ALL ARTICLES
- Charities, philanthropy and gifts
- Emergency measures
- Emigration and Immigration
- Estate planning
- Estate taxes and duties
- Family and matrimonial law
- Family business
- Family disputes and solutions
- Family governance and Family charters
- Family offices
- Foundations and Trusts
- Living will and testaments
- Personal income taxes
- Preparation of next generation
- Protection of wealth and family assets
- Residency
- Succession planning
- Tax Planning
Gift tax in Denmark – when and how much?
Gift tax in Denmark If a parent/grandparent donates an asset (cash, shares etc.) to his/her child/grandchild, the Danish rules on gift tax apply if either the donor or donee has jurisdiction in Denmark at the time of the donation. A person has jurisdiction in Denmark if he/she is a resident in Denmark at the time of the gift being given. Parents/grandparents are entitled to donate tax-free gifts to their children/grandchildren, provided that the total value within any one calendar year does not exceed a basic amount of DKK 69,500 per parent/grandparent (2022). A 15 % gift tax is payable on gifts exceeding the basic amount. Tax is consequently paid on the value of the gift which exceeds the tax-free basic amount. A donation exceeding the basic amount must be reported and is subject to...
Professionalising Family Business
Professionalising Family Business - Appointing non-family board members Sha is the third-generation director of a mid-sized and progressive medical company. His grandfather started the organisation on a very small scale in a small town in UP. The Board of the organisation consists of his uncle (father’s younger brother, cousins (father’s elder brothers’ son and himself) - all family members. Most of the key positions in the organisation are also managed by themselves. Over the years, they have grown to be a known brand with a large presence in Central & North India. During Covid and post covid period, this organisation has achieved notable business growth, especially in nutraceutical products and in modern marketing outlets. While discussing about engaging consulting...
The advantages of private foundations for Canadians
Foreign Private Foundations for Canadians A private foundation is a corporate entity with separate legal personality, but which has no owners, and therefore does not issue shares or other ownership interests. It is established by a founder who contributes initial funds or assets to the foundation. The foundation is governed by its constitutional documents, which typically consist of a charter and bylaws, and a governing body called directors or council members. There will typically also be a guardian or enforcer who is empowered to supervise the directors to ensure they are complying with the foundation charter and bylaws, and with their duties as directors under applicable law. The foundation’s charter or (more likely) bylaws will identify the foundation’s beneficiaries, if any, or...
