Introduction to Turcan Connell

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3 Introduction to Turcan Connell Douglas Connell, Senior Partner and Ian Clark, Managing Partner Turcan Connell is one of the UK s premier private client firms Chambers, 2014 Our vision has always been to offer all the professional advice under one roof that individuals might need during their lifetime. This means providing a full range of legal services alongside wealth management, delivered by our wholly owned subsidiary company Turcan Connell Asset Management and a complete range of tax services. We believe that this joined-up, interdisciplinary approach combining legal and financial skills and expertise really sets the Turcan Connell Group apart and enables us to provide the very best advice and counsel. We understand that our clients face changing circumstances during their lifetimes and we are often there at the most important and sometimes difficult points to provide advice, whether on an issue regarding employment or on the breakdown of a relationship. We strive always to offer a highly personal and considered approach and our clients trust us to guide and support them in the right way. Founded in 1997, today we have 21 partners, one principal and a staff of around 300 offering a unique combination of skills and expertise covering tax, estate and succession planning, employment, dispute resolution, family and private businesses, divorce and family, land and property and charity law as well as financial planning and investment management. Turcan Connell s offices in Edinburgh, Glasgow and London serve a broad range of clients who value the focus which we can bring to their affairs. 1

4 Legal Tom Duguid, Partner Turcan Connell is the leading provider of legal advice to individuals, families and charities in Scotland. The vision for Turcan Connell has always been to offer all of the legal advice that an individual might need during their lifetime, under one roof. As well as a comprehensive legal and tax offering we also provide wealth management advice through Turcan Connell Asset Management. Our exceptional team of lawyers provides pragmatic joined-up advice to individuals, families and charities on wills, estate planning and succession, tax, land and property, divorce and family, employment, dispute resolution and family and private businesses. Turcan Connell remains the market leader in this area The Legal 500, Find out more about our legal services by visiting

5 Niall Stringer, Partner and Grierson Dunlop, Partner Alix Storrie, Partner Turcan Connell s breadth and depth of experience create clear blue water between it and other firms Chambers, 2014 Wills, Estate Planning and Succession Passing assets over to the next generation is usually driven by tax planning considerations but inherited wealth brings its own risks and anxieties. Those who have worked hard to create or preserve family wealth can face the risk that such wealth may be dissipated by extravagance, recklessness, bad management or by the consequences of divorce or separation. We have a strong commitment to the role of the experienced family adviser providing both technical advice and a source of wise counsel. With the largest Wills, Estate Planning and Succession practice in Scotland, we offer advice on all aspects of will drafting and powers of attorney, the setting up of trusts and detailed advice on inheritance and capital gains tax. In the case of individuals or families wishing more extensive advice on financial and legal matters, we can draw on the skills of our divorce and family law and employment experts, as well as investment and financial planning specialists from Turcan Connell Asset Management to ensure that our clients plans are fully considered and properly integrated. 3

6 Left: Gillian Crandles, Partner and Alasdair Loudon, Partner Below: Gavin McEwan, Partner Widely recognised as the leading Family Law Practice in Scotland for high net worth divorce cases Chambers, 2014 Divorce and Family Issues concerning personal relationships call for sensitivity and understanding alongside the technical legal skills required to deal with the complex and changing landscape of family law. Turcan Connell has one of the largest teams of divorce and family law practitioners in Scotland providing a breadth of experience in a range of specialist skills. All aspects of separation, divorce and the dissolution of civil partnerships are handled by our team. Our emphasis is on achieving a swift and effective resolution of all issues arising out of a relationship breakdown, whether of a financial nature or relating to arrangements for the care of children. We have particular expertise in dealing with the international and cross-border aspects of divorce and family law and substantial experience in preparing prenuptial and postnuptial agreements. We are able to advise on cohabitation agreements and all matters in relation to the termination of cohabitation. Our team works closely with experts in other areas of the firm to provide you with a comprehensive service. Charity Our partners are leading the development of charity law in Scotland. From national institutions to small foundations, we give advice that is tailored to our clients needs. We advise on the creation and merger of charities, variation of purposes, trustees powers and duties, and relationships with regulatory bodies such as HM Revenue & Customs, the Office of the Scottish Charity Regulator, Companies House and other arms of Government. Our service to charities includes accounting and administration, in itself an increasingly specialised area, as well as charity investment. Turcan Connell is singled out as delivering work and advice of the highest possible standard Legal 500,

