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ABCs of Charitable Giving

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The most beautiful bequests fulfil the dreams of their donors. Donors make charitable bequests in their wills in the hopes of leaving the world a slightly better place.

Types of bequests

Charitable bequests can be general, demonstrative, specific or residuary gifts. A general bequest is the gift of a specific amount of money or asset to a charity, without specifying how it should be used. A demonstrative bequest is a gift of a specific asset by the donor, such as an art piece, to a charity. A specific bequest is the gift of a specific amount of money or asset to a charity for a targeted purpose, such as funding for a research project. A residuary bequest is a gift of the remainder of a donor’s entire estate after all other bequests in a will have been made.

The type of charity that one selects may be cultural, environmental, scientific/medical, political or specifically targeted at a disadvantaged group/minority. For example, a donor may choose to support a cultural institution, such as a museum or a theatre, to promote arts and culture. They may choose to support an environmental organization, such as a wildlife conservation group, to protect the natural world. Scientific and medical charities, such as those focused on cancer research or disease prevention, are also popular choices. Political charities, such as those advocating for human rights or social justice, may also be considered. Finally, donors may choose to support charities that target specific groups, such as the elderly or those with disabilities.

Contact the charity

It is always a good idea to contact the charity directly to discuss a bequest in order to better understand their specific needs and their ongoing or latest initiatives. This can help ensure that the bequest is used effectively and efficiently and equally importantly, that the donor’s goals are aligned with those of the charity. Charities may also be able to provide guidance on the best way to structure the bequest, and may be able to offer recognition or other benefits (e.g., tax deductions) to the donor. The donor’s solicitor can review the guidance provided by the charity when drafting the donor’s will and/or trust document.

Targeted or general bequests can be made to specific charities, depending on the donor’s goals and preferences. A targeted bequest is a gift to a specific charity or research program, while a general bequest is a gift to a broader category of charities or causes. For example, a donor may choose to make a targeted bequest to a favourite hospital or research institution, or a general bequest to support medical research more broadly.

Perpetual/lump sum donation?

Perpetual or lump sum bequests can also be made. A perpetual bequest is a gift that is intended to last indefinitely, such as an endowment that provides ongoing funding to a charity. This type of bequest would require careful drafting by the donor’s solicitor in terms of ongoing management of the endowment fund. A lump sum bequest is a one-time gift of a specific amount of money or asset. Perpetual bequests can provide long-term support to a charity, while lump sum bequests can provide immediate/short to medium term funding for a specific project or initiative.

Always consider taxation

When making a charitable bequest, it is essential to consider taxation. In most jurisdictions, charitable bequests are eligible for tax deductions and possibly other benefits. Donor-advised funds, popular in the US and the UK, offer a flexible solution, allowing donors to make their gifts and then recommend how the funds are used over time. This approach can be particularly useful in instances where living donors are undecided about a specific charity but wish to take advantage of the available tax deductions immediately. The drawback is a loss of control over how funds are disbursed as the institution managing the donor advised fund takes control of the fund.

Bequests are revocable

If circumstances or affiliations change during a donor’s lifetime, the revocation of a charitable bequest can be made by asking a solicitor to help write a new will or a codicil to the existing will. This can be done at any time and can help ensure that the donor’s wishes are respected and their goals are achieved.

Charitable bequests can be a powerful way to make a positive impact. By understanding the different types of bequests, selecting charities that align with one’s goals and considering taxation and other implications, donors can ensure that their bequests are used effectively and efficiently to achieve a better world.

Disclaimer: This article is for reference only. Nothing herein shall be construed as Hong Kong legal advice or any legal advice for that matter to any person. Oldham, Li & Nie shall not be held liable for any loss and/or damage incurred by any person acting as a result of the materials contained in this article.

Oldham, Li & Nie to Host “Arbitration and Justice: the Compromise on Insolvency, Illegality and Conflicting Arbitration Clauses?” Panel During the 2024 Hong Kong Arbitration Week

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Oldham, Li & Nie (OLN) is pleased to announce its participation in the 2024 Hong Kong Arbitration Week, organised by the Hong Kong International Arbitration Centre (HKIAC), taking place on 21-25 October 2024.

The firm will host a panel session titled “Arbitration and Justice: the Compromise on Insolvency, Illegality and Conflicting Arbitration Clauses?” on 22 October 2024 from 5:00 to 6:30 pm.

