Structured succession can never be planned too early
Whether it is business or private assets which need to be left to the next generation or other parties, it is better to make your succession plans sooner rather than later. If worse comes to worst, assets can be transferred in a tax-saving measure in accordance with the applicable rules. Without a structured policy in place, the individual is essentially giving the government an endowment or destroying the wealth that they and previous generations have created. Clear rules allow heirs to continue the life work of their ancestors.
How you benefit
Succession and inheritance go hand in hand with the gift tax and inheritance tax. Comprehensive legal and tax advice about how to plan and control your property succession can prevent expensive mistakes. In addition, a will can be actively implemented even in times when one is no longer functional due to illness. An advisor should always be consulted before a property or business successor is named, and thorough preparations must be made for private property as well as business succession. It is important to note that this entire process can take several years.
At LM, finding solutions for people is our focus, and our goal is to ensure that all of those involved in the process can sleep peacefully.