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Yachts, luxury estates and billions; The legacy that excites the upper echelons - Walla! Business

2021-02-17T12:37:13.483Z


The publications about the will of the late Michael Strauss revealed to the public a tap into the lifestyle of Israel's rich. Yachts moored in several ports around the world, private jets, estates abroad, huge amounts of money, and an atmosphere of mystery. Alongside the aura of wealth there is great complexity when it comes to inheriting property to the next generation


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Yachts, luxury estates and billions;

The legacy that excites the upper echelons

The publications about the will of the late Michael Strauss revealed to the public a tap into the lifestyle of Israel's rich. Yachts moored in several ports around the world, private jets, estates abroad, huge amounts of money, and an atmosphere of mystery.

Alongside the aura of wealth there is great complexity when it comes to inheriting property to the next generation

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Adv. Daniel Friedenberg and Adv. Ohad Hoffman

Wednesday, 17 February 2021, 14:14

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This week, Michael Strauss' will shook the business world in Israel.

There are quite a few wealthy and wealthy families in the country - some of them are known, but most of them are not known to the general public due to strict discretion.

Along with day-to-day management, there is a constant need to take care of the assets in the present day after the death of their owners - mainly to avoid surprises that can cause inconvenience to the heirs and the memory of the deceased.



Accumulation of property is subject to income tax payments, leading to stakeholders and the ability to use international holding structures and tax havens that can reduce the tax burden: a yacht registered with a foreign company whose shares are held by trust, a plane registered in a foreign citizen and associated with an airport , Safes in boutique branches of foreign banks, holding companies from small and distant countries, and more.

More on Walla!

NEWS

Who will get what: Michael Strauss' billionaire will is revealed

To the full article

Who gets the yacht?

(Photo: ShutterStock)

The financiers have a team of professional consultants in really intimate proximity.

These are usually secretarial accountants or lawyers whose relationship is protected by law. The role of these is to advise and assist in the accumulation of property and tax payments legally.



The more property there is, the greater the need to make a will that will regulate the transfer of rights. And on its day-to-day management and hence the wills of the wealthy to detail the property and the conditions involved in its receipt, possession and management. In many cases these wills reveal surprises and intimate secrets. Other children out of wedlock supported over the years without the knowledge of the spouse and other children.



In Israel no inheritance tax is imposed, but when the inheritance includes property held abroad there may arise not only a tax liability under the laws of the state where the property is registered, but also Examination by the tax authorities in the other countries whether the accumulation of property was done while reporting and tax payments lawfully.Such retroactive tax payments also include unpleasant interest rates.

Yes, life certainly sometimes looks like a soap opera (Photo: Walla! NEWS system, Walla! NEWS system)

Adv. Daniel Friedenberg (Photo: Yael Cohen)

Adv. Ohad Hoffman (Photo: Yael Cohen)

Inheritance planning is an extremely important thing for everyone, and twice as much for someone who has worked all his life to accumulate property in optimal planning legally and by the way accumulated secrets funded from the same property.

The planning of the inheritance can be done in a number of legal frameworks, some of which can be carried out during the testator's life, but this requires careful professional planning in advance.



According to Rob, pre-planning also includes solutions that allow for balancing, supervising and controlling mechanisms to help heirs receive the property in a controlled manner that will help them cope with the surprising extent. the transfer of property.



wealthy attach great importance to the design of inheritance. the main difficulty is revealing secrets from someone who is not one of the family circle soon, but it is possible after establishing mutual trust between the deceased and his advisers. not every consultant can take on the task of planning inheritance and editing Such a will, but only those who are really familiar with this world, the way of life and the appropriate mechanisms. It is almost always a matter of personalization according to the concrete circumstances and this requires expertise.



And who sticks his head out?

The chances of getting to court increase significantly - whether it is disputes between relatives who did not know each other about the other's existence, quarrels between those who claim to be the deceased's spouses, or whether it is wills that provoke opposition or need interpretation.

In the vast majority of will cases that come to court, this could have been prevented in advance through prior consultation.



The authors are the founding partners of the law firm Hoffman & Friedenberg, which specializes in family and inheritance matters.

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Source: walla

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