There are many ways in which a person with substantial asset can work towards protecting them for future generations. Most people are happy to leave behind an estate that will be of positive benefit to their family and other loved ones. A good way to start would be to establish your business as a limited company. In this way there is separation of personal and business assets. Even if the business fails, your obligation is limited to your ownership of the business assets and will not extend into personal assets. If you do enter into partnerships, ensure that your obligation is also severely restricted here as there is a possibility the actions of your other partner or partners could integer with your personal assets.
Another good option would be to undertake asset trust creation. This is a good way to limit the depletion in value of your assets due to taxes. You can in this way ensure that your beneficiates enjoy an interest in the assets without having to directly own them. This action also protects them from estate claims. It is also advisable to invest in adequate insurance. Insurance will provide liquid cash that your beneficiaries can use to settle any outstanding debts at your death, and even taxes.
Also consider a prepaid funeral plan. In this way you not only relax the financial burden of your funeral expenses on your family, but will have also made many of the relevant decisions on the event. Offshore asset trusts are another consideration. There are certain countries that offer very favorable terms when it comes to inheritance tax and debt obligations. They can also choose to ignore judgments from your country. All these are delicate legal issues and it is best to consult with experienced and reputable law firms like Directlaw4u when making decisions of this type.
