JS Risks Consultancy Company Limited
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Wealth Succession
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A Wealth Succession plan can help you enhance control over your assets, whether they belong to you or your business, and allow for a smooth succession with minimal disputes. It can also protect your financial confidentiality, such as the terms of your will, and reduce estate and inheritance taxes for distributing your assets across jurisdictions. Here at JS Risks, we analyse the complexities of your financial position with detail and let you know what tools to use for achieving your Wealth Succession goals. Some Wealth Succession tools are as below:
Insurance solutions have the main advantage of flexibility, specifically that it is flexible to adjust insured amount, beneficiaries, their order, and the shares of each. For example, partners of a company can cross-purchase life insurance to buy the shares of one partner in case of his or her death, retirement, or inability to act, and divide the shares among the remaining partners. In addition, insurance benefits can be paid in installments to encourage beneficiaries handle them more responsibly.
A Family Office is a private wealth management advisory firm that serves the ultra-high net worth, usually offering to manage accounting, banking, insurance, investments, charitable giving, taxes, trusts, and wealth transfer, as well as managing some non-financial matters such as education, lifestyle, travel, and other household arrangements.
A Trust is a legal relationship in which one party, the trustor, gives another party, the trustee, the right to hold and manage property or assets for the benefit of a third party, the beneficiary. A Trust protects the trustor's assets from creditors by removing assets from the trustor's ownership and is a great tool to benefit persons who cannot manage finances on their own, such as persons with certain medical conditions and minors.