At some point, we come to the realization that we will be absent from the lives of our loved ones, this happens either through our demise or incapacity. Estate planning is where we ensure that our loved ones are financially protected, that there is no unnecessary leakage of wealth over what was painstakingly built up over a lifetime and if there is a legacy, that legacy is continued on.
Advantages: Greater tax efficiency to ensure that more goes to your beneficiaries
Recommendation: Depends on factors such as size of estate and location of assets; typically not necessary for most people
Tax planning is crucial to prevent unnecessary leakage of wealth. Estate duty has been abolished in Singapore since 15 February 2008. Singaporeans commonly have cross border investments of late and in general, an estate tax based on the value of all assets in that country may be applicable. If you are uncertain of the tax implications, we are happy to put you in contact with one of our tax partners!