The demand for managing family wealth
History has shown that the family legacy will be destroyed due to the absence of a good wealth preservation strategy.
Most people believe that financial capital is the reason to implement wealth planning solutions. However, the utmost reason is to find harmony among family members through strong family governance, a system for joint decision making.
Inheritance tax can be very high, however, with proper estate planning this can affect the tax status of all the parties involved. An estate planning specialist should always be consulted with regards to inheritance tax planning to minimize tax liabilities for all parties involved.
While tax evasion is illegal, tax optimisation is an efficient tool to minimize liabilities. Unnecessary tax burdens could be avoided through an efficient tax structure.
Diversification of investments has two advantages. First, it reduces the risk of the family business. Second, it mitigates the aggregate risk during the historical financial crisis. Family wealth could be substantially protected from financial storms.