This debate session will critically examine the compatibility between arbitration and substantive/procedural justice in light of the latest case authorities, including:

  1. Sian Participation Corp (In Liquidation) v Halimeda International Ltd [2024] UKPC 16, Re Simplicity & Vogue Retailing (HK) Co., Limited [2024] HKCA 299, and Arjowiggins HKK 2 Limited v Shandong Chenming Paper Holdings Limited [2024] HKCA 352: The availability of bankruptcy / winding-up tools for arbitration-governed debts
  2. AAA v DDD [2024] HKCFI 513: The complication of incompatible arbitration clauses in multi-contract transactions
  3. G v N [2023] HKCFI 3366: The interplay between arbitration and illegality

The session promises to deliver a thorough examination of these critical issues from various expert perspectives.

The distinguished panel will feature:

  • Prof. Anselmo Reyes, International Judge at Singapore International Commercial Court (SICC)
  • William Wong SC, Barrister at Des Voeux Chambers
  • Frances Lok SC, Barrister at Des Voeux Chambers
  • Sarah Thomas, Associate General Counsel of McKinsey & Company

They will be joined by OLN’s lawyers, Partners Dantes Leung and Jonathan Lam, with Associate Davis Hui serving as the moderator. Each panelist will offer unique insights, contributing to a robust and enlightening debate.

For more information about the 2024 Hong Kong Arbitration Week, please visit https://hkaweek.hkiac.org/event/f3e694d2-39ac-451c-aa66-cb9d9af52bc2/summary. 

To register, please visit https://hkaweek.hkiac.org/event/f3e694d2-39ac-451c-aa66-cb9d9af52bc2/regProcessStep1.

For information about our arbitration services, please contact our Partner Jonathan Lam.

Hong Kong – A Haven for Tax-Free Transfers of Gifts

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Hong Kong stands out as a tax-free gifting jurisdiction, making it an attractive destination for individuals looking to transfer assets to lovers and other strangers alike. Unlike many other countries, Hong Kong does not levy any gift tax, allowing for tax-free gifts of property, investments and other assets (although it should be noted that transfers of real property and shares are subject to stamp duty).

This favourable tax environment has made Hong Kong a popular choice for those seeking to manage their estate planning and wealth transfer strategies. The absence of gift tax regulations in Hong Kong provides significant flexibility and planning opportunities, enabling individuals to gift assets without the burden of additional taxation.

One key aspect of Hong Kong’s gift tax policy is its broad application. Gifts made between family members, as well as transfers to unrelated parties, are all exempt from any gift tax. This simplicity and lack of complex rules or thresholds have contributed to Hong Kong’s appeal as a destination for seamless, tax-efficient gift-giving. Hand in hand with tax-free gifting is the lack of estate or inheritance taxes in Hong Kong. Normally estate, gift and inheritance taxes (or the lack thereof) go hand in hand so there is a coordinated effort to either ensure individuals are able to achieve tax-free transfers of their assets or ensure individuals are taxed on gifting their assets, depending upon the jurisdiction’s desire.

The United States – A Balance Between Gift and Estate Taxes

In contrast to Hong Kong, the United States has a more nuanced approach to gift taxation. The United States imposes a federal gift tax on certain transfers of property, with a lifetime exemption amount that is currently set at US$13.61 million per individual and US$27.22 million per couple (as of 2024).

 An individual making gifts that exceed the annual threshold amount (currently set at US$18,000 per recipient per year) must file a gift tax return and potentially pay a gift tax, depending on their overall lifetime gift and estate tax exemption usage. However, a number of gifts made between spouses (e.g., up to US$185,000 to a non-US citizen spouse) or to charitable organizations are exempt from this requirement.

The integration of gift and estate taxes in the United States aims to ensure that individuals do not simply during their lifetimes gift away their assets to avoid estate taxes upon their passing. This coordinated system helps maintain the integrity of the overall wealth transfer taxation framework in the country as there is an established estate tax regime in place at the federal and often state level, with six states also imposing an inheritance tax.

