2020 was a year of disruption, with the effects of Covid-19 ushering in new ways of living and working, alongside other economic and healthcare challenges globally. As private individuals and families navigate this new reality, the topic of succession planning has become even more relevant. The imminent intergenerational wealth transfer, which is expected to place trillions of dollars in the hands of millennials over the next decade, also raises questions around inheritance and succession laws, suitability of wealth structures and their potential implications. Whatever decision a family chooses may be in part influenced by global economic and political events, but legal and regulatory changes at domestic levels may also influence these decisions.
In a three-part series of articles, we explore recent legal and regulatory changes and global events that may influence international succession planning and wealth transfer over the next decade, with perspectives from our KPMG Family Office and Private Client specialists in the Middle East, Europe and North America.