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About 1L crores of investments are lying unclaimed in various banks accounts, deposits, mutual funds folios, insurance companies, etc. in India. Also, billions of dollars of properties are tied up in disputes due to family feuds related to inheritance for decades.
While Estate Planning is extremely critical, unfortunately, there is not much awareness about the same. It is imperative that the wealth you created and grew with your sweat and sacrifice for the family shall remain in the family for multiple generations and the relationship among the family members remain cordial for a long term.
As a part of our Will & Estate Planning, we provide following services:
1. Gift & Inheritance Planning
We guide our clients about whether to transfer the wealth during their lifetime as a gift or after their death as inheritance to balance the needs of the family and have a peace of mind. For gifts, our advice about how much to give, to whom, when and how could save significant taxes. For inheritance, whether to have a Will or Trust, which type, how, for what purpose ensure effective and efficient transfer of wealth to the next generation.
2. Corporate Succession
Succession of a successful and profitable family business is very vital. Our advice helps clients ensure effective corporate succession that optimizes resources, drives growth, reduces taxes, ensures long-term survival of a business and family wealth while preserving harmony within the family.
3. Nomination & Joint ownership
The rules relating to ownership and nominees could be different for different assets. Generally, a nominee has a right to receive but not have a right to own an asset. The nominee keeps the asset in the custody to be given to the rightful owner as per will or rightful legal heir as per various laws. We guide how the assets and investments are to be held and help you decide who should be the nominees to avoid any conflicts and smooth and efficient transfer of wealth to the next generation.
4. Will
We think everyone should have a Will as soon as he/she owns any asset or investment in his/her name. A Will lists all the investments and wealth and directs how the wealth should be distributed, to whom and in what manner after his/her death. We educate our clients about the importance of Will and handhold them to write a Will.
5. Trust
We also help set up family trusts for ring fencing the assets and ensuring that the benefit of the wealth goes to the intended person, used for intended purposes or remains in the family. We work with family’s trusted persons to ensure proper implementation, administration and management of family or charitable trusts.
6. Donations & Charitable Giving
If you are fortunate, it is a noble thing to help the people who are less fortunate. Donations and charitable giving harnesses the power of community, teaches the next generation about generosity, and helps communities become sustainable. We help our clients make effective donations in a sustainable way for a more fulfilled life.