The United Kingdom

In the United Kingdom, gifts are tax-free up to £3,000 per annum for a person’s estate, which may appear quite stingy compared to other regimes but this is part of the inheritance tax system. Any unused exemption may only be carried forward one year. There is a clawback in the form of inheritance tax for some gifts made less than 7 years before one’s death. Fortunately, there are a number of other exemptions in place, such as full exemption on gift and inheritance taxes for gifts given to spouses and civil partners, provided they are UK domiciled. Regular gifts to help with living costs such as paying a child’s rent that are made out of a donor’s regular monthly income as well as gifts under £250 are also exempt. To conclude, gifts made over 7 years before death are tax-free.

The European Union – Diverse Approaches to Gift Taxation

Within the European Union, the treatment of gift tax varies significantly across member states, as would be expected. While some countries like Estonia do not impose a standalone gift tax, other countries like Germany and France have specific gift tax regimes in place. Germany, for instance, levies an intricate gift tax on transfers of property, with tax rates ranging from 7% to 50% depending on the relationship between the donor and the recipient, as well as the value of the gift. France has an even more complex system that takes into account the frequency of gifts, the relationship between the parties and the value of the transferred assets. France’s gift tax ranges from 5% to 45% for direct line relatives and up to 60% for unrelated recipients but allowances do exist.

Different approaches within the European Union highlight the importance of understanding specific gift tax regulations when engaging in cross-border wealth transfers. Individuals and families seeking to make gifts must carefully navigate the specific rules and requirements of each relevant jurisdiction.

Other Notable Jurisdictions

Beyond Hong Kong, the United States and the European Union, there are several other notable jurisdictions with unique approaches to gift taxation. Australia generally does not have a gift tax, but certain gifts of real property or shares may be subject to capital gains tax or other tax implications. Canada does not have a standalone gift tax, but gifts may be subject to income tax or capital gains tax considerations once realised. Japan has a gift tax regime with progressive tax rates ranging from 10% to 55%, depending on the value of the gift, the relationship between the parties and certain deductions. Gift and inheritance taxes, working hand in hand, are high in Korea. Both gift and inheritance taxes range from 10% to 50%.

The global landscape of gift tax is a complex and ever-evolving landscape, with each jurisdiction offering its own set of rules, exemptions and tax implications. Understanding these nuances is crucial for individuals and families seeking to navigate the intricacies of cross-border wealth transfers, avoid potential double taxation and ensure compliance with the relevant gift tax regulations. To conclude, we reference the old adage, “The best things in life are free”. Not only are true love, true friendship and beautiful sunsets free, but so is tax-free gifting in Hong Kong.

Disclaimer: This article is for reference only. Nothing herein shall be construed as Hong Kong legal advice or any legal advice for that matter to any person. Oldham, Li & Nie shall not be held liable for any loss and/or damage incurred by any person acting as a result of the materials contained in this article.

On Death and Taxes Around the World

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“Nothing can be said as certain except death and taxes” is the phrase attributed to Benjamin Franklin, US Founding Father and polymath. To avoid adding insult to injury, we would recommend trying to avoid taxes after death.

The US Treasury reported on 28 February 2023 that an amount of US$7 billion for “estate and gift taxes” was collected on that day, the highest amount collected since at least 2005. Privacy rules prohibited the disclosure of further details but speculation was rife about the identity of the person(s) who may have had to make this payment, either as a deposit as part of advance estate planning (to avoid having to pay an even higher amount in the future) or a delayed payment by a late billionaire, possibly due to an enforcement action.

Hong Kong abolished estate duty on 11 February 2006. Thereafter, no estate duty affidavits and accounts have been required and no estate duty clearance papers have been needed for the application for a grant of representation in respect of deaths in Hong Kong.

However, in the United Kingdom, inheritance tax (IHT) is still applicable. IHT is charged at 40% on the value of an estate above the nil-rate band, which is currently set at £325,000 per person. Any unused nil-rate band can be transferred to a surviving spouse or civil partner, effectively giving one person a £650,000 nil-rate band. There are various useful exemptions and reliefs available to reduce the IHT liability. For example, if everything is bequeathed to a surviving spouse or civil partner, a charity or a community amateur sports club, then IHT would not be payable.

For citizens and residents of the United States, the federal estate tax exemption for 2023 is US$12.92 million per individual (US$25.84 million per married couple). The highest federal estate tax rate is 40%. Many US states also impose their own estate or inheritance taxes, with exemption levels and rates at varying rates. There are no state estate taxes payable in 33 of the 50 statues, such as Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware or Florida, just to name a few.

