Estate and Succession Planning
Your key to a lasting impact on both wealth and family values.
Estate and Succession Planning
You need estate and succession planning to avoid inheritance disputes in your family and to ensure that your wealth grows with the right stakeholders for years to come. There are many services you might require to have decent estate and succession planning based on your net worth and the types of assets involved.
Real Estate Inventory
Real estate inventory refers to the comprehensive listing and assessment of all real property assets owned by an individual, company, or organization. This includes residential and commercial properties, vacant land, and any other real estate holdings. The purpose of maintaining a real estate inventory is to gain a clear understanding of the total value of these assets, track their performance, and facilitate effective management and planning.
Formation of Corporate Structures or Private Trust
Formation of Corporate Structures or Private Trust: A Corporate Structure or a Private Trust, for example, provides for dependent family and continuous financial management. It also helps to shield assets from outside demands and family disputes. The Trust can be set up to manage when and how much money is distributed.
Other Estate and Succession Planning Instruments
Other Estate and Succession Planning Instruments could be: Charitable Trusts, Succession Planning for NRIs, Obtaining a Probate/ Succession Certificate. Estate Planning requires careful consideration of the asset classes involved, market trends, family composition, and sentiments, which can be done with the help of well-experienced professionals.
Drafting Wills
To carry the wishes of an individual regarding the distribution of his/her estate after his/her death.
Gifts During Lifetime
A non-taxed gift is a voluntary property transfer during one's lifetime, including from blood relatives.
Why is it important?
Ensures Business Continuity
Succession planning ensures that the business or organization can continue operating even if key employees or leaders retire, resign, or are otherwise unable to perform their duties
Prepares Future Leaders
Succession planning provides opportunities for current employees to develop the skills and knowledge they need to take on leadership roles in the future.
Attracts and Retains Talent
A well-designed succession plan can be a powerful tool for attracting and retaining talented employees who are interested in career advancement and leadership development.
Protects Business Value
Succession planning helps protect the long-term value of a business or organization by ensuring that it has a stable leadership structure and a pipeline of qualified leaders.
Addresses Key Risks
Succession planning helps mitigate the risks associated with the loss of key employees or leaders, such as a decline in employee morale, a loss of business knowledge and expertise, or a disruption in business operations.
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