CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,         Mylapore,    Chennai - 600 004. Tel: +91 - 44 - 249...
ESTATE         CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,         Mylapore,    Chennai - 600 004.     ...
ESTATE PLANNING         CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,         Mylapore,                  ...
OBJECTIVES         CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,         Mylapore,                       ...
NEED FOR ESTATE PLANNING         CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,                           ...
DEVICES         CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,                                 • Will.    ...
CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,                                 • Wills: A will is a legal ...
CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,         Mylapore,                                 • Power o...
STEPS IN ESTATE PLANNING                                             PROCESS         CHENNAI                              ...
RISKS AND DRAWBACKS                                 INVOLVED IN ESTATE PLANNING         CHENNAI3rd Floor, ‘Creative Enclav...
BENEFITS         CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,                                 • Estate T...
CHENNAI                                 This works to reduce the value of the3rd Floor, ‘Creative Enclave’,148-150, Luz Ch...
CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,                                 • Legacy Planning - Advance...
CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,         Mylapore,                                 their cur...
CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,                                 • Asset Protection Planning...
CHENNAI                                 In fact, domestic asset protection trusts3rd Floor, ‘Creative Enclave’,148-150, Lu...
INDIAN SCENARIO         CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,         Mylapore,                  ...
CASE LAWS         CHENNAI                                 The battle over the late Priyamvada3rd Floor, ‘Creative Enclave’...
CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,         Mylapore,                                 As the so...
CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,         Mylapore,    Chennai - 600 004. Tel: +91 - 44 - 249...
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Estate planning

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Estate planning

  1. 1. CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road, Mylapore, Chennai - 600 004. Tel: +91 - 44 - 2498 4821 ESTATE PLANNING BANGALORE Suite 920, Level 9, Raheja Towers, 26-27, M G Road, Bangalore - 560 001. Tel: +91 - 80 - 6546 2400 COIMBATORE BB1, Park Avenue, # 48, Race Course Road, Divya Raman Coimbatore - 641018. Tel: +91 - 422 – 6552921 Corporate Department EMAIL info@altacit.com WEBSITE www.altacit.com
  2. 2. ESTATE CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road, Mylapore, Chennai - 600 004. Estate includes cash, property, Tel: +91 - 44 - 2498 4821 BANGALORE Suite 920, Level 9, Raheja Towers, 26-27, M G Road, Bangalore - 560 001. Tel: +91 - 80 - 6546 2400 income from property, shares, COIMBATORE BB1, Park Avenue, jewellery, insurance policies, provident fund, recurring and fixed # 48, Race Course Road, Coimbatore - 641018. Tel: +91 - 422 – 6552921 deposits, among other assets. EMAIL info@altacit.com WEBSITE www.altacit.com
  3. 3. ESTATE PLANNING CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road, Mylapore, Process of anticipating and arranging for Chennai - 600 004. Tel: +91 - 44 - 2498 4821 BANGALORE Suite 920, Level 9, Raheja Towers, 26-27, M G Road, the disposal of an estate after your death. Attempts to eliminate Bangalore - 560 001. Tel: +91 - 80 - 6546 2400 COIMBATORE BB1, Park Avenue, # 48, Race Course Road, Coimbatore - 641018. uncertainties over the administration of a probate and maximize the value of Tel: +91 - 422 – 6552921 the estate by reducing taxes and other expenses. EMAIL info@altacit.com WEBSITE www.altacit.com