In Canada, there is no federal estate tax or inheritance tax. However, upon death, there is a deemed disposition of all capital property, which can trigger capital gains taxes payable by the estate of the deceased. The deceased’s final tax return must report all capital gains and losses, as well as regular income. The top marginal tax rate in Canada can reach a whopping 54% depending on the province.

In the European Union, estate and inheritance tax rules differ significantly across member states. 19 of 27 EU countries still levy some form of death tax. 8 EU countries (Austria, Cyprus, Estonia, Latvia, Malta, Romania, Slovakia and Sweden) have abolished inheritance taxes. The applicable rules and exemptions vary widely depending on the specific country, the relationship between the deceased and the beneficiary and the size of the estate. Tax rates also vary widely, from 0-20% in Poland to 7.65-87.6% in Spain.

Taiwan has a progressive inheritance tax from 10-20% on assets exceeding a certain threshold, currently set at NTD13.3 million, with exemptions and deductions available for heirs and funeral expenses.

Singapore has no estate, inheritance or capital gains tax but stamp duty may be payable upon the transfer of company shares in a Singapore company.

Macau, a special administrative region of the People’s Republic of China like Hong Kong, also has no inheritance tax.

Mainland China once issued a draft rule on inheritance tax in 2002 but a statute has never been passed. There are currently no estate, gift or inheritance taxes.

By contrast, it was reported in 2021 that the estate of Samsung Electronics chairman Lee Kun-hee will have paid more than 12 trillion won (US$10.78 billion) in inheritance taxes as South Korea has one of the highest rates of inheritance tax in the world. A premium can be added to a deceased’s ownership of shares that comprise a controlling interest in a company, potentially topping the standard 50% inheritance tax. It was reported that Mr Lee’s collection of fine art including works by Chagall, Gaugin, Miro, Monet and Picasso will be donated to the National Museum of Korea to help relieve some of the tax burden.

The taxation of estates and inheritances varies widely around the world, with some jurisdictions like Hong Kong abolishing them altogether while others maintain complex systems of deduction, exemptions and increasing marginal rates. As individuals plan their financial affairs and legacies, it is important to stay up-to-date with the estate and inheritance tax landscape in relevant jurisdictions. Careful estate planning can help to eliminate or at least minimise the tax burden on heirs and ensure a smooth transition of wealth across generations. Whilst death and taxes may be a certainty, taxes after death can be skilfully avoided with professional guidance.

Disclaimer: This article is for reference only. Nothing herein shall be construed as legal advice, whether generally or for any specific person. Oldham, Li & Nie shall not be held liable for any loss and/or damage incurred by any person acting as a result of the materials contained in this article.

Succession of Chinese Nationals of the HKSAR Estate in the United Kingdom (UK)

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Hong Kong permanent residents may have assets in various other jurisdictions.  One of the most common emigration destinations in recent years is the UK. 

There are many common characteristics between the succession law of deceased’ estate in the UK and in Hong Kong.  

The deceased has a Will governing estate in the UK

If the deceased has a Will governing estate in UK, the executor appointed with his/her named in the last Will of the testator usually applies for probate through the local Probate Registry in the UK to deal with the deceased’s estate. The executor will then follow the Will and distribute the estate of the deceased.

The deceased does not have a Will governing estate in the UK

If the deceased does not have a Will governing his or her immovable estate, the succession of the estate is usually governed by statutory law and the person(s) who inherit your property is governed by the statutory rules of intestacy. In general, the successors will be your closest surviving relatives in accordance to the classes listed out in the legislation, depending on the nature of marriage of the deceased and whether the deceased has any children. Please see the table below for details:

ClassDetails
Has spouse but no children, parent(s) or sibling(s)The spouse (or civil partner) will inherit all of the estate
Has both spouse and childrenThe surviving spouse (or civil partner) will inherit:
  • all personal belongings
  • first £250,000 of the estate (£125,000 if the death was before 1/2/2009)
  • a life interest in half of the remainder

The children will inherit the remaining half of the estate. If the children of the deceased have died, their share of the inheritance go to their children equally.  
Has spouse, no children but has parent(s) or sibling(s)The spouse (or civil partner) will inherit:
  • all personal belongings
  • £450,000, and
  • half of the residue

The remaining half goes to surviving parents or to the siblings (if the deceased has no parents or parents were dead).
Has no surviving spouseThe surviving relatives will inherit in priority order as follows:
  1. Children, grandchildren, great-grandchildren
  2. Parents
  3. Full-blood siblings or their descendants
  4. Half-blood siblings or their descendants
  5. Nieces and nephews
  6. Grandparents
  7. Full-blood uncles and aunts or their descendants
  8. Half-blood uncles and aunts or their descendants
  9. The Crown
Note: The right of inheritance of subsequent categories do not begin until those in a prior class is exhausted.
Has no relativesIf there are no surviving relatives, the estate is classed as ownerless property (‘Bona Vacantia’) and goes to the Crown.

