Estate Planning Process Vs Covid-19
Life is not about fearing the storm; it is about being prepared for it when it arrives. – unknown-
It is common for us to ask ourselves.
What is estate and succession planning?.
Is it worth it to invest time and money on this?.
Or simply, Is the estate planning I currently have efficient and up to date?
The answer to these and other related questions could be summarized in the following statement:
Succession and estate planning
Consists of developing a strategy that allows you to protect and enjoy your estate in the most efficient way possible.
The key objective is growth, longevity and an easy succession from one generation to the next.
COVID 19 has increased uncertainty and we are now more than ever exposed to:
Chronic diseases, and even death.
The only way to overcome these adversities and minimize their impact is having a solid, efficient and (most importantly) updated succession plan.
So, what are the most successful patriarchs and matriarchs doing to protect themselves to face the impending crisis?.
They are contacting their advisors to draft, review, and update existing succession plans.
Also, they are considering important changes in legislations in many jurisdictions.
The effects of nationality.
The size of their estates.
The location of their assets.
And their key objectives to ensure they have the most effective protection and succession plans.
How can we help?
There are many options but the most common structures include private interest foundations, trusts, family shareholder agreements and business succession plans.
In conclusion, it is vital to understand that each individual and family has different and unique characteristics.
That said, if the goal is to find a solution that works appropriately and effectively.
It is absolutely recommended that each estate and succession plan is tailormade.
Juan Sebastián Vayas.
If you want to read detailed information made by OMC Group but in Spanish click HERE
Also, we invite you to follow us on LinkedIn click HERE