Estate planning is the structured transfer of your properties, such as real estate, to your loved ones. It is important to have everything arranged so that the capital and assets you leave behind for the next generation can be transferred free from complicated tax issues. On this page we will help you become familiar with how estate planning works and why it is important to plan ahead.
Estate planning provides the following solutions:
- Identify who should receive your property and who should not ahead of time.
- Ensure that your property will be transferred to the people you have identified in a quick and smooth way, with as few complications as possible.
- Minimize the amount of tax your recipients need to pay for the transfer of your property to them.
- Prevent the time and costs, related to the probate process, from occurring.
- Depict the type of funeral arrangements which you prefer, and how the related costs are to be paid.
At Broadstreet, we provide you with the right estate planning solution that fits your personal and business needs. Our estate planning advice is based on our knowledge of the different jurisdictions that are directly related to estate planning (e.g. marital property, inheritance, donations, corporate and tax law).
We will help you develop an estate plan by focusing on your estate planning goals and any concerns you might have. The different estate planning tools which we normally use for this purpose are:
- Refining the content of your testimony and your marriage and partnership agreements.
- Developing a donation programme so that your capital to be devolved will decrease and the inheritance tax your heirs need to pay will diminish.
- Right planning of your income by, for example, appointing your children as beneficiaries for ‘old’ capital sum insurances with an annuity clause.
In all ways, your estate plan should not be considered on its own but rather needs to be integrated with your financial, retirement, and business plan. Also, as your personal and business circumstances change continuously, it is important that you adopt your estate plan accordingly.