  4. 4. OBJECTIVES CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road, Mylapore, •Making sure most of the estate is Chennai - 600 004. Tel: +91 - 44 - 2498 4821 BANGALORE Suite 920, Level 9, Raheja Towers, 26-27, M G Road, transferred to your beneficiaries. Bangalore - 560 001. Tel: +91 - 80 - 6546 2400 COIMBATORE •Paying the least amount of taxes on your estate. BB1, Park Avenue, # 48, Race Course Road, Coimbatore - 641018. Tel: +91 - 422 – 6552921 •Assigning guardians for minor children, if any. EMAIL info@altacit.com WEBSITE www.altacit.com
  5. 5. NEED FOR ESTATE PLANNING CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road, • Planning for harmonious succession and Mylapore, Chennai - 600 004. Tel: +91 - 44 - 2498 4821 disposition of your Estate. BANGALORE Suite 920, Level 9, Raheja Towers, 26-27, M G Road, • Protection of your Estate with your family’s needs in mind. Bangalore - 560 001. Tel: +91 - 80 - 6546 2400 COIMBATORE • Effective management of your Estate BB1, Park Avenue, # 48, Race Course Road, Coimbatore - 641018. Tel: +91 - 422 – 6552921 during and beyond your lifetime. • Preparing your Estate for unforeseen eventualities. EMAIL info@altacit.com WEBSITE www.altacit.com
  6. 6. DEVICES CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road, • Will. Mylapore, • Trust. Chennai - 600 004. Tel: +91 - 44 - 2498 4821 BANGALORE • Powers of Appointment. Suite 920, Level 9, Raheja Towers, 26-27, M G Road, Bangalore - 560 001. Tel: +91 - 80 - 6546 2400 COIMBATORE BB1, Park Avenue, • Property Ownership (joint tenancy with rights of survivorship, tenancy in # 48, Race Course Road, Coimbatore - 641018. Tel: +91 - 422 – 6552921 common, tenancy by the entirety). • Gift. EMAIL • Power of Attorney. info@altacit.com WEBSITE www.altacit.com
  7. 7. CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road, • Wills: A will is a legal document that Mylapore, Chennai - 600 004. Tel: +91 - 44 - 2498 4821 lays out the fate of your property after your death. It states who receives your BANGALORE Suite 920, Level 9, Raheja Towers, property and in what amounts. 26-27, M G Road, Bangalore - 560 001. Tel: +91 - 80 - 6546 2400 COIMBATORE BB1, Park Avenue, # 48, Race Course Road, Coimbatore - 641018. • Trusts: A trust is an arrangement where you entrust property to one Tel: +91 - 422 – 6552921 person or an organization. The person or trustee is taxed with managing the EMAIL info@altacit.com property on behalf of your beneficiary WEBSITE www.altacit.com or beneficiaries.
  8. 8. CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road, Mylapore, • Power of Attorney: Power of attorney Chennai - 600 004. Tel: +91 - 44 - 2498 4821 BANGALORE Suite 920, Level 9, Raheja Towers, 26-27, M G Road, gives a person or organization the legal power to handle your affairs Bangalore - 560 001. Tel: +91 - 80 - 6546 2400 COIMBATORE BB1, Park Avenue, # 48, Race Course Road, Coimbatore - 641018. when youre unable to do so. The person or organization you appoint is Tel: +91 - 422 – 6552921 referred to as an "attorney-in-fact" or "agent." EMAIL info@altacit.com WEBSITE www.altacit.com
  9. 9. STEPS IN ESTATE PLANNING PROCESS CHENNAI A financial planner performs the following3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road, Mylapore, Chennai - 600 004. Tel: +91 - 44 - 2498 4821 steps in estate planning – BANGALORE Suite 920, Level 9, Raheja Towers, 26-27, M G Road, •Relationship establishment Bangalore - 560 001. Tel: +91 - 80 - 6546 2400 COIMBATORE •Information gathering BB1, Park Avenue, # 48, Race Course Road, Coimbatore - 641018. Tel: +91 - 422 – 6552921 •Determining the clients financial status •Draw out a plan of transfer •Implementing the plan EMAIL info@altacit.com •Regular reviewing of the plan WEBSITE www.altacit.com
