- “preserving Legacies: Estate Planning Benefits Offered By Lawyers”
- The Basic Elements Of Estate Planning
- Life Insurance For High Net Worth Individuals: Strategies For Wealth Preservation And Tax Efficiency
- Family Offices: Wealth Management And Legacy Building
“preserving Legacies: Estate Planning Benefits Offered By Lawyers” – To support our clients’ acquired wealth, PP Trusts Ltd, our partner company, provides a variety of trust solutions designed to meet the various needs of clients to ensure generation planning, asset direction, and wealth protection for families.
Bloodline Planning ensures your assets reach your children, grandchildren and other relatives, rather than falling into the wrong hands!
“preserving Legacies: Estate Planning Benefits Offered By Lawyers”
When assets are distributed through your Will (if you have one) to beneficiaries of your choosing, these assets are then considered part of the beneficiary’s estate and will be at risk from future divorce settlements, creditors, and or taxation.
Putting Your Estate In Order
With the strategic use of the Trust, you can ensure that your children and grandchildren can fully benefit from the inheritance you wish them to receive and at the same time offer protection to the family home and other assets from being lost to attack from any future. divorce settlement, creditors, taxation and Long Term Care costs.
For example, have you considered what might happen if your surviving spouse remarried after your death?
Do you really want to leave everything to chance, when with the help of a Financial Planner you, like many of our existing clients, with the correct use of Trust can avoid this potential financial disaster?
This will ensure your assets are protected from attack and immediately available to your loved ones after you are gone.
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If assets and wealth are protected in a lineage trust then they remain within the family unit. Without lineage trustees, assets are vulnerable to:
A Bloodline trust ensures that money can only be accessed and used by your children, your grandchildren or other generations directly related to you – those who are married within the same family do not have access to funds. For example, if you die and your spouse remarries and has more children, without ancestral guardianship, those children may be entitled to a portion of your assets.
If you want to protect your family’s assets by setting up the appropriate trust structure, PP Trust is the best place to create a bespoke plan that is able to comprehensively protect your wealth and assets. To find out more about our services, contact our team today on 01582 462 552, download your guide to Family Trusts or register for our next seminar by clicking below.
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The Basic Elements Of Estate Planning
SINGAPORE – It takes an average of 32.3 years to climb the wealth ladder from the first level of financial stability to the highest level of financial abundance.
This is what wealth manager St James’s Place points out in his report Accelerating the Journey of Wealth – From Stability to Abundance, after interviewing 1,000 wealthy Singaporeans aged between 25 and 64 between February and March 2023.
Respondents have an annual household income of at least $70,000 to more than $250,000, and have investments in stocks, property, stocks and funds.
They are categorized into five different levels of wealth: financial stability, financial security, financial flexibility, financial freedom and financial abundance.
Life Insurance For High Net Worth Individuals: Strategies For Wealth Preservation And Tax Efficiency
Mr Oliver Wickham, director of Asia partnerships at St James’s Place, said financial priorities could vary at different levels of wealth. While individual circumstances and personal preferences do shape financial priorities, there are some general characteristics that suit every level of wealth.
Wealth management companies define financial stability as the first stage in which a person has enough money after monthly expenses are paid to save a portion of his income.
For example, recent university graduates entering the workforce will aim for the first stage of financial stability. To achieve this, she must prioritize budgeting and set savings goals and work towards establishing an emergency fund, Wickham said.
Mr Wickham also suggested that individuals at a stable financial stage should equip themselves with basic financial education and understand the benefits of long term investing.
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This will prepare them for the next stage, financial security, which research suggests will take an average of 6.1 years to achieve. A person who is in a financially secure position may, in addition to being able to save a portion of their income, choose to invest their money.
An individual then needs another 6.5 years to reach the financial flexibility stage, where he has sufficient investments and financial assets to cover his living expenses for up to one year.
Achieving financial freedom will take another 8.7 years on average, while another 11 years is needed to achieve financial abundance.
Financial freedom means having enough investments and financial assets to generate enough passive income for life, while financial abundance is defined as having more than enough income for life.
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The financial priorities of the two highest levels of wealth will shift from wealth accumulation to wealth preservation and passive income generation for retirement.
Someone who has achieved financial abundance needs to consider how to transfer his or her wealth to future generations, says St James’s Place.
“He should prioritize retirement savings vehicles… and look at developing a comprehensive wealth preservation strategy that includes estate planning and estate planning,” said Mr Wickham.
Amid persistent fears of inflation eroding the value of their hard-earned savings, investors can still “protect and grow their wealth,” he noted.
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Affluent Singaporeans interviewed identified three important aspects to growing and maintaining their wealth over time in the St James’s Place study: patience in investing (26 per cent), a disciplined investment approach (24 per cent) and financial literacy (22 per cent). .
What stands out in this study is that the majority of respondents believe that transfer of wealth between generations should begin only when a family member retires (39 percent) or when a family member dies (30 percent).
Only 22 percent of respondents believe intergenerational wealth transfer and succession planning should begin while they are still alive and working. Nine percent don’t believe it at all.
“Starting such conversations while family members are active and healthy gives plenty of time to explore options, create comprehensive plans, and work out any complexities or potential conflicts,” says Wickham.
Family Offices: Wealth Management And Legacy Building
This allows for a smoother transition and can help maintain family harmony and minimize potential disagreements, he adds.
Noting that the transfer of wealth between generations can impact a family’s financial well-being in the long term, he said: “Maintaining and transferring wealth across generations is not just about finances, but more about preserving the legacy and dreams of future generations.” One of the key decisions when considering leaving a financial legacy for a loved one in a Trust is whether to provide access to the money on a lump sum basis or in installments in the event of death. It should be reiterated that, within the Trust structure, there is no standard way of distributing assets to beneficiaries. The Trust Settler decides how the assets are to be disbursed.
For example, the settlor may specify that the beneficiary receives Trust assets directly without restrictions. In the event of a settler’s death, the Trustee can write a check to the beneficiary, give them cash, and transfer the real estate by making a new deed, or sell the house and give them the proceeds. Meanwhile, if the property in the Trust is rented out, the beneficiary can also get regular rental income from the Trust. This can potentially lock in a predictable revenue stream for them over an extended period. While this type of distribution is easy, it doesn’t come with any of the protections that may be important for some settlers.
Naturally, many beneficiaries would prefer to receive their inheritance all at once, but what if they have never handled large sums of money before? Does the recipient have the financial maturity and intelligence to ensure that the inheritance is not spent carelessly? In addition, there is a possibility that recipients of large sums of money will become victims of fraudulent or misguided financial advice, or financial fraud. This might make them squander the inheritance quicker than expected.
How To Avoid Estate Planning And Probate Scams
As an example of potential danger, The Straits Times recently reported on a “fraud epidemic” in which victims in Singapore have lost nearly S$1 billion in the past five and a half years. Police report that 90% of fraud in Singapore originates from overseas. Such news is likely to make people somewhat uncomfortable about leaving the beneficiary a lump sum, especially if they are underage. They may lean toward making staggered payments instead. There are bound to be complaints from some of the beneficiaries but in the long term, this is probably the best option.
Phased payments are usually targeted at beneficiaries who may not be financially savvy at the time of disbursement. For example, the settlor may choose to distribute Trust funds on a timely basis, such as monthly, or only after certain events trigger disbursement, such as when the recipient turns 18 or gets married or gives birth to their first child.
The Trust can also make additional payments over the years,
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