Trusts Talk

Dr Sara Adami-Johnson on the Psychology and Practicalities of Art Succession Planning

In this episode of Trust Talk, hosts Mark Bennett and Adam Hofri talk with Dr. Sara Adami-Johnson, Vice President of High Net Worth Planning Services at RBC Wealth Management, to discuss the intricacies of international estate planning, family psychology, and the complexities of managing art as an asset class. Drawing on her background in law, finance, and positive psychology, Dr. Adami-Johnson explains how she acts like a detective to uncover the unspoken rules, emotional dynamics, and unique governance structures that exist within wealthy families. The conversation then takes a deep dive into the highly subjective world of art valuation, exploring how provenance, authenticity, condition, and shifting cultural perspectives impact a collection's worth. Dr. Adami-Johnson highlights the common pitfalls of passing down art without a proper will or tax plan, the strategic use of trusts and foundations for dynastic collections, and the evolving debates around preservation and restoration. Follow Dr. Sara Adami-Johnson on LinkedIn https://www.linkedin.com/in/smjohnsoncdn/ [https://www.linkedin.com/in/smjohnsoncdn/] We discussed Te Motunui Epa, a Māori carving that had an amazing story, which has been told by Dr Rachel Buchanan (Taranaki, Te Ātiawa), in her book Te Motunui Epa (Bridget Williams Books, 2022). See this story for more details: https://www.rnz.co.nz/national/programmes/labourday/audio/2018817736/the-tale-of-the-motunui-epa [https://www.rnz.co.nz/national/programmes/labourday/audio/2018817736/the-tale-of-the-motunui-epa]

Richard Grasby on Offshore Trusts Practice from Hong Kong

In this episode of Trust Talk, hosts Mark Bennett and Adam Hofri talk trusts with Richard Grasby, an offshore regulatory trusts and private wealth lawyer based in Hong Kong who specializes in the laws of jurisdictions like the Cayman Islands and the British Virgin Islands. Richard explains that high-net-worth clients primarily utilize modern offshore trusts for confidentiality, probate avoidance, succession planning, and protection against political instability or regime changes, rather than simple tax planning. A recurring challenge in the industry is the delicate balance of control; settlors often want to retain strict power over their assets, but treating a trust like a personal ATM makes it highly vulnerable during divorce proceedings and invites strict tax scrutiny. Furthermore, global transparency initiatives like the Common Reporting Standard (CRS) are forcing settlors to reduce their formal powers to avoid being flagged as controlling persons. Despite global pushes for transparency, the offshore trust remains highly relevant; to combat geopolitical uncertainties and cyber threats, clients are increasingly diversifying their structures by separating the trust's governing law from the trustee's physical location, such as pairing a Cayman law trust with an independent trustee based in Singapore or Switzerland. Follow Richard on LinkedIn or through the Appleby website for further insights into this complex and evolving field. https://www.linkedin.com/in/richard-grasby/ [https://www.linkedin.com/in/richard-grasby/] https://www.applebyglobal.com/people/richard-grasby/ [https://www.applebyglobal.com/people/richard-grasby/]