BDO PRIVATE CLIENT SERVICES | ASIA ADVISORY SERVICES GROUP 05
PROTECTINGWEALTH HOWWE CAN HELP
PASSING ASSETS TO YOUR DESCENDANTS / FAMILY?
PRESERVATIONOFWEALTH?
With more complexities in family circumstances than ever before, there is an increased need for bespoke and holistic advice taking into consideration a family’s specific plans and understanding their objectives. This includes how a family may wish to grow and protect their wealth, where a family may choose to live - which can often be across multiple jurisdictions and how they intend to pass their wealth on to the next generation.
COULD A TRUST/FOUNDATION HELP? Trusts and foundations are typically used for wealth/asset protection and succession planning for families complementing these wishes under a Will. They can offer tax efficiencies in the right circumstances, however, planning is required including UK tax and local law consideration. Prudent individuals may not only wish to grow the value of their assets during their lifetime but may also wish to protect that value from claims and erosion, including taxes. We can advise on all aspects of holding wealth through trusts, including the various recent changes and consultations announced in the UK. The complexity of tax treatment surrounding non-UK resident trusts make it imperative that trusts and foundations are understood fully. With differing and, sometimes, conflicting succession and inheritance/gift tax laws in overseas jurisdictions, it is crucial to seek advice to structure the ownership or gift of assets in order to maximise any reliefs and prevent triggering adverse tax consequences. Working with other professional service providers, we can offer bespoke advice based on your and your family’s objectives and personal circumstances.
CROSS BORDER FAMILIES AND TRUSTS/FOUNDATIONS The use of trusts, foundations and intergenerational family tax planning is becoming more important for individuals to ensure wealth is transferred to the next generation in an effective manner with adequate protections. In an international context the planning becomes more complex; not least when considering different jurisdictions and their treatment of trusts/foundations. We can assist with wealth preservation plans with particular consideration to the rules of domicile in the UK. We can advise on appropriate structures which seek to achieve your objectives. While trusts can be really useful and attractive vehicles for holding, managing, accumulating assets and passing on wealth, they also attract complex legislation, record-keeping and potentially onerous reporting obligations if there is a link to the UK.
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