Advertisements

Control Via Trusts


Advertisements

Trust Fund


Trust Fund

Tracking Your Assets


wealthymatters

As your wealth increases,one thing that’s bound to increase is the number of your material possessions.And keeping track of them and managing your assets and toys is a major issue. Small wonder then that the seriously wealthy have family offices,run like small companies, to manage their personal wealth.There are trusts with administrators to manage endowments.There are professionals and companies to manage car,yacht,art collections etc.Moreover if your money comes from businesses you are bound to sooner or later require systems and software and perhaps dedicated staff to manage your fixed assets and inventory.

Even for those of us who are not yet billionaires,maintaining an inventory of our household assets and valuable artifacts and collections,in a safe place, is a good idea.The effort of cataloging everything we own is time consuming and something of a pain in the neck but essential to purchase adequate home owner’s insurance.Also in case of claims,having detailed lists of your possessions,their depreciated value  and proof of actually possessing them at the time of claim,betters your chance of getting the insurer to payout a decent sum.Items like jewellery,art and antiques etc. need to be covered for full value via specialized policies or riders so that in case of theft or natural disasters or man-made disasters you can recover their full value.Also up to date inventory lists come in handy while estate planning and drafting your will. Read more of this post

Avoiding Inheritance Tax


wealthymattersAs the wealthy in India take precautions against the reintroduction of inheritance tax,two methods are proving popular to avoid this much-feared tax.

One is to transfer assets to investment firms owned by heirs.

Another is to set up trusts in which the heirs become beneficiaries.

Since the inheritance tax or estate duty is a tax on the transfer of wealth after a person’s death, no duty is attracted if the assets are transferred to entities or vehicles that are not persons.

The History Of Inheritance Tax in India


wealthymatters,com

With rising fiscal deficit, fiscal consolidation is suddenly front page news. The government hasn’t done well in its attempts to raise revenues both tax and  non tax.The sense of alarm has brought back discredited ideas centre-stage.One of these ideas is a tax on inheritance,a favourite hobby horse of the Leftists.No matter that it was overextending ourselves on repackaged Garibi Hatao welfare measures with a proven record of ineffectiveness that brought us to the fiscal mess in the first place.Inheritance tax is being touted in the UK,US,Germany,Italy etc as a measure to claw their way out of recession.Small wonder that there is a clamour by the intellectually bankrupt for its reintroduction in India. Read more of this post

%d bloggers like this: