Financial PlanningNRI

Managing your wealth with greater certainty

Estate planning for non-resident Indian

Providing for the future

One of the main benefits of working overseas is the opportunity to provide financially for your family. One of the biggest challenges however, is deciding how best to grow the wealth you have worked hard for – and how to protect your estate for the benefit of future generations.

Investments in shares, collective funds or other assets can produce growth, but holding them in a different geographical location from the one in which you are resident or domiciled can sometimes have unintended, and unwanted, consequences.

For example, since 1985 there has been no requirement to pay Indian estate duty when an Indian national dies but estate duty can be applied to wealth held in other countries, such as the UK and US, where inheritance and estate taxes are levied respectively on so-called ‘situs assets’. And don’t forget the risk of currency fluctuations.

Planning ahead to protect your assets

Thankfully, with careful planning and advice from a wealth manager, you can protect your investments from such problems and ensure that your wishes for the future use and transfer of your wealth will be carried out quickly, in line with your intentions, and without the complexity and delay.

An ideal solution will need to be flexible and portable to take account of the fact that your own needs and plans may change and evolve over time. For example you may want access to your money in future years and you may move to work or choose to become a resident in another country. If your family circumstances change, you may also want to add to or amend your nominated beneficiaries.

Help with your estate planning

Contact us today for a complimentary financial consultation to discuss your estate planning needs.

 

Important information

This article is intended for general circulation and for information purposes only. It may not be published, circulated, reproduced or distributed in whole or part to any other person without prior consent of AAM. This article should not be construed as an offer, solicitation of an offer, or a recommendation to transact in any products mentioned herein. The information does not take into account the specific investment objectives, financial situation or particular needs of any person. Advice should be sought from a licensed wealth manager regarding the suitability of the investment product before making a commitment to purchase the investment product. Whilst we have taken all reasonable care to ensure that the information contained in this article is not untrue or misleading at the time of publication, we cannot guarantee its accuracy or completeness. Any opinion or estimate contained in this article is subject to change without notice. The above report may contain data obtained from third parties and as such we cannot guarantee the accuracy of this data. AAM Advisory Pte Ltd is licensed by the Monetary Authority of Singapore, FA Licence no 100032.