Charles Monat Associates

2009 World Wealth Report

2009-07-01T14:50:00.000+08:00

While World Wealth and High Net Worth Population shrink below 2005 levels, overall HNWI wealth expected to grow at annual rate of 8.1% by 2013. Download report (registration needed)...

Transparency is the New Gold Standard: U.S. Wealth Managers Must Redefine Role to Regain Trust in Current Environment, Says PricewaterhouseCoopers

2009-07-01T14:46:00.000+08:00

PricewaterhouseCoopers' report, entitled "A New Era: Redefining the Way to Deliver Trusted Advice," identifies significant changes affecting wealth managers, how they are responding with changes in their business and what senior private bankers and wealth managers see happening in the industry in the future. The report also looks at the qualitative impacts of the financial crisis over the first quarter of 2009. Based on survey responses from nearly 240 private banks and wealth managers, this year's report is the latest installment in a global survey first conducted in 1993. Read more...

Insurance Industry's Reputation Intact

2009-06-25T12:23:00.001+08:00

Mr. Monat with Martin Soong on CNBC's Protect Your Wealth.

GETTING PERSONAL: Think Twice Before Buying Children A Home

2009-06-24T10:03:00.000+08:00

NEW YORK (Dow Jones)--Low interest rates and depressed real estate prices have affluent parents asking their financial advisers if buying their children a house could accomplish a one-two punch of moving assets out of their estate while snagging a good deal on property.

The answer is, not exactly. Read more...

Canadian Life Insurers Assurance Facility launched

2009-06-24T09:52:00.001+08:00

On May 22, 2009, the Minister of Finance announced the launch of the Canadian Life Insurers Assurance Facility (CLIAF), which is intended to assist life insurance companies in accessing debt markets on competitive terms by insuring their wholesale term borrowing. The CLIAF is a component of Canada's implementation of the G7 Plan of Action to stabilize financial markets and support global economic growth.

Life insurance companies regulated by the Office of the Superintendent of Financial Institutions are eligible to participate in the CLIAF, as are, with the Minister's approval, fraternal benefit societies and provincially regulated life insurers. Instruments eligible to be guaranteed under the CLIAF include newly-issued commercial paper, bearer notes and senior unsecured bonds and notes in which the underlying debt has been issued by a related entity. Other new senior unsecured marketable wholesale instruments may be eligible subject to the Minister's approval. Eligibility for the CLIAF requires a minimum issuance size of $1 million for Canadian-denominated issuances and $10 million for foreign-denominated issuances. Further, instruments must have a minimum term of three months from the date of issuance and the guarantee will apply for a maximum of three years. Read more...

Mr. Monat on SCMP TV

2009-06-15T11:40:00.000+08:00

Australia: ATO Targets Trusts In Tax Crackdown

2009-06-02T08:52:00.000+08:00

This was the headline for the main story in the Australian Financial Review on Monday 18 May 2009.

The article was triggered as a result of the issue by the ATO of a draft Practice Statement (DPS) in relation to the determination and taxation of trust income.

The approach suggested in the draft Practice Statement is not as draconian as suggested in the Financial Review article, but it does reflect a significant change in approach by the ATO. Go to Mondaq.com for full story.

UK - Tax planning: Information is the key to estate planning

2009-06-02T08:51:00.000+08:00

Estate planning to reduce inheritance tax bills requires a wealth of information on the clients and their assets to take full advantage of all the reliefs available, writes Jeremy Pearson of Canada Life. Read more...

Tax threat to traded life funds

2009-05-27T10:33:00.000+08:00

The US Internal Revenue Service has ruled that a 30 per cent withholding tax should be applied to profits derived from matured “stranger owned” life insurance policies, ie the second-hand policies that form the assets of the fast-growing life settlement fund industry. Read more...

Odd Haavik on Preserving Your Wealth on CNBC

2009-05-13T15:44:00.003+08:00

An appearance this morning on CNBC's 'Protect Your Wealth' with Martin Soong. The discussion ranged from what distinguishes Wealth Transfer Planning Consultants from Private Bankers and Family Offices to what proactive steps clients can take, today, to ensure a successful inter generational estate transfer.

Charles Monat restructures in line with fair dealing guidelines

2009-05-11T14:31:00.000+08:00

Charles Monat Associates, a provider of wealth transfer and liquidity planning solutions to high-net-worth clients, has changed its organisational structure to support the guidelines on fair dealing for financial institutions recently released by the Monetary Authority of Singapore (MAS). Read more...

The Sales Profession: Attention Must Still Be Paid

2009-05-08T14:42:00.000+08:00

ASIDE from some gardening and baby-sitting in my neighborhood when I was a child, my first summer job was in the summer of 1962, just before my first year of college. It was at Shoe Giant, a large discount shoe store in Langley Park, in Prince George’s County of Maryland, and I got the job thanks to a high school pal who also worked there. Read more...