  10. 10. RISKS AND DRAWBACKS INVOLVED IN ESTATE PLANNING CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road, • An individuals goals or wishes on how his assets are to be distributed may not be Mylapore, Chennai - 600 004. Tel: +91 - 44 - 2498 4821 BANGALORE Suite 920, Level 9, fulfilled Raheja Towers, 26-27, M G Road, Bangalore - 560 001. Tel: +91 - 80 - 6546 2400 • Huge costs of transfer and taxes COIMBATORE BB1, Park Avenue, • An individuals family may be in financial distress if the process is not properly planned # 48, Race Course Road, Coimbatore - 641018. Tel: +91 - 422 – 6552921 • There may be insufficient liquidity to meet clients debts in taxes • Time consuming legal procedures EMAIL info@altacit.com WEBSITE www.altacit.com
  11. 11. BENEFITS CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road, • Estate Tax Planning - Advanced Estate Mylapore, Chennai - 600 004. Tel: +91 - 44 - 2498 4821 Planning to Reduce Estate Taxes BANGALORE Suite 920, Level 9, Raheja Towers, 26-27, M G Road, Reducing estate taxes is generally done through gifting assets such as highly Bangalore - 560 001. Tel: +91 - 80 - 6546 2400 COIMBATORE BB1, Park Avenue, # 48, Race Course Road, Coimbatore - 641018. appreciated stock directly to loved ones or to a charity or into a trust for their Tel: +91 - 422 – 6552921 benefit, or gifting away interests in closely held business entities such as EMAIL info@altacit.com corporations or limited liability WEBSITE www.altacit.com companies.
  12. 12. CHENNAI This works to reduce the value of the3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road, Mylapore, Chennai - 600 004. Tel: +91 - 44 - 2498 4821 owners estate because once the assets or business interests are gifted away BANGALORE Suite 920, Level 9, Raheja Towers, from the owner directly to the 26-27, M G Road, Bangalore - 560 001. Tel: +91 - 80 - 6546 2400 COIMBATORE BB1, Park Avenue, # 48, Race Course Road, beneficiaries or into a trust for the benefit of someone other than the Coimbatore - 641018. Tel: +91 - 422 – 6552921 owner, the gifted assets can no longer be included in the value of the owners EMAIL estate for estate tax purposes. info@altacit.com WEBSITE www.altacit.com
  13. 13. CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road, • Legacy Planning - Advanced Estate Mylapore, Chennai - 600 004. Tel: +91 - 44 - 2498 4821 Planning to Create a Legacy BANGALORE Suite 920, Level 9, Raheja Towers, 26-27, M G Road, There are different types of trusts that can be established not only to minimize Bangalore - 560 001. Tel: +91 - 80 - 6546 2400 COIMBATORE BB1, Park Avenue, # 48, Race Course Road, Coimbatore - 641018. or eliminate estate taxes, but also to create an ongoing legacy for future Tel: +91 - 422 – 6552921 generations. Many states allow trusts to continue for hundreds of years or even EMAIL info@altacit.com in perpetuity, thereby allowing their WEBSITE www.altacit.com residents to establish dynasty trusts for
  14. 14. CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road, Mylapore, their current and future family members. Chennai - 600 004. Tel: +91 - 44 - 2498 4821 BANGALORE Suite 920, Level 9, Raheja Towers, 26-27, M G Road, Others choose to create a legacy in their community by setting up charitable trusts Bangalore - 560 001. Tel: +91 - 80 - 6546 2400 COIMBATORE BB1, Park Avenue, # 48, Race Course Road, Coimbatore - 641018. or private foundations that will provide a self-perpetuating endowment for years to Tel: +91 - 422 – 6552921 come. EMAIL info@altacit.com WEBSITE www.altacit.com
