In the past, foundations were often “sold” as a bank product. People from abroad wanted to deposit assets at a bank in Liechtenstein or Switzerland. In order to effectively protect their assets, a foundation was set up in between.
Healing with foundations
Nowadays, however, there has been a massive rethinking of how to deal with foundations. Discretionary foundations are being used and “direct” access to bank assets is no longer possible – in accordance with the law.
Change of generations
In the meantime, there have been generational changes among beneficiaries of foundations and the “heirs” of the former founder look to access the alleged assets of the deceased without fully understanding the concept of a foundation. The resulting legal proceedings – informational proceedings, supervisory proceedings, etc. – often drag on for many years and can have a massive impact on assets in the foundations.
Possibilities of mediation
Mediation by the Mediation Center Liechtenstein could be used to disclose basic information about the foundation in a protected setting and to create understanding for the legal situation that limits the actions of the foundation boards. On the other hand, solutions in favour of the beneficiaries can be sought that take into account changed tax conditions etc.
One of the biggest communication problems is that we don’t listen to understand. We listen so that we can respond.
Anthony Pica