Succession planning needs to be considered in order to protect wealth for the next generation. Transitions are relatively rare events so greater attention needs to be spent on the tax aspects. This includes how succession will impact on existing structures and future structures.
Differing succession events such as by death and inheritance compared to lifetime transfers of wealth will create significant tax issues that impact on the wealth to be passed on.
Families need to be aware of the impact of gift taxes, inheritance taxes and estate taxes on the family wealth on succession. The steps to be taken to mitigate tax with the proper use of wills, gifts, charitable giving and trusts, combined with exemptions and reliefs and life insurance should be part of any succession plan.
We at EBC Trust are able to discuss with you the feasibility of your succession plans together with tax and regulatory compliance.
Our services include:
We are able to assist by reviewing your existing succession plans.
Provide information on the taxes due on transfer in the various jurisdictions that you operate in.
Document who would liable to pay the taxes on succession.
Provide information on domicile and residence issues and their impact on inheritance and gift taxes.
Review the uses and applicability of trusts and foundations.
Assess the liquidity issues that may arise from the taxes to be paid following succession.
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