2020 Year End Estate Planning Considerations: Setting up a Foundation in the UAE
As the year 2020 draws to an end, we take in all the lessons learned from the pandemic, the global economic instability and insecurities that lay bare at our feet. This year brought to the forefront the fragilities that individuals, families and corporate entities had for so long ignored.
For individuals & families; have you invested in Second Passports? Have you thought about Legacy and Intergenerational Planning? Have you thought about your Wealth Planning & Structuring?
For businesses; have you thought about what will happen to your businesses? Have you thought about Governance Planning, Succession Planning & Asset Protection?
If you answered no to any of the above, then this is the time to reimagine and rethink your structures.
For support and assistance on this matter contact our corporate team today.
As the year 2020 draws to an end, families and businesses must rethink their Estate Planning. Think Foundations! Safeguard your family and business interests as we enter into the new year 2021.
With a second passport you would have definitely been more protected this year, with the freedom to travel and remain in your country of new citizenship. With travel restrictions typically based on an individual’s nationality, obtaining a second passport is the best way of securing your freedom. With the pandemic dramatically transforming our 2020, more people, now more than ever are investing in second passports to enjoy the benefits of first-class healthcare, immediate pandemic responses and potential safe havens for their families in the midst of unrest.
With a UAE Foundation you can maintain the structure of your businesses, to protect your wealth from external attacks and to plan for your families/loved ones long after you are gone. Enter into the 4th revolution and be better protected with a foundation. You may have a Will, but Wills may extinguish. However, Foundations will survive you and your wishes will always be respected and executed and through robust structuring and planning via a UAE Foundation, your family and business wealth can be highly and efficiently protected.
The UAE’s legal structure for Foundations in the two topmost financial free zones, provides our clients with an alternative mechanism for wealth management and the safeguarding of assets for their companies and families. The UAE Foundation structure is used for financial planning and structuring purposes, working as an alternative to trusts and corporate vehicles. It is available to international users as well as those based in the UAE. The availability of Foundations in the UAE means that there is a greater choice in asset structuring and legacy planning.
Foundations allow for enhanced tax saving strategies, estate planning, succession planning and asset protection; providing a robust governance structure, and guardian oversight. They have a distinct legal personality that separates assets & liabilities, whilst maintaining control, and could have perpetual existence after the lifetime of the Founder. The UAE Foundation maintains Confidentiality as the Registry is not open for public inspection and make sure that your assets & income are sheltered, segregated from your estate & wealth and is fully secure.
How can we assist you on your Estate Planning matters?
Wincore Advisory Group can assist you and your family to articulate your objectives and principles to establish the foundation of a sound tax & succession planning, robust inter-generational wealth transfer and efficient family & business governance.
Wincore specializes in Tax, Estate, Corporate and Fiduciary matters. We provide pragmatic, flexible and efficient solutions to individual entrepreneurs, startup businesses, foreign and local SMEs, multinationals, wealthy international families, HNWIs and UHNWIs.