Disclaimer: This article is for reference only. Nothing herein shall be construed as Hong Kong legal advice or any legal advice for that matter to any person. Oldham, Li & Nie shall not be held liable for any loss and/or damage incurred by any person acting as a result of the materials contained in this article.

The Three Instruments of Peace Simplified

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Similar to other major advanced metropolitan areas, Hong Kong is facing an aging population. As of 2021, the median age of Hong Kong’s population was 46.31. According to the Census and Statistics Department’s population projection, the percentage of elderly persons aged 65 and above in the population will gradually increase from 20.8% in mid-2022 to 25.3% in 2028, and then to 35.1% in 20692. The continued rise in the number of seniors therefore increases the demand for various elderly and healthcare services.

In light of this, the Government has been proposing more extensive life and end-of-life education to members of public, hoping to break the taboo surrounding discussions about death, helping people to view death in a positive light and raising awareness about the “three instruments of peace”, i.e., wills, Enduring Power of Attorneys (EPOAs), and Advance Directives (ADs).

Three instruments of peace are viz.:-

  • Will (also known as “平安紙”): the execution of a will is governed by the Wills Ordinance (Cap. 30). A will provides instructions on the distribution of the estate of the testator after he/she passes away.
  • Enduring Power of Attorney (EPOA): the execution, registration, powers and scope of EPOAs is governed by the Enduring Powers of Attorney Ordinance (Cap. 501). An EPOA seeks to appoint one or more attorney(s) to manage the financial affairs of a person when he/she becomes mentally incapacitated.
  • Advance Directive (AD): there is no specific statute addressing the execution and the power of scope of ADs. However, the Hospital Authority has published a recommended form of AD, and has also published guidelines for Hospital Authority clinicians. An AD seeks to address a patient’s desires about whether to receive life-sustaining treatments.

To promote the use of the “three instruments of peace”, the Government has already been subsidising and organising talks on life and end-of-life education every year. The Hong Kong Public Libraries collaborate with organisations to organise talks on life and end-of-life education every year, including talks on the “three instruments of peace”3. The Social Innovation and Entrepreneurship Development Fund (SIE Fund) also subsidises ventures related to life and death, education and the “three instruments of peace”4. It is hoped that if planning in different areas can be done in advance, better preparations can be made for the elderly and their families.

Although the concept of the three “instruments of peace” has been widely circulated among the community, it must be noted that in practical and precise terms, the execution, registration requirement, and the scope of the affairs to be covered vary for each of the three instruments of peace. Pitfalls could arise if they are not understood correctly. It is therefore hoped that the table below has summarised the requirements in order to assist members of the public:

