Our vocation for estate organising and planning has deep roots back in time.
At mid 90’s most people in Italy ignored the existence of trusts. Andrea Vicari, founding partner of Vicari & Associati, driven by the desire to go deeper into both the technical and theoretical profiles of trust law, moved to the United States of America, where he accomplished a master (International Tax Program – Harvard) first and became Doctor of Juridical Science (Cornell) later.
Scientific research has then became applied research.
When the first kernel of Vicari & Associati has been formed back in 2001, these experiences have constituted the foundations for today’s professional practice.
Since that moment, many difficulties have been faced, many estate planning solutions have been realised, many innovative application of trust have been developed, many successes in legal claims re asset protection structures before both national judges and national and international arbitrators have been achieved.
Trust law has remained a pillar of our practice, so much that Andrea Vicari contributed to the drafting of the first law on trusts written in Italian in 2005, the law of the Republic of San Marino, and then he has co-drafted with Professor Maurizio Lupoi its full reform in 2010; Andrea Vicari also collaborated to the drafting of the Constitutional Law for the establishment of the Court for trusts and fiduciary relationships of the Republic of San Marino.
Over time, our practice has taught us to master all the tools of estate planning, consciously developing a working technique unique in the Italian landscape.
Pausing to reflect on the progress we made, we have realised that we have gone further than planned: we aspired to be best experts on trusts, we have became Engineers of Patrimonies, experts in estate organising and planning.
Patrimonial engineering takes advantage of the tools offered by both Italian and foreign law, and it is led by precise methodological rules. Each tool must be evaluated regarding its attitude towards producing:
i) PROTECTION WITHIN THE FAMILY, i.e. the ability to make a patrimony indifferent to the matrimonial property regime of both the individual who intends to allocate such patrimony and of its beneficiaries. A structure that pursues such target permits the patrimony to be excluded from the joint estate of the spouses, and not to be evaluated in determining the maintenance allowance if the spouses legally separate or the alimony if they divorce;
ii) PROTECTION WITHIN THE SUCCESSION, i.e. the ability to exclude a patrimony from the estate of both the individual who intends to allocate such patrimony and of its beneficiaries. A structure that pursues such target permits the patrimony to be excluded from the estates of all the subjects involved and therefore prevents the latter from disposing of it by will or devolving it to their relatives according to the rules of forced heirship;
iii) SEGREGATION: to segregate a patrimony means to make it indifferent to the legitimate claims of the creditors of both the subject who owns such patrimony and intends to allocate it, and of its beneficiaries. The segregated patrimony, in fact, is devoted to the destination attributed to it, by the settlor or by the law, and it is legally bound only by the obligations assumed for the pursuing of its purpose;
iv) PLANNING: planning a patrimony means to make it subject to rules and precepts which automatically initiate when some pre- determined events occur; the patrimony is correctly planned where the destination the settlor has attributed to it, abstractly, contemplates every possible circumstance such patrimony has to face, and disciplines the ways it shall react, precisely taking into account the purpose such patrimony has to fulfil. The planning of patrimonies is therefore the dynamic dimension of their organisation.