The Luxembourg-based law firm Wildgen, Partners in Law organised a luncheon conference on Thursday with local and international renowned experts, to analyse the benefits and challenges of the Luxembourg private foundation, as introduced by the draft law of 22 July 2013. The speakers shared their respective experience in setting-up, managing and organising private foundations and trusts in their jurisdiction with an audience mostly composed of C-level executives and directors from the private banking and wealth management industry.
Rüdiger Jung, General Counselor at the ABBL (Luxembourg banking authority) opened the conference with an overview of the draft law. He presented the Luxembourg private foundation as a flexible instrument for cross-border asset management and estate planning for both high net worth individuals and entrepreneurs. This new instrument would also reinforce the attractiveness of Luxembourg as an investment platform for families and private clients.
Ewout van Asbeck, tax partner from the Dutch law firm "Van Doorne", Oliver Court, partner in charge of the private client group at the "Macfarlanes" London office and Mario König, partner specialised in foundation and trust law in Liechtenstein at the "Marxer and Partner" law firm were all involved in the panel discussion moderated by Michel Bulach, Banking and Finance partner at Wildgen, on the legal and technical aspects of wealth management and estate planning in their respective jurisdictions.
Comparisons of the existing tools in other financial centres as well as the debate on the pitfalls and advantages of setting-up such instruments will allow delegates to anticipate and consider new perspectives for their high-net-worth clients.
