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ESTATE PLANNING
Estate planning should be started as soon as one has a measurable asset base. It is an ongoing process and as goals change, the estate plan should fall in line with the same. Lack of adequate estate planning can cause undue financial burdens to loved ones.
Through Estate Planning we assist our clients in planning for their estate so that they can effectively manage and preserve it during and after their lifetime. We aim to ensure that the benefits of the estate reach our clients’ intended beneficiaries in line with a seamless succession plan and orderly dispensation of the estate through well prescribed wills and trusts.
While drafting such plans the focus is often on protecting the interests of the family members and ensuring that their financial needs are administered to especially in the event of unfortunate exigencies of incapacity and untimely demise.
Minimization of succession procedures and adoption of efficient tax saving policies form the core strategy of such plans. Safeguarding from unwarranted financial obligations and duties is also taken into consideration. Every element of the Estate plan is incorporated to ensure that wealth is not lost or passed onto unintended beneficiaries.
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FAQs
Estate planning is the process of organizing and managing your assets during your lifetime and determining how they will be distributed after your death. It involves creating legal documents, making financial decisions, and outlining your wishes to ensure your assets are transferred to your intended beneficiaries efficiently and according to your preferences.
Estate planning is important because it allows you to:
- Specify how your assets should be distributed.
- Minimize estate taxes and administrative costs.
- Provide for your loved ones, including minor children or dependents.
- Designate guardians for your minor children.
- Plan for potential incapacity and designate someone to make financial and medical decisions on your behalf.
Common estate planning documents include a will, a trust (such as a revocable living trust), a durable power of attorney, a healthcare proxy or medical power of attorney, and a living will. The specific documents you need depend on your circumstances and goals.
It’s recommended to start estate planning as soon as you have significant assets or dependents, regardless of age. Life is unpredictable, and having a plan in place can provide peace of mind. Review and update your estate plan periodically to accommodate changes in your life, such as marriage, birth of children, or changes in financial status.
PMS providers charge fees for their services, typically comprising a management fee and a performance fee. The management fee is a fixed percentage of the assets under management, while the performance fee is based on the portfolio’s outperformance relative to a benchmark index.
A living will, also known as an advance healthcare directive, outlines your preferences for medical treatment in case you become incapacitated and are unable to communicate your wishes. It addresses decisions about life-sustaining treatments and interventions.
Yes, estate planning strategies can help minimize estate taxes by utilizing techniques like gifting, establishing trusts, and taking advantage of exemptions and deductions. However, tax laws can be complex and vary by jurisdiction, so consulting with professionals familiar with tax regulations is essential.