Civil Implications

This session will focus on the main civil law aspects of succession, including the opening of succession, testate vs. intestate succession, the reserved portion rules, the rules regulating wills, collation and cross-border successions, and will also touch upon other aspects of civil law on which succession has a bearing including trusts & foundations, co-owned property and life insurance contracts.

Fiscal Implications

A necessary part of an individual’s wealth planning considerations is what will happen to his or her assets upon death, in order to obtain the peace of mind that the assets in question will be safely transferred to the next generation. Also, at some point, business owners must consider how they are going to pass the baton for their business. Research shows that most companies have little or no deliberate succession planning in place and aren’t fully aware of how much the lack of it can cost their organisation. Moreover, as the international fiscal legal environment is becoming increasingly complex, wealthy individuals and families often look for long-term, innovative solutions to protect their legacy.  These issues, amongst others, will be analysed during the course of this seminar and an overview of tax law ramifications will be discussed.

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Dr Liana Micallef read law at the University of Malta between 2003 and 2009, and was conferred the degree of Doctor of Laws in 2009. In the same year she also read for a Diploma in Taxation with the Malta Institute of Taxation. Dr Micallef also read for an LL.M in Commercial and Corporate law at Queen Mary, University of London and graduated in 2011 after presenting a dissertation entitled “An Analysis of the Trustee’s Investment Powers and Duties”. She was admitted to the Bar in 2009. From 2009 to 2017 Dr Liana Micallef practised within the Private Client team at GANADO Advocates, with a particular focus on the setting up of trusts, foundations and other organizations, and matters relating to estate and succession planning. During these years at GANADO Advocates she also regularly assisted clients in matters relating to the prevention of money laundering, taxation, the formation of companies and general commercial and corporate law matters, and advised trustees, administrators and other fiduciaries on various legal and compliance matters. Before joining Equity Wealth Solutions Limited in July 2018, Liana also occupied the position of Legal Manager within one of Malta’s leading banks.

Dr. Sarah J Rausi graduated as Doctor of Laws from the Faculty of Laws, University of Malta in 2009. Admitted to the bar in 2010, she has practised in various areas and received exposure to diverse sectors of the law. She has successfully completed all study-units for the Masters in Financial Services and has also obtained the Malta Institute of Taxation Diploma in Taxation. For ten years in employment with one of Malta’s largest law firms, her main area of practice was tax law and other related matters including corporate tax, indirect tax, personal tax, international tax planning and tax litigation. Dr. Rausi is currently an Anti-Tax Evasion Specialist within a major local bank’s Anti Financial Crime Department. She has written a number of articles on the direct and indirect taxation topics which have been published in international journals as well as local journals and newspapers. In the professional field she is subscribed as a member with the Malta Chamber of Advocates and the Malta Institute of Taxation.