Advice on Estate Planning
Good estate planning can help you manage the uncertainties of dividing your assets among your heirs, prevent abuse by heirs, and avoid squandering a lifetime of hard-earned money.
Advice on Estate Planning
It is often necessary to plan the distribution of one’s inheritance during one’s lifetime; otherwise, legal provisions such as marital law and rules on inheritance distribution will apply. The first step in estate planning is to draw up a will or inheritance contract to plan your estate, providing you with numerous advantages such as the ability to transmit your assets according to your wishes. In matters of estate planning, both inheritance law and marital law offer significant leeway to ensure the well-being of your spouse, family, and loved ones.
The purpose of estate planning is to enable you to transfer your assets to the next generation according to your wishes and in the most tax-efficient manner. Proper estate planning allows you to manage uncertainties related to the distribution of your wealth among your heirs, prevent abuses by heirs, and avoid the squandering of hard-earned money over a lifetime. Therefore, effective estate planning is of paramount importance for all families aiming to pass on their legacy to heirs according to their intentions and in the most efficient manner.
Family foundations or private foundations are highly effective structures for estate planning and can be used in conjunction with a will. Private foundations enable the holding of various assets and protect them against external attacks. You have the freedom to choose the circle of beneficiaries of the foundation, as well as the rules and frequency of asset distribution. In this way, you can protect your wealth and preserve it for generations.
Certain types of life insurance also serve as effective solutions for asset protection and estate planning.
Private placement life insurance is an effective wealth protection product that offers numerous tax advantages. By transferring your assets to a private placement life insurance company, you can gain significant tax benefits and protect your wealth from third-party attacks. In this type of life insurance, the death benefit guarantee is minimal to minimize costs, unlike universal life insurance where the death benefit guarantee is substantial.
Professional pension planning is also a crucial consideration in a wealth and estate planning strategy. Similar to successions, the circle and order of beneficiaries are defined by law. Therefore, it is essential to take this into account during estate planning and, if necessary, complement it with individual pension planning where you can choose the circle of beneficiaries.
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