Private Client

Do you need long-term legal advice on personal financial affairs? Do you want to protect a family-owned business, or have there been changes in personal matters, such as marriage, divorce, loss of a family member, or moving abroad that require professional advice?
Kromann Reumert's Private Clients group offers highly specialised advice in private law matters. Among our clients are Danish and foreign business owners, and wealthy private individuals, professional foundations and various charitable organisations and institutions.

We will find the best solutions to complicated issues in cooperation with Kromann Reumert's expert advisers in tax law, company law, real estate and finance law.

We offer advice on a range of matters - including wealth protection, pensions, wills, succession and inheritance, gifts, trusts and foundations.

Our legal advice includes the following:


  • Asset and wealth structure
  • Succession planning
  • Private international law issues
  • Family law issues (financial)
  • Succession law and estate planning
  • Trusts and foundations
  • Legal matters involving minors and incapable parties

In 2010 the international agency "PLC Which Lawyer" rated Kromann Reumert's Private Clients group as a leader within its field in Denmark.

MATRIMONIAL PROPERTY

Before, during and after a marriage there are different financial aspects to contemplate - not least when significant assets or businesses are involved.

Increased globalisation is also resulting in more "cross-border marriages" which can significantly complicate legal rights and entitlements.

Kromann Reumert's Private Clients group advises on all legal aspects of matrimonial property. Our extensive international network enables us to smoothly address the legal challenges encountered by our clients where marriages involve multiple jurisdictions.

Choosing the right asset structure and properly formalising agreements and transactions can be crucial. The Private Clients group advises on:

Before and during marriage


  • Choice of asset structure
  • Pension rights
  • Pre- and postnuptial agreements 
  • Gifts between spouses
  • Loans between cohabitants and spouses
  • Cohabitation and co-ownership agreements
  • Moving to and from abroad

Legal separation and divorce


  • Jurisdiction and governing law
  • Maintenance payments
  • Compensation despite pre- or postnuptial agreements on separate property
  • Division of community property
  • Valuation issues - for example as regards a business
  • Deductions for deferred tax
  • Unequal division of community property in short marriages

ESTATE PLANNING AND WILLS

Significant accumulated wealth requires special considerations when planning a will. Kromann Reumert's Private Clients group will help you find the best solution, whether by creating a new will or adjusting an existing one.

An increasing number of affluent persons and business owners leave assets both in Denmark and abroad. Through our considerable international network, our qualified people ensure that foreign assets are taken into account and any complications caused by administration of an international estate in multiple countries are minimised.

We provide advice on making a will, including:

  • The Danish rules on indefeasible shares
  • The Danish rules on testamentary freedom
  • Order of succession
  • Undivided possession of the estate as regards community property
  • Other rights of the surviving spouse
  • Renunciation of inheritance (with or without consideration)
  • Separate property clauses
  • Settlement
  • Prevention of conflicts between beneficiaries
  • Creation of trusts or foundations

LOANS, GIFTS AND ADVANCEMENTS

The rules governing loans, gifts and advancements are complicated, and it can be difficult to find the most beneficial solutions. Kromann Reumert's Private Clients group assists in selecting the right options, whether for one-off or ongoing transfers of property or proper succession of a going concern.

We advise on:

  • Transfers from parents to children and grandchildren
  • Valuations
  • Continued postponement of deferred tax
  • Interest- and/or instalment-free family loans
  • Drafting debt instruments
  • Drafting gifting deeds and advancement contracts
  • Clauses regarding separate property or settlement
  • Calculating deduction of liabilities for deferred tax
  • Payment/filing of gift tax

ESTATE ADMINISTRATION

Administering the estate of a deceased person can be an involved and complicated process - particularly when significant accumulated wealth is involved.

Kromann Reumert's Private Clients group provides advice on estate administration, including assisting beneficiaries.

Our advice extends to matters such as:

  • Undivided possession of the estate as regards community propertyrenunciation of inheritance (with or without consideration)
  • Release of the estate
  • Realisation of assets
  • Managing liabilities
  • Asset valuation
  • Continued postponement of deferred tax
  • Distributing inheritance, including retrospectively
  • Preparing opening estate inventory
  • Selecting the closing date for the estate
  • Preparing estate accounts and tax returns
  • Representing beneficiaries
  • Dispute resolution and litigation in inheritance and estate administration issues
  • Handling pensions and life insurances, including contesting benefits
  • Representing creditors of (insolvent) estates

MINORS AND INCAPABLE PARTIES

Unmarried persons under the age of 18 will be deemed legally incapable, and for financial affairs their guardians must make decisions on their behalf. The same applies to adults with special needs who are under guardianship. Kromann Reumert advises on financial matters for minors and incapable persons.

For minors, the Private Clients group can advise on:

  • The guardian's right of disposal
  • Decisions that require the state administration's approval
  • Rules governing the administration of property (the DKK 75,000 limit)
  • The guardian's presentation of income and property accounts
  • Rules on capital investment
  • Derogating from the statutory rules
  • Interim guardianships (ad hoc), such as guardianships in connection with the division of an estate

For adults, the Private Clients group can advise on:


  • Powers of attorney and general powers of attorney
  • The conditions for establishing guardianship
  • Choice of guardian
  • Rights and obligations of the guardian
  • Options for gifts and advancements
  • The rules on administration and investment of capital
  • The guardian's financial reporting obligations and supervision of the guardian

FOUNDATIONS AND TRUSTS

Kromann Reumert represents and administers a large number of commercial and general charitable foundations and associations. We are experienced in family foundations and often help parties set up trusts in cooperation with our international network.

When setting up and administrating foundations and trusts Kromann Reumert's advice includes the following:

  • Danish foundations or associations
  • Formation
  • Preparation of articles of association
  • Registration
  • Special registration fees
  • Taxation of current income and subsequent gifts/contributions
  • Amendments to the articles of association
  • Cessation or mergers

Trusts:


  • Formation
  • Tax treatment in the event of
  • Repatriation to Denmark
  • Receipt of ongoing payments
  • Receipt of distribution upon the founder's death
  • Dissolution

Contacts within Private Client