7 The Land and Property Team is the largest rural property team in Scotland Chambers, 2014 Adam Gillingham, Partner Land and Property Whether you are looking for advice on a straightforward property transaction or a complex development deal or are considering how best to diversify, you need to know that you have the expert advice that can guide you and help you avoid any pitfalls. Our dedicated team of lawyers will provide you with clear and concise advice and help you resolve the matter in a pragmatic and painless way. As well as handling the purchase, sale and leasing of property, we advise on all the legal aspects of managing rural property. These include agricultural finance, mineral exploitation, agricultural subsidies, farming partnerships and tenancies. We also advise on the commercial development of rural property through activities such as forestry, fish and shellfish farming and the sale of development land. We have considerable experience in all aspects of renewable energy developments, including wind farms, hydro power and biomass. Jon Robertson, Partner 5

8 We work proactively, in the best interests of our clients, to avoid resorting to litigation where possible David Ogilvy, Partner Employment Having to deal with issues relating to employment law can be particularly stressful, so you need to know that you are receiving the best possible advice and counsel and feel wholly supported throughout. The central ethos of the employment law team at Turcan Connell is to work proactively, in the best interests of our clients, to avoid resorting to litigation where possible. Where the need for litigation does arise, the team has significant expertise and experience in the process and has won several very high profile cases in recent years. We also recognise the need at senior executive level for detailed advice on a range of issues including contractual arrangements, terms and conditions, restrictive covenants, severance packages and compromise agreements. We offer a dedicated service which covers all these aspects and provides senior executives with advice at all stages of their careers. Dispute Resolution We understand that our clients face challenges and changing circumstances which can sometimes result in disputes. Our dispute resolution team provides clients with focused and practical advice on a wide range of contentious and potentially contentious issues. Litigation can be costly and time-consuming so we will explore with clients whether disputes can be resolved through mediation or negotiation in the first instance. Where litigation cannot be avoided, the level of expertise within the team allows us to provide clients with focused and practical advice on a full range of issues. We act for a broad spectrum of clients including private individuals, businesses, rural estates, not-forprofit organisations, trustees, trust companies and partnerships. We regularly conduct cases in the Court of Session and Sheriff Courts throughout Scotland and our team can guide you through the process whether someone is pursuing an action or defending their rights. Our team has detailed knowledge and experience of alternative methods of dispute resolution such as mediation and arbitration. 6

9 Mike Kane, Partner and Robin Fulton, Partner Turcan Connell remains a leader in the Scottish private client field, offering a wide range of services at the highest level, with a specialist focus on family businesses and partnership matters Chambers, 2014 Family and Private Businesses Our business law team provides corporate and commercial advice to family and private businesses across a wide range of industries. Our aim is to work closely and effectively with our clients, providing tailored advice to support the long-term aims of their businesses. Many of Turcan Connell s clients are involved in family businesses and require detailed business law advice. There is also a growing need for advice on joint venture agreements, limited liability partnerships and other commercial contracts. Much of our work is involved in advising business owners with particular reference to succession arrangements, asset protection and tax planning as an integral part of the advice that we provide. We offer business owners a wealth of experience in succession planning for family businesses, general commercial contracts and transactions, intellectual property, corporate governance, funding, joint venture agreements and limited liability partnerships. The interdisciplinary nature of the services provided by the Turcan Connell Group means that we can offer clients and their businesses a full range of legal, tax and wealth management services. We work closely with our colleagues on employment, tax, trust, succession planning, dispute resolution, intellectual property and philanthropy issues as well as working with our wealth management team, Turcan Connell Asset Management, to ensure that the service received is seamless, whether the client is based in the UK or internationally. We take a proactive approach to our clients businesses, identifying appropriate solutions to manage risk at an early stage. The broad commercial experience which our lawyers have means they are able to add real value to our clients affairs. 7

10 Wealth Management Our Wealth Management team pulls together every aspect of your financial affairs in order to preserve and grow wealth across generations. We believe that it is critical to make sure your legal, tax, business, investment and financial advisers are all on the same page, or, in the case of the Turcan Connell Group, under one roof. We believe that taking a long-term view is a crucial component of wealth management, and our success in building enduring relationships is based on a real desire to see things from each client s perspective. Wealth management is all about having the most suitable investments within the most appropriate and tax efficient structures. Turcan Connell Asset Management combines the expertise and experience of our investment management and financial planning teams. The two teams work in tandem to deliver a strategic financial planning and comprehensive investment management service that forms a fundamental part of the Turcan Connell Group s range of services for private clients. Our flexible and tailored approach is designed to suit each client s individual needs 8 Find out more about our wealth management services by visiting

