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HNW Guide
Individual Profile

Kristóf Ulmann

Aliant-Menyhei Law Firm - Budapest

Kristóf Ulmann - Aliant-Menyhei Law Firm
  • Petőfi Sándor utca 11
  • Budapest, Budapest, Capital City, Hungary
  • H-1052

Profile submitted by Kristóf Ulmann

Main Areas of Law

He is regularly involved in devising international tax planning and wealth management structures with particular focus on the establishment, administration and restructuring of trust of multiple jurisdictions. He also has experience in corporate law, inheritance law, intellectual property law and civil law issues.

Work Highlights

As a trust specialist, he was recently tasked to assist a Hungarian trustee in taking over the role of trustee and changing the governing law to Hungarian of a Jersey trust for tax savings reasons. The task was challenging for a number of reasons. First of all, no such transaction was carried out before from a Hungarian perspective, so the type of task ahead was completely new. Secondly, the settlor of the trust had passed away, which meant the trust deed could only be modified by the trustee and the beneficiaries. In order to effect this and avoid any invalidity, the clauses of the Jersey trust deed, along with the applicable laws for trusts under Jersey and Hungary had to be carefully analysed. Thirdly, liability and indemnity issues arose as to the takeover of the trust. Intense negotiations had to be carried out with the Jersey trustee in order to adequately protect the Hungarian beneficiaries from any future liability.

He was also recently entrusted with devising a trust structure for a client from a former Soviet republic who required maximum asset protection. This task was quite challenging for a number of reasons. First of all, the existing structure of the client had to be very carefully analysed in order to avoid any non-compliance with tax compliance regulations upon transferring the assets into a Hungarian trust. Secondly, the client requested extra layers of protection, therefore a Board of Protectors and an Investment Committee had to be set up as parts of the trust. Given that no such roles were ever created for a trust from a Hungarian perspective, the task of assigning the exacts rights and responsibilities for these bodies required extensive research of foreign jurisdictions as well as critical thinking.

Career

He undertook his legal studies in England, where he obtained his LLB Law (Hons) degree at the City University of London in 2013, and consequently his LLM degree in International Business Law at the London School of Economics and Political Science in 2014. After completing his studies abroad, he successfully passed the conversion exams and became a trainee lawyer in Hungary. In 2016, he began his traineeship and joined Aliant-Menyhei Law Firm as an Associate.

Expert in these Jurisdictions

He has experience in the following jurisdictions: Hungary, England & Wales.

Languages Spoken

He is fluent in English, German and his native Hungarian.

Education

City, University of London LLB Law (Hons) 2010 - 2013
London School of Economics and Political Science LLM in International Business Law 2013 - 2014

Awards

Martin Dockray Scholarship City, University of London 2011
Macfarlanes Contract Law Prize City, University of London 2011