 Will (also known as “平安紙”)  Enduring Power of Attorney (EPOA)  Advance Directive (AD)
FormNo prescribed form, but wills drafted by lawyers will take into account important details, e.g., more contingency plans in place for alternate executor(s) and/or beneficiaries  Must be made using the prescribed form  Not applicable
When does it take effect?  When the testator passes awayOn the date stipulated in the EPOA (usually when the attorney has reasons to believe the donor is becoming mentally incapable)When 2 doctors (the patient’s attending doctor and another doctor) confirm or certify that the patient is: terminally ill; in a persistent vegetative state or a state of irreversible coma; or in other end-stage irreversible life limiting condition  
Property and financial affairsExecutor can distribute the testator’s  estate according to the willAttorney may apply assets of the donor to: maintain the donor; prevent loss to the estate; maintain the attorney or other persons (e.g., where the donor is expected to provide for the needs of such persons); and make limited seasonal gifts to persons related or connected to the donor  Not applicable
Scope and restrictionsTestator may also express his/her wishes towards funeral arrangementsDonor may include any restrictions he/she likes on the attorney’s authority unrelated to health and welfare of the donor  Patient may decide whether to receive life-sustaining treatments.  
NOTE: Medical practitioners cannot perform euthanasia or carry out illegal instructions.  
Mental state at signing1. Of sound mind
2. Having mental capacity
3. Making the instructions voluntarily
4. Knowing the nature of the instrument and its consequences
Execution requirements  Execution before 2 independent witnesses, who do not have to be lawyers.  Execution before a registered medical practitioner and a solicitor (At the same time, or first before a registered medical practitioner and within 28 days before a solicitor).
Registered medical practitioner must certify that he/she was satisfied that the donor at the time of signing was mentally capable.
Solicitor must certify that the donor appeared to be mentally capable. 		Execution before 2 independent witnesses: First witness must be a registered medical practitioner, who could be a doctor treating or has treated the patient. Second witness must be 18 years of age. Confirm that the first witness has explained to the patient the nature and implications of the directive.
Independence of witnesses  A witness should not be a beneficiary under the will, otherwise the gift to that beneficiary will be voidWitnessing registered medical practitioner and solicitor must not be: the attorney; the spouse of the attorney; a relative (whether by blood or marriage) of the donor; ora relative (whether by blood or marriage) of the attorney  The 2 witnesses must not be beneficiaries under – the will of the patient; orany insurance policy held by the patient; orany other instrument made by or on behalf of the patient.
Requirement regarding execution by executor/attorney  An executor need not sign to confirm his/her appointment. Therefore, it is recommended that the testator discusses and informs the proposed executor of his/her appointment in advance.  Attorney must sign the EPOA before a witnessInapplicable
Requirement of registration  After the testator passes away, the executor shall arrange for applying for the grant of probate, and shall file the original will with the Court.  An attorney must bring the EPOA to the High Court for registration once he/she has reason to believe the donor is or is becoming mentally incapable. As a safeguard against abuse, the donor may decide whether he/she wants to receive or have other person(s) receive notifications of registration. One of the factors to consider before registration is that once an EPOA is registered, the record that an EPOA is created by a donor and the name of the attorney becomes public information.  No requirement of registration. The patient is recommended to provide family or close friends with a copy of the AD and inform them where the original is stored.
RevocationA will is generally not revoked unless: the testator enters into a marriage subsequent to the execution of the will; the testator executes another will to revoke the previous will; by written revocation executed in the same manner as the testator could validly execute a will; or the testator intends to revoke the will and he/she personally destroys or causes others to destroy the will in his/her presence and by his/her direction  When the donor is mentally capable, or after his/her recovery from mental incapacity, he/she may revoke the EPOA.   Otherwise, an EPOA is revoked in limited situations, for example- bankruptcy of the attorney; death of the attorney or donor; by an order or direction of the Court.By written revocation    

If you have any questions on the above, please contact the Co-head of our Elder Law practice Ms Helena Hu or our Associate Mr Dexter Yuen.

1 Census and Statistics Department. “Demographic Trends in Hong Kong 1991-2021” published [29 Dec 2022]. The Government of the Hong Kong Special Administrative Region. 29 Dec. 2022, https://www.censtatd.gov.hk/en/press_release_detail.html?id=5338. Accessed 24 Jun 2024.

2 Press Releases. LCQ6: Measures to cope with an ageing population. The Government of the Hong Kong Special Administrative Region. 22 Mar 2023, https://www.info.gov.hk/gia/general/202303/22/P2023032200177.htm. Accessed 24 Jun 2024.

3 Press Releases. LCQ6: Making the “Three Instruments of Peace”. The Government of the Hong Kong Special Administrative Region. 28 Jun 2023, https://www.info.gov.hk/gia/general/202306/28/P2023062800356.htm. Accessed 24 Jun 2024.

4 Press Releases. LCQ6: Making the “Three Instruments of Peace”. The Government of the Hong Kong Special Administrative Region. 28 Jun 2023, https://www.info.gov.hk/gia/general/202306/28/P2023062800356.htm. Accessed 24 Jun 2024.

Disclaimer: This article is for reference only. Nothing herein shall be construed as Hong Kong legal advice or any legal advice for that matter to any person. Oldham, Li & Nie shall not be held liable for any loss and/or damage incurred by any person acting as a result of the materials contained in this article.