Richard Frimston, head of the private client team, recently presented at two important conferences in the Gulf. The: 'Asset Protection Symposium: The Impact of Laws on Inheritance' events were held in Dubai and Abu Dhabi.
The conferences drew attention to the difficulties and importance of estate planning for UAE assets held by foreign nationals.
The present European situation is equivalent to that of a traveller compelled to cross legal Europe using a number of different local maps. Sadly the maps are all in different colours and to different scales and although they use many identical signs these often actually represent different hazards. Some maps overlap and cover some identical areas, but actually disagree, whilst other maps do not even meet, leaving some parts completely uncharted.
Richard's presentation covered the complications of Matrimonial Property Regimes, the UK Supreme Court's recent judgment in the case of Radmacher v Granatino and the proposed EU Matrimonial / Registered Partnership Property Regulation - Rome IV.
He also dealt with issues for cross border Capital Taxation and the impact of Succession Law before considering how these matters affected the drafting of Wills, Estate Administration and the proposed EU Succession Regulation - Brussels IV.
Other Speakers dealt with UAE law, Shari'a law and issues of interest to US citizens.
For further information about cross-border estates then please contact Richard Frimston.