Estate planning is a legacy you will leave for your loved ones. Estate duties are not only a significant burden on the bereaved, but the administration of your estate is often a complex nightmare for those left behind.
It is not only about the tax bill you may leave behind. Imagine how many countries in which you may have assets, even merely a simple bank account or property, do you realise the delays and stresses involved for those who have to deal with Probate in each of those countries? It can take many months, or even years.
For those with children or perhaps married to someone of a different nationality, there are particular problems to be protected against, as tax exempt spousal transfers may not be available.
Since none of us know when we might die it is something we should organise at the earliest opportunity.
Acuma Hong Kong can assist with the following estate/succession planning:
- Help with drawing up and rewriting your will
- Structuring to ease Probate complexities
- Making full use of exemptions and lower tax rates on lifetime transfers
- Optimizing lifetime transfers between spouses
- Transferring assets into trust
- Arranging adequate life assurance to cover potential estate tax liabilities
Trusts
There are a number of different types of trusts that can be used to help protect your estate and ensure it is passed on to your intended beneficiaries tax-efficiently and without the delays of Probate. Which trust is suitable for your needs will depend on your circumstances. Common reasons for using trusts are:
- To bestow gifts and preserve wealth for future generations
- To avoid the delay of probate
- To maximise tax efficiency
- To nominate beneficiaries of a life policy
To find out more about Estate and Succession planning, contact Acuma Hong Kong today!