Planning for the Future in an Unpredictable World - April 2021
As legendary investor Warren Buffett once said: “Only when the tide goes out do you discover who’s been swimming naked.” In today’s unpredictable world, planning ahead to safeguard our assets for our loved ones is more important than ever. Answering some simple questions is a good place to begin.
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Who will manage my financial affairs if I fall ill?
It’s very common for highly successful people who work hard and are dedicated to their business to not even consider the idea that they might fall ill. But the Covid-19 pandemic has brought the reality of unexpected illness sharply into focus. The truth is that any one of us can fall sick and be incapacitated, at any time. By ensuring that you have planned in advance who will be responsible for administering your financial affairs, you can limit the worry and disruption both for yourself and your family.
How can I ensure that my family is looked after if the worst happens?Nobody likes to think about planning for catastrophic blows or emotionally fraught situations. The good news is that being proactive you can ensure that if the worst does happen, at least the financial side is taken care of and you, your loved ones and your business is protected properly to ensure peace of mind. Discussing this issue with your professional advisors will help you understand your options and give you clarity.
How can I make sure that my family wealth is preserved and protected in this uncertain economic climate?As global financial regulations become increasingly complex and demanding, getting the right professional advice about the structures that are right for your circumstances is critical. Complex assets demand thoughtful solutions and a global perspective: structuring poorly can be worse than doing nothing at all.
My family profile has changed. How can I ensure that my wealth is still distributed according to mine and my family’s wishes?Your family’s situation rarely stays the same: divorce, death, unemployment or relocation can all affect decisions you make around your assets. The key is formulating a team of trusted professional advisors who can stay up to date with your family’s situation and be in the right place to suggest the right solutions for you.
What tools are available to help me?There are a wide variety of very flexible succession planning and asset protection tools available, ranging from trusts and foundations, to life insurance, investment funds and corporate structures. Ensuring you take detailed legal and tax advice from experienced professionals to use the right tools in the right way to meet your objectives, is critical.
Our global team is widely recognised for its experience in working with wealthy families and their professional advisers to implement and administer their asset protection and estate planning structures. Our Cyprus office of 75 staff is ranked as a leading trust company by the respected Chambers & Partners High Net Worth Guide.