- China Practice
- Corporate and Commercial Law
- Commercial Fraud and Asset Tracing
- Digital Business Practice Group
We recognise that individuals need to preserve and enhance their wealth in the long-term and believe that a clear customised strategy and structure are paramount to achieve this. Each individual may have different concerns, needs and objectives. We take into account these factors to provide the most appropriate structure and approach.
We pride ourselves in providing carefully planned effective bespoke solution to clients’ needs.
Whilst there is no estate duty in Hong Kong, most individuals in Hong Kong have assets in different parts of the world; it is therefore an integral part of succession planning to have a tax review. Here at OLN, we have a strong tax advisory team with lawyers dually qualified in the field of tax and accounting to best tailor solutions to our clients.
Cross-border asset management
The increasing internationalization of clients and the associated prevalence of cross jurisdictional spreading of family assets and diversification of investment portfolios results in much more complex succession and tax issues. Sizeable returns on assets become academic if they are later swallowed up by unforeseen taxes, legal liabilities or inadequate succession planning. At OLN, we are equipped with a tax department to enable us to take a broad and independent view to prepare the structure well before the investment strategy is put in place.
Estate planning for an autonomous future
Society progresses as fast as technology, and social development liberalizes options, especially in terms of who you are, who you want to be with, and how you want to spend the rest of your life, including the terminal stage. Unfortunately, the law often fails to recognize these diverse interests and options, especially those that may appear to be more unorthodox. Thorough and comprehensive estate planning is an essential part of ensuring a completely autonomous future.
Estate planning is not just a consideration for high net worth individuals with a large asset portfolio. For example, most workers in Hong Kong will have been contributing their Mandatory Provident Fund (MPF) since 2001. After 17 or more years of hard work and MPF contributions, there should be a considerable amount in your MPF account, which will continue to grow with time. MPF forms part of the estate in the unfortunate event of death before reaching the age of 65.
Hence estate planning is relevant to everyone who accumulated any wealth in the course of his/her contribution to the society.
Estate planning itself is your intangible legacy
Estate planning is a means for the client to:
OLN assists clients of diversity to achieve the above objectives by assessing their needs and concerns and providing practical legal solutions to meet the above objectives. With the mutual cooperation of the Globalaw® alliance members, OLN is empowered to provide assistance to clients on world-wide assets administration. We provide professional advice on estate planning for singles or for married couples, or estate planning for UK expats in Hong Kong.
Our services encompass the following areas of wealth planning in Hong Kong
Will preparation and drafting
Application for probate/letter of administration
Administration of estates (local or foreign probate)
Lasting powers of attorney
Safeguarding the finances in the event of incapacity