11 Alex Montgomery, Chief Executive Officer and Haig Bathgate, Chief Investment Officer (TCAM) Managing risk is at the heart of everything we do. We will work with you to ensure that your financial arrangements adapt to fit your evolving requirements Financial Planning Understanding your goals and objectives is the first step in creating a comprehensive plan for the management of your wealth and future income needs, as well as establishing strategies to provide protection against life s unexpected events. Using a risk-based approach we begin by building a detailed picture of your financial situation and an understanding of your goals before proposing a plan to help you manage your wealth. We then work to implement that plan, providing you with peace of mind that your finances are in order and that changes in your circumstances have been anticipated. The advice we provide is detailed, based on in-depth research and tailored to your specific circumstances. Our experienced team of highly qualified financial planners provides expert advice on the widest possible range of financial planning issues, and because our advice is fee-based you can be assured that our approach is impartial. Investment Management It is important to know that your wealth is being managed by experts who invest to deliver returns designed to match the current and ongoing needs of you and your family. Through our discretionary investment management service, our team of investment managers aims to deliver consistent, above average investment performance over the longer term by combining an overall view of world economies and markets with in-depth research into investment funds and stocks. Each client s investment portfolio is carefully designed to match their income or capital needs and to reflect their attitude to risk. Our investment managers continually monitor markets and proactively manage portfolios to suit changing conditions and your future expectations. This approach is particularly well suited to today s changeable investment environment. 9

12 Tax Alexander Garden, Partner Tax Advice Tax can be one of the most complex and confusing areas to navigate, with constant rule changes making this even more difficult. Expert tax advice can mitigate your tax liabilities, make use of available reliefs and avoid tax planning traps. We advise a wide range of clients including individuals, landowners, senior executives, shareholders and entrepreneurs, families, trusts, charities and privately owned businesses. We often advise on international tax issues in respect of assets owned abroad, foreign nationals resident in the UK and UK nationals resident overseas. Through the largest trust and tax legal practice in Scotland and our wealth management business, Turcan Connell Asset Management, we provide the highest quality of service to clients across a broad range of circumstances and tax planning areas. We are uniquely placed to help clients navigate the complexities of current tax legislation and provide clear and effective advice 10 Find out more about our tax services by visiting

13 We keep clients informed of any changes to the tax system, particularly where such changes are likely to have a significant impact Tax Returns Turcan Connell has one of the largest tax compliance teams in Scotland and our highly-experienced people have the expertise to ensure that clients tax affairs are managed efficiently and correctly. Our team of tax professionals deal with the tax affairs of around 1,800 clients each year. In the majority of cases this involves compiling and filing annual Self Assessment tax returns with HM Revenue & Customs in addition to managing the tax payments of those clients. We prepare tax returns for a variety of clients, including individuals, partnerships, trusts and estates, and work closely with our legal and wealth management colleagues to ensure that all aspects of our clients financial affairs are fully considered. As part of our service we are constantly on the lookout for ways to best plan and manage financial affairs, keeping matters simple and uncomplicated. We also keep our clients informed of any changes to the tax system, particularly where such changes are likely to have a significant impact. 11

14 Charities Simon Mackintosh, Partner and Richard Hyder, Head of Charity Investment (Turcan Connell Asset Management) Turcan Connell is singled out as delivering work and advice of the highest possible standard The Legal 500, 2013 Our breadth and depth of expertise in dealing with everything that matters to charities is unrivalled and gives us a comprehensive perspective on the needs of the sector. The benefit derived from this experience means that, from national institutions to small foundations, we are more likely to understand your particular circumstances. Our partners are leading the development of charity law in Scotland and we give advice that is tailored to our clients needs. We advise on the creation and merger of charities, variation of purposes, trustees powers and duties, and relationships with regulatory bodies such as HM Revenue & Customs, the Office of the Scottish Charity Regulator, Companies House and other arms of Government. Our services to charities includes accounting and administration in itself an increasingly specialised area through Turcan Connell Charity Office. In addition, we provide tailored investment management through Turcan Connell Asset Management. Clients include charities of all types and of all sizes, including major national bodies, heritage and arts charities, grant-giving trusts, fundraising bodies, endowment funds, private foundations and cross-border charities with operations in Scotland. 12 Find out more about our charities services by visiting

