The presidential election in the United States has been ongoing for some months now and the moment of truth is just around the corner as America votes on November 3rd, 2020.
On one side, the Democratic presidential nominee has laid out his plans to escalate the taxes on gifts and inheritance to family members. He has signaled that he is willing to shoot up the estate taxes, reduce the tax credit limit and change the taxation of capital assets upon death.
If the estate tax and gift tax exemptions are affected, what will it mean for Non-resident Indians (NRI), will Indian OCI cards holders have to re-think how to inherit wealth in India.
While the world keeps following the elections wondering how this will turn out, we leave you with a thought. Is this the right time to plan your inheritance and succession? No matter what happens, your succession planning and your families’ future is one thing that you are in control of. Ensuring that current and future generations benefit from the continuity might prove to be the most important decision you will make.
At Amicorp, we work with you, our team is ready to assist and propose a suitable structure, considering all the dynamics of your family and help you put in place your succession plan.
Amicorp Trustees (India) Private Limited, is building and deploying these protective trust structures. At ATIPL we concentrate on estate & succession planning services. Through estate planning, we can assist you to safeguard the interests of your loved ones and yourself by ring-fencing your assets, and protecting you from any possible re-introduction of estate duty, including distributing the same as per your wishes even after your demise.
For more information:
Tariq Aboobaker, Managing Director - t.aboobaker@amicorp.com
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