Generation Planning : as it is likely that individuals have assets in more than just their home country, probate becomes more problematic and costly as it needs to be obtained in each jurisdiction.
The consequence of different beneficiaries as well as added complications such as stepchildren and second marriages can present further difficulties. In addition, the impact of inheritance tax and death duties highlights the need to ensure that an estate is structured correctly for generation planning.
A Trust or a Foundation can offer a robust solution to mitigating the problems associated with passing wealth and assets on to the next generation, and provide the following benefits:
- Reduced administration on death
- Preservation of family wealth
- Avoidance of forced heirship
- Mitigation of Tax