Life does not stand still and eventually, the time comes for each of us to hand over to the next generation, whether that be the sale or transfer of our business on retirement or our personal wealth on our final call.
Have you considered these following important questions?
- Who will look after my personal and business affairs if I lose capacity or die tomorrow?
- Do I have an up-to-date will that covers all the contingencies – including that of myself, my spouse and children all dying at the same time?
- Do any beneficiaries of my estate have special requirements – for example, do I have a child that is mentally impaired, or a child with a drug or spending problem or do they require any asset protection?
- Is there a risk that someone besides my intended beneficiaries that might make a claim for my estate?
- Do I hold assets outside India?
- Am I interested in giving to charities?
- Would I be interested in tax-effective succession planning?
- How will my business interests be dealt with when I die?
We are here to help you address all of the above issues through effective Succession Planning so you can relax and get on with living & enjoy Life, knowing that all your affairs are in order.
Effective succession planning is the process of managing the transfer of wealth from one generation to the next with four specific aims:
Minimising the potential for conflict between the beneficiaries.
Minimising the tax impact.
Ensuring estate assets strictly end up the hands of the intended beneficiaries.
Protecting the estate assets from any possible claims by unintended recipients.
The approach to achieving the above goals must reflect an individual’s personal and financial circumstances and therefore there is no one size fits all approach to effective estate planning. The planning varies from person to person.
Succession Planning is important at any age.
Succession planning is not just for those in their twilight years. It is a harsh reality that death can come suddenly and unexpectedly to anyone at any given age and when it does, it can be both emotional and financial disaster.
If you have dependents in your family such as a spouse and/or children, proper estate planning can effectively make difference to their future financial security in the event of your unexpected death. Although we hope this will never happen to you or your family, but getting your affairs in order now will give you a complete peace of mind that if by any chance the unexpected does occur, your loved ones will be shielded from the financial stress by having proper measures in place that clearly set out how assets are to be administered & distributed.
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