Succession Planning

Successful wealth management also includes structuring the efficient transfer of wealth to the next generation. This relates to any assets held within one’s estate including pensions.

Inherited wealth is a major economic factor in the EU landscape including the UK but there are many pitfalls that can seriously impact your next generation. One classic is the UK definition of “domicile” and the resultant inheritance tax consequences which many UK nationals residing abroad often overlook.

Different countries apply different tax laws with regard to passing on wealth via lifetime gifts or on death. Some charge gift and inheritance tax, some do not. Some apply forced heirship rules like in Germany, others do not like the UK. Anglo Saxon countries are applying in most cases a common law and other countries a civil law based legal system.

All of this can present serious challenges for successful succession planning, especially for international Expatriates and families where members reside in different tax jurisdictions.

If you want to safeguard your loved ones and pass on your wealth efficiently, we shall be pleased to carry out a detailed review of your circumstances and come up with tax efficient solutions for your estate planning. Contact us today.