Inheritance and Estate Planing
Planning for the Inevitable!
Planning what will happen when you die is something that most of us prefer not to think about. However, if we do not take this inevitable event into consideration it can cause even more pain and suffering to our family. It will also mean that a significant amount (if not the majority) of your hard earned assets and wealth that you spent a lifetime to create will be taken by the local government.
If you do not structure your assets then your family will have to go through the courts and have the possibility of claimants to the estate, this is known as probate. The final decision of who gets what will be left to a judge. This will also eat into the estate with lawyers and court fees. If the estate includes properties and has little cash then further problems arise as to how your heirs will get the money to pay the tax on the property that they inherit. You can not sell a property that is in probate until the taxes are paid.
After losing a loved one to find you have an enormous tax bill that you can not afford will only create financial distress on top of the emotional distress of losing a loved one.
Although nobody wants to think about what will happen when they die. You are doing a disservice to your family if you don’t take action and you will be giving a significant portion of your wealth to the government and potential third parties in a process that you will have absolutely no control over.
By establishing a structure around your assets such as a Trust, Holding Company, SPV or Private Fund you can legally avoid inheritance tax whilst ensuring that your wealth is given to the people you want. Not only can you have total control of who gets what, you can even implement rules to ensure that the wealth is protected for generations and won’t be squandered.
To find out more about how you can protect your wealth for generations and eliminate inheritance tax click the contact us button below for a free consultation.