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Updated: Aug 20, 2021

Jessica Hackett | Rhone Trust & Fiduciary Services S.A.

The first half of the year 2020 has caused the world to think differently about a number of things. We have seen COVID-19 not only transform the way we live, interact with friends, family and coworkers, but also how we plan for our future.

Wealth has always been a multifaceted subject, becoming even more convoluted in the past decades, on one side due to modern family dynamics and globalization, and on the other side, due to sophisticated legislation applied worldwide. Now, the COVID-19 pandemic has added an extra layer of complexity and concern. Numerous high-net-worth families have realized that we do not always have lots of time to plan and that the sooner we think about the future the better. Basic and often emotional aspects such as whether the next generation will have a secure future, whether the family business is safe, whether wealth will last into the next generation and beyond, whether we are doing enough about philanthropy… are all being closely considered.

Using a Trust for Wealth Planning

Managing wealth requires choosing the right legal structure. There are different ways of owning assets that can make it easier to manage wealth and achieve the required objectives of high-net-worth families, and a trust can be the perfect tool.