Planning legal aspects to mitigate non-markets related financial risk is essential, especially if you have assets abroad.
Your life will change! No question. So, becoming prepared for a change is your very personal obligation. Not only mentally prepared, but also financially! Here are the five reasons why you better start planning your wealth now:
- You might get married, Congratulations! Or simply divorced: You never know what the future brings. So be prepared, set the rules for turbulent times and who should get what when things get difficult. Especially if your family and assets situation is international! If disputes arise, you are well advised to have your clear rule set in place.
- Political situation: your government might change: In Switzerland we are used to a stable political environment, the rule of law embedded in geopolitical order. But when you or your family members live in other parts of the world, political crisis can hit you hard. So hard that even free movement of assets might no longer be guaranteed, or currency control is implemented (banning or limiting purchases of foreign currency within the country or limiting transfers to foreign bank accounts or simply raising transaction costs).
- Manage your assets efficiently: Why should you dedicate your precious time to expenses payments, corporate administration, accounting, audit preparations, filings, compliance, taxes and legal matters of the assets you own. Time is still money. But more than that, calculate it through how much of your life-time you spend in these things. Delegate this work to competent people who do corporate administration on a daily basis.
- You might lose control (dementia or suffer physical limitations) and you can no longer take care of your assets. So your assets are locked and can neither help you or your family. You should have a back-up plan.
- Let’s face it, life goes fast and sometimes even faster than we hoped. Yes, this might be bad but it can get worse. Believe me, I have seen it. So shouldn’t all that we have created survive us? For the benefit of the ones coming after us. Assets should not be looked-up in complicated litigation leaving your beloved ones alone. We all have a dream, we all have a vision. Leaving your beloved ones without having the necessary access to assets and following their own dreams in live, just because of disputes and complicated administrative process, is not what you want for them.
Having your assets in a wealth planning solution (foundation, trust, corporate structure or contractual arrangement) and none of these sorrows will bother you and your beloved ones. It is time to take care of what you have created in life! For you, for the ones you love and for all the ones who follow after.
Take a minute. Think about what you have created in life. How all this can be managed efficiently to serve you and your family in the way you wish. Contact us! Together we plan with you to manage and maintain your wealth over generations.