Having our investments, property and estate managed in a tax efficient manner is a start, but if we drop dead tomorrow, god forbid, is there a clear way forward? A Will can be a very simple document short and concise, or very detailed and convoluted. A Will can be a very powerful document and can in most jurisdictions save much time and heartache at a very difficult time. Why then on average do 50-60% of people not have a Will in place, and close to 80% of those under age 35?
Common Reporting Standard (CRS) Increasing tax revenue on unreported assets is a key role for tax agencies around the world and in recent years governments have become much more aware of the large amounts of undisclosed wealth held in offshore accounts. The problem has been that without the information being available on these assets, then how can they be taxed? The introduction of the Foreign Account Tax Compliance Act or “FATCA” by the Internal Revenue Service in March 2010
Approximately half of pension savers don’t know how much they have accumulated under their retirement scheme, and of those who are saving 4 out of 10 aren’t saving enough. The main stumbling point when it comes to providing funds for retirement, is how much? Do we save for the amount we expect we will need in retirement? or do we set aside what we can afford now? There are so many variables to consider when planning for retirement and there is no wrong or right way to achieve
Many think wealth management is simply a question of saving as much as you can, managing those assets to provide a comfortable retirement and being heavily insured to protect the family, think again. With the introduction of the Common Reporting Standards slowly being accepted and adopted by more countries, Estate Planning is becoming much more crucial to Families financial planning in all jurisdictions. Producing a long-term financial plan to meet your future costs of both t