Sun Life Financial reports Q1 results

2009-05-08T10:53:00.002+08:00

Sun Life Financial Inc. (TSX/NYSE: SLF) reported a net operating loss of C$186MM for the first quarter of 2009. MCCSR ratio is at a healthy 223% and the risk based capital ratio for Sun Life Assurance Company of Canada (US) is at 357%. www.sunlife.com
SLFQ1.pdf

Three Generations of Family Entrepreneurship, Conflict, Transitions and Connection From Swords to Ploughshares

2009-04-03T09:42:00.000+08:00

Harry McNeely Sr started a storage and transport company with his brother-in-law in 1916. Whereas his sons, Don & Harry Jr, were taken into the company, Harry Sr made provision for his two daughters to be financially independent but gave them no stake in the family business. After his death, the daughters contested the will and were made minority shareholders, but not before the family had endured the largest court ordered business liquidation in Minnesota's history. Interesting case study from INSEAD

NASDAQ Insurance Index

2009-03-20T15:07:00.002+08:00

The NASDAQ Insurance index continues its recovery and is now close to flat on a 5-year horizon. Review chart

Mr. Monat with Bernie Lo on Bloomberg

2009-03-19T15:48:00.003+08:00

Mr. Monat appears on Bernie Lo's show together with Dr. Marc Faber.

Singapore vows to relax tough bank secrecy laws

2009-03-10T11:48:00.000+08:00

Singapore's finance ministry said it would amend its bank secrecy laws in mid-2009 to take account of the OECD's standards on exchange of information. "Once the legislative amendments are passed in parliament, Singapore is prepared to negotiate and conclude double taxation agreements that will enable us to provide further assistance for exchange of information." Read more...

U.S. Is Said to Offer $30 Billion More to Help A.I.G.

2009-03-02T10:58:00.001+08:00

The federal government agreed Sunday night to provide an additional $30 billion in taxpayer money to the American International Group and loosen the terms of its huge loan to the insurer, which is preparing to report a $62 billion loss on Monday, the biggest quarterly loss in history, people involved in the discussions said. Read more...

Mr. Monat interviewed on CNBC regarding the state of the insurance market

2008-10-17T13:15:00.000+08:00

Singapore Abolishes Estate Duty Part II

2008-02-15T17:23:00.002+08:00

The full text of Minister for Finance and Education Tharman Shanmugaratnam's budget speech can be found on www.singaporebudget.gov.sg.

We quote from the paragraph announcing the removal of Estate Duty:

4.76 I have therefore decided to remove Estate Duty from our tax regime, with effect from today. It is not just a practical or expedient measure, but one that on balance will be in our collective interest. If we make Singapore an attractive place for wealth to be invested and built up, whether by Singaporeans or foreigners who bring their assets here, it will benefit our whole economy and society, not just the individuals who build up their wealth. It is not a zero sum game.

Read the Estate Duty part of Minister Shanmugaratnam's speech

Singapore Abolishes Estate Duty

2008-02-15T17:19:00.001+08:00

SINGAPORE, Feb 15 (Reuters) - Singapore said on Friday it will keep income tax unchanged, a surprise move that leaves the top personal rate at 20 percent, and said the small city-state could not insulate itself from global inflation.
"We will not be making any further move on personal income tax this year," Finance Minister Tharman Shanmugaratnam told parliament in the presentation of his budget for the fiscal year beginning in April 2008. Read more...

UK Non-residents and non-domiciliaries – the draft new rules

2008-02-01T16:05:00.000+08:00

The new rules for taxing UK resident non-domiciled individuals and for calculating periods of UK residence have finally been released (in draft) more than three months after their announcement in the Pre-Budget Report. The proposed provisions are even broader and more draconian than was anticipated and, to the extent that planning to mitigate their effects is possible, there is little more than two months available to do so. In context, however, there continue to be significant benefits for UK resident non-domiciliaries for inheritance tax purposes, and in respect of untaxed remittances to the UK.

The linked PDF outlines some of the more salient points and is used with the premission of Lawrence Graham LLP.

LG%20Tax%20%26%20Private%20Capital%20notes%20-%20January%202008.pdf

The business of families

2007-11-26T11:01:00.000+08:00

Families have certain dynamics -- complex, fluid and emotional -- while businesses have very different ones. So what happens when the two combine? Read more...

Use a will or a trust in estate planning?

2007-11-26T10:55:00.000+08:00

Many people are confused about whether to use a will or a trust in estate planning. Each has its advantages and disadvantages.

A will is a legal and binding contract that allows you to name a personal representative to administer your affairs upon your death. You can name a guardian for any minor children, provide for special needs for children or a spouse and leave instructions for the distribution of your assets. In the will, you can leave property to someone who would not otherwise inherit under the state’s intestacy law — if you passed without a will. You can disinherit someone via your will, except for your spouse unless the spouse agrees to not receiving the inheritance. Read more...

Therapists Tackle Emotional Burden of Being Rich

2007-11-16T09:46:00.000+08:00

For ultra-rich clients, financial-advisory firms provide all kinds of specialists. There are wealth planning specialists, risk management specialists, insurance specialists, trust specialists, and so on. Firms are starting to recognize, however, that this array of specialists isn't qualified for the more emotional — and sometimes darker — side of big bucks. Read more...