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.
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