Way Forward

In today’s Insolvency era, Succession planning is the key area which is gaining importance amongst everyone. Many Individuals and families are actively taking steps towards Wealth Management and Succession Planning.

Private Trust Structure is the most preferred structure for wealth Management and succession planning. Formation of Private Trust will be wisest option, when it comes to Succession Planning. Unlike in will, which requires Court intervention , Trust can be executed during the lifetime of settlor.  This protects assets from unnecessary disputes  and avoid delay in court process.

Setting up a trust will be also be a cost effective and it requires minimal compliance when compared to others.

In this globalized world, assets are held everywhere. Such assets can be managed effectively and distributed to beneficiaries by setting up a trust. Trust also give a flexibility to attach conditions to gifts such as attaining a particular age or fulfilment of  certain conditions. Trust can help to explore cross border movement of assets and acquisition of interest. However, one should ensure compliance with FEMA and taxation when setting up a Cross Border Trusts.

Co-Authors : Sivasangari Chinnappa, Gunjan Mittal, Ronak Patel

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