Succession Planning
Live LawPART - I "Your name is my name, my name is yours, everything is our's, equally" One of the main objectives of an Inheritance tax is to prevent accumulation of wealth in the hands of few people, thus reducing the economic disparity between the rich and the poor, a kind of "Robin-Hood Taxation". A Will is a required document when it comes to a person's personal wealth, but is hardly the option for preserving value and distribution of assets for operational family businesses. A marital trust would allow the surviving spouse to avoid paying estate taxes on those assets during ones lifetime. The surviving spouse's heirs, however, would be responsible for paying estate tax on any trust assets that are eventually passed on to them, unless a further trust is created by the surviving spouse. SHAREHOLDER'S TRUSTS: This is a very important trust for family businesses, where the trust becomes the shareholder and the family members simply benefit as beneficiaries of the trust.
History of this topic
Inheritance Tax Re-Introduction: 4 effective succession planning tips for HNIs
Live Mint
Family businesses embrace governance, succession planning: Survey
Live Mint
Succession law: Govt backs provision that prioritises husband’s kin
Hindustan Times
How you can protect your family’s interests in these uncertain times
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