concealment methods to “wash” the assets in a laundering circuit, and HNWI’s may conceal assets from creditors, domestic tax authorities, law enforcement officials, bankruptcy trustees, court-appointed receivers and others. In this session our speakers will utilize case studies to explore common asset concealment methods and demonstrate how money laundering circuits work. We will also review the ways determined criminals and others try to hide art assets & cultural heritage property, by reviewing some common concealment methods such as:

• Multiple jurisdictions
• Trusts and shell companies
• Intermediaries (a.k.a “nominees”)
• Portable valuable commodities
• Diamonds
• Offshore bank accounts

Cross-border insolvency laws for HNWIs present a complex landscape within which practitioners must navigate, with an eye towards foreign substantive law and an array of other foreign insolvency and asset recovery-related proceedings.

In this session, our panelists will discuss the nuances of cross-border insolvency and restructuring laws in different global jurisdictions, including discussions on:

• Navigating through global cross-border insolvency and restructuring laws
• Comprehensive strategies on debtor-side assignments and practical tips for handling complex and sophisticated creditor rights matters
• Initiating recovery efforts from corporate misconducts and sophisticated creditor rights matters
• How to utilize insolvency and restructuring as mechanisms for recovery
• Initiating and following insolvency claims simultaneously in more than one jurisdiction

The passing of the Baby Boomer generation (born between 1946-1964) is giving rise to the biggest intergenerational wealth transfer in history. This unprecedented shift of assets does have a darker side, with a potential sharp rise in conflicts between family members over the division of estate assets.

These disputes between potential heirs can involve accusations of fraud, forgery, undue influence of the elderly and other forms of wrongdoing. The claims might be genuine; or they can come from those who feel slighted and are determined to disrupt the probate process. Be sure to join us in this engaging session as our esteemed panelists discuss the psychology of this type of fraud, including the effects on the:

• Perpetrators
• Victims
• Siblings

Where an individual’s estate includes assets in multiple countries, if the deceased held a different nationality from their last country of residence – or if his heirs reside in different countries – their estates may become subject to the laws and regulations of multiple jurisdictions. Significant challenges arise from the diversity of inheritance procedures and distribution that are observed across multiple jurisdictions, particularly for HNWIs.

In a fully interconnected world, it is critical to understand the complexities and challenges that spring up in cross-border successions. Join us in this session as we break down and anticipate legal challenges such as:

• The differences in inheritance procedures and probate processes that are observed across multiple jurisdictions
• The dissimilarities concerning the inheritance distribution in multiple jurisdictions
• The role that International Private Law (IPL) plays in determining the relevant national law to observe
• The full impact of the European Regulation on Succession Law and its effect on international successions

The intricacies of asset division and the significance of “pre-marital wealth” in HNW dissolution matters are increasingly complex, especially when considering pre-marital contributions to the asset pool. Join us in this session as we discuss:

• Legal implications – and the impact on financial remedies – set by Standish v. Standish
• The foundation and application of the “Sharing Principle” when considering the division of assets
• The importance of properly and conclusively accounting for pre-marital wealth
• Considerations for a proper “needs assessment”