Traditionally a civil law concept, the use of foundations as wealth management and succession planning vehicles is gaining popularity in common law jurisdictions. Wyoming is the second state in the USA to adopt common law foundation legislation that will allow for the formation and administration of statutory foundations. The Wyoming Statutory Foundation Act, effective 1 July 2019, combines elements of well-established trust and corporate law in Wyoming with classical elements of foundation legislation found in civil law jurisdictions, while also providing access to Wyoming’s privacy and asset preservation laws.
In this 15th anniversary issue of ‘Private Foundations: A World Review’ the Editor herself establishes an assessment and highlights the most important topics and articles that have over the past 15 years engaged the interest of trust and
foundation practitioners alike. With a view to the Swiss initiative to introduce the trust in its civil law legal order, the Editor reflects on the experiences made by the Principality of Liechtenstein, a civil law country that went through the same exercise 93 years earlier than Switzerland and in this respect also looks at the position of common law countries that have introduced the civil law concept of a private foundation.
Are ultra-HNW Chinese families from the Mainland, adopting the appropriate strategies to expand their businesses and their wealth and then transition both to their younger generations? A roundtable discussion co-hosted by Cone Marshall and AllianceBernstein navigated these waters, guided by an expert who has studied more than 100 successful ultra-HNW family dynasties.