  15. 15. CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road, • Asset Protection Planning - Advanced Estate Planning to Keep Assets Safe Mylapore, Chennai - 600 004. Tel: +91 - 44 - 2498 4821 BANGALORE Suite 920, Level 9, Raheja Towers, • For those who have accumulated even 26-27, M G Road, Bangalore - 560 001. Tel: +91 - 80 - 6546 2400 minimal wealth, the fear of losing it all in a COIMBATORE BB1, Park Avenue, lawsuit can become a great concern. Many # 48, Race Course Road, Coimbatore - 641018. Tel: +91 - 422 – 6552921 advanced trusts, such as Buildup Equity Retirement Trusts, can not only help to minimize or eliminate estate taxes, but also offer the added bonus of protecting the EMAIL assets owned by the trust against lawsuits info@altacit.com WEBSITE and divorce decrees. www.altacit.com
  16. 16. CHENNAI In fact, domestic asset protection trusts3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road, Mylapore, Chennai - 600 004. Tel: +91 - 44 - 2498 4821 and certain offshore trusts are specifically designed to keep assets held in these BANGALORE Suite 920, Level 9, Raheja Towers, trusts away from creditors and divorcing 26-27, M G Road, Bangalore - 560 001. Tel: +91 - 80 - 6546 2400 COIMBATORE BB1, Park Avenue, # 48, Race Course Road, spouses. Other advanced techniques, such as gifting through a family limited Coimbatore - 641018. Tel: +91 - 422 – 6552921 liability company, add an additional layer of asset protection for the property EMAIL owned by the company. info@altacit.com WEBSITE www.altacit.com
  17. 17. INDIAN SCENARIO CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road, Mylapore, In India, estate planning is generally Chennai - 600 004. Tel: +91 - 44 - 2498 4821 BANGALORE Suite 920, Level 9, Raheja Towers, 26-27, M G Road, perceived to be for the rich or wealthy, who have enough cash, property or Bangalore - 560 001. Tel: +91 - 80 - 6546 2400 COIMBATORE BB1, Park Avenue, # 48, Race Course Road, Coimbatore - 641018. valuables to leave behind for their loved ones. The fact, however, is that estate Tel: +91 - 422 – 6552921 planning is essential for all, regardless of one’s economic standing. EMAIL info@altacit.com WEBSITE www.altacit.com
  18. 18. CASE LAWS CHENNAI The battle over the late Priyamvada3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road, Mylapore, Chennai - 600 004. Tel: +91 - 44 - 2498 4821 Birla’s will, in the year 2004, brought to the surface the crucial role played by a BANGALORE Suite 920, Level 9, Raheja Towers, will and the importance of estate 26-27, M G Road, Bangalore - 560 001. Tel: +91 - 80 - 6546 2400 COIMBATORE BB1, Park Avenue, # 48, Race Course Road, planning. There are several other celebrity cases that have been doing Coimbatore - 641018. Tel: +91 - 422 – 6552921 the rounds of the media, where siblings fight each other over the estate of the EMAIL deceased. info@altacit.com WEBSITE www.altacit.com
  19. 19. CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road, Mylapore, As the social and family structure in Chennai - 600 004. Tel: +91 - 44 - 2498 4821 BANGALORE India increasingly turns nuclear and Suite 920, Level 9, Raheja Towers, 26-27, M G Road, Bangalore - 560 001. the number of the affluent rises Tel: +91 - 80 - 6546 2400 COIMBATORE BB1, Park Avenue, thanks to the India growth story, the # 48, Race Course Road, Coimbatore - 641018. Tel: +91 - 422 – 6552921 need for proactive ‘estate planning’. EMAIL info@altacit.com WEBSITE www.altacit.com
  20. 20. CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road, Mylapore, Chennai - 600 004. Tel: +91 - 44 - 2498 4821 BANGALORE Suite 920, Level 9, Raheja Towers, 26-27, M G Road, Bangalore - 560 001. Tel: +91 - 80 - 6546 2400 COIMBATORE BB1, Park Avenue, # 48, Race Course Road, Coimbatore - 641018. Tel: +91 - 422 – 6552921 EMAIL info@altacit.com WEBSITE www.altacit.com
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