It’s said that wealth rarely sustains beyond three generations. The pattern of wealth made, and inheritance used and lost is evident in many families and studies.
The causes are many, including taxes, inflation, bad investment decisions, expensive hobbies and lifestyles, and irresponsible family members.
But there is a legal option to minimise these risk, writes Clarence Leung of Nexus Law Group.
Clarence writes on the establishment, operation and advantages of discretionary trusts in this week’s column (see below) for a Hong Kong publisher with a broad readership in Australia.
He suggests use of a discretionary trust which involves a trustee holding assets to protect and grow them over the long term.
In his Master of Laws from the University of London he specialised in trusts. He is a trilingual lawyer with 17 years experience working with Australian and international clients in property, civil litigation, migration and dispute resolution.
This has involved advising many businesses in China and Hong Kong and Chinese families across generations and geographies.
People with Chinese heritage famously value education highly. Clarence is no exception with his:
- Bachelor of Social Work (Chinese University of HK)
- Bachelor of Economics (University of London)
- Bachelor of Laws (University of London)
- Diploma in Law (University of Sydney)
- Master of Laws (Specialising in Trusts and Equity – University of London)
For Chinese-speakers, and international thinkers generally, there are many advantages in working with lawyers with multi-lingual, multi-cultural, multi-jurisdictional, multi-disciplinary and multi-generational expertise. Clarence is all that in one.