Your estate forms an integral part of your legacy. It is a perfectly mundane representation of the incomes and earnings of your entire life. It is only natural for a person to wish to treasure and safeguard it until the next generation can take care of it. Estate planning is the perfect way to ensure this. Estate planning helps in transferring your estate to the next generation witch as much efficiency and as fewer troubles as possible. A family office advisor can take proper care of this. It can help you plan the appropriate maintenance and safeguarding of your estate until the next generation takes over.
Why is Estate Planning a Necessity?
Estate planning is crucial for a wealthy individual. It forms a comprehensive aspect of wealth planning. The main aim of estate planning is to transfer your wealth to your successors as tax-efficiently as possible. Other advantages of estate planning include:
- It prevents doubts regarding the various entitlements to the heirs after the death of an individual.
- Ensures that the assets of an individual are not frozen following his death.
- It also makes sure the heirs and other people related to an individual are not abusing his assets.
Estate planning is essential for individuals who are concerned about their wealth being squandered away or abused. It also saves wealth from tax abuse. Many family offices focus very strongly on this since it is a critical aspect of the financial management of the client.
The Basic Principles of Estate Planning
The primary purpose of this is to transfer your wealth to the next generation according to your wishes. We can assist with this. It is highly necessary for an individual. We provide maximum support with estate planning. Our services include:
- Supporting with drafting testaments and last wills.
- Planning marital contracts
- We advise and providing support regarding prenuptial agreements.
- We oversee retirement plans and executorships
The first step of estate planning is drafting the right prenuptial documents while an individual or his children get married. It ensures the safety of the ownership of assets remain with children and their children in case of divorce/death. Vedicology family office advisor will help you with drafting these documents and choosing the right choices. It safeguards the wealth of an individual and prevents severe unfortunate circumstances.
Forced heirship is a crucial topic in estate planning and is also known as the reserved portion. It is a common occurrence in most civil law countries. These laws can sometimes conflict with an individual’s will and entitle their spouse or children to different parts of their estate. Proper planning by a family office advisor is necessary to avoid these circumstances and to ensure appropriate execution of your will.
Save Inheritance Tax
Sometimes there can be vast amounts of taxes levied on a family’s estate. A family office helps in preventing this by proper planning. Inheritance tax is a pretty common occurrence in most places. In some cases, it can be as high as 40%. Sometimes direct successors may need to pay even up to 50%. For inheritors who are not related to the deceased, this can be even higher. There are recurring debates on whether it is also justifiable. A competent family office helps prevent these complicated unwanted situations. It focuses on the existing structures as well as considers each individual of the family and their unique circumstances. However, this is quite a complicated process, mainly when international properties and estates are also discussed. Thus, finding a god family office advisor is essential.
Estate planning is an essential aspect of an individual’s personal as well as professional life. So it is necessary to sift through the assets and objectives and lay out the plans. We can help you find the proper attorneys that offer the best estate planning services that are most suitable for your needs. For more information and assistance, feel free to contact us. We will be happy to offer you our full support and assistance.