15 Turcan Connell Charity Office provides charities with a virtual office, free from the burden of overheads and employment of staff, and without the risk of operating expensive, dedicated premises Charity Office It is not always cost efficient for charities to maintain their own offices. Nevertheless, many charities require a proper support mechanism to ensure that they can manage their accounting, administrative and grantmaking services to best effect. Turcan Connell Charity Office is our tailored approach specifically designed with such charities in mind. Turcan Connell Charity Office provides charities with a virtual office, free from the burden of overheads and employment of staff and without the risk of operating expensive, dedicated premises. Full support on every aspect of a charity s affairs is given, from secretarial support and assistance with grant-making policy to the handling of applications and processing of grants, and includes support with the maintenance of statutory and regulatory reporting and records. Annual returns and accounts can be managed on behalf of the charity, and trustee meetings can be held in our offices in Edinburgh or London. Turcan Connell Charity Office clients also have full access to our tailored charity investment service through Turcan Connell Asset Management, providing a seamless service which allows a charity access to all of the legal and investment advice it requires under one roof. 13

16 International Peter Littlefield, Partner and Alison Paul, Partner We offer a wide range of services for clients with an international dimension to their affairs. These range from advice on legal and tax issues through to our Family Office for clients who require a full wealth management service for their worldwide assets. We advise on asset protection matters and succession to property on death across different jurisdictions. This includes advising on the most appropriate property holding structures and the interaction of property and succession laws of different jurisdictions. We can arrange to set up and run suitable structures in a range of jurisdictions, to hold and administer property worldwide 14 Find out more about our international services by visiting

17 Heather Thompson, Partner and Donald Simpson, Partner Advising UK and international clients on trusts, asset protection and tax planning, including advice on wills, powers of attorney and charitable giving The Legal 500, 2013 We also advise on residence and domicile issues and the correct structuring of wills and trusts for worldwide estates. Our flagship service, Turcan Connell Family Office, sees international families each receive a service that is personal to them and which integrates the skills of a powerful team of professionals including leading private client lawyers and specialists in property, tax compliance, tax planning and trust accounting, as well as investment management, financial and retirement planning experts through Turcan Connell Asset Management. 15

18 Family Office Turcan Connell Family Office is built around the principle of trusted counsel a constant source of sophisticated advice, guiding the family on every aspect of their affairs The origins of the Family Office concept stretch back to the 19th century when early models, focused on managing the affairs of single, wealthy families, emerged on both sides of the Atlantic. The concept has evolved since then and now extends to multi-family offices serving the needs of more than one family. The term Family Office itself has also evolved over time and now has multiple meanings depending on its context often with investment as a sole focus. At Turcan Connell, we believe that a Family Office service should offer our clients a great deal more. Turcan Connell Family Office is built around the principle of trusted counsel a constant source of sophisticated advice, guiding the family on every aspect of their affairs. We blend tradition with modern thinking to structure the family s affairs providing absolute peace of mind that all aspects have been considered in depth and from every angle. Each family receives a service that is personal to them and which integrates the skills of a powerful team of professionals, including leading private client lawyers and specialists in property, tax compliance, tax planning and trust accounting, as well as investment management, financial and retirement planning experts through Turcan Connell Asset Management. Turcan Connell s Partnership structure allows us to provide a mature, continuous service to a family over the years and across generations. Each family has a dedicated partner who oversees the service at all times, ensuring the highest quality of stewardship of the family s affairs. 16 Find out more about our family office service by visiting

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20 EDINBURGH GLASGOW LONDON Turcan Connell Princes Exchange 1 Earl Grey Street Edinburgh EH3 9EE Tel: enquiries@turcanconnell.com Disclaimer The information in this publication is based on our current understanding of the law. It has been produced for information purposes only. Professional advice should always be sought before taking any action. Neither the Turcan Connell Group nor any of its associated companies can take any responsibility for losses incurred through acting or failing to act on the basis of anything contained in this publication. Past investment performance is not necessarily a guide to future performance. The value of investments may fall as well as rise. Taxation is subject to change and depends on the individual circumstances of each client. Legislation is also subject to change. Turcan Connell is a Partnership of Scottish Solicitors regulated by The Law Society of Scotland. Turcan Connell Asset Management Limited, wholly owned by Turcan Connell, is authorised and regulated by the Financial Conduct Authority Designed by Zero