If you have accumulated wealth, it is important to protect it. If you take steps to protect your assets, a significant amount of your wealth will not end up in wrong hands. By putting the right wealth transfer strategies in place you can protect your heirs and make sure your wishes are respected.
Every member of a business-owning family should be concerned about the following statistics:
The Family Wealth Transfer Plan is best suited to those individuals who have worked diligently over the years to save and now have enough funds set aside to begin creating a family legacy. It is also suited to individuals who have completed the wealth accumulation phase of their lives and are now preparing to benefit from properly planned asset accumulation.
These individuals may want to accomplish one or more things such as:
There are many individuals who have surplus cash flow invested in fixed deposit or mutual funds. And while they do not need this money today, they are hesitant to pass it on to their heirs just yet since they do not know what may happen in the future.
Aside providing asset protection for children, the use of Trust will allow you to set parameters regarding the management of those assets whilst also providing and protecting your family members and others. For individuals who own businesses, an appropriate wealth transfer plan will blend personal, financial and tax considerations into a comprehensive family wealth transfer plan and business succession plan that preserves a family’s wealth for the individual and his or her heirs.
An effective plan will meet your objectives, whether those objectives are to increase the benefits of ownership and assets, distribute assets to family members or charities, appoint capable estate managers as Executors and Trustees, reducing taxes, probate and administrative costs, and/or ensure the estate’s liquidity and stability.
