Law Firm McDermott Will & Emery on Globalization, Tax Planning

Overview


Carol Harrington observed that “it’s becoming increasingly difficult for traditional models of taxation to raise revenue when people are so much more mobile,” which she said includes “wealthy individuals [who] have often seen advantages in investing on a global basis to take advantage of opportunities for returns that might not be available in any one country.” Astrid Owen agreed that “families have become more international, especially the wealthy ones,” adding this makes it essential for wealth management lawyers “to understand all the facts – all the resident and citizenship statuses of all your beneficiaries – as well as where all the assets are.”