Do you have an Estate Plan?
According to Forbes, having an estate plan is among the most important things you can do for your loved ones. It is often the last item appearing on our list of things to do and many put off dealing with it until later in life.
What is the Definition of an Estate?
An estate in common law is the net worth of an individual at any point in time alive or dead, less all liabilities at that time.
One’s estate can include:
- Land and real estate
- Financial instruments, securities, equities
- Intellectual property
- Artwork, paintings
- Insurance policies etc
What is Estate Planning?
Estate planning is a process involving the counsel of your trusted advisors including your lawyer, accountant, trust and estate practitioner and notary who are familiar with your goals and concerns, your family structure, your assets and how they are owned. In some instance the advice of your tax advisor is important. The plan will essentially deal with the transfer of your assets upon death to your loved ones and the main instrument in this scenario will be by executing a will. If you have already established an Inter vivos Trust then a letter of wishes to your Trustee will guide them as to how the beneficiaries will benefit from the assets within the Trust. Some clients also include in their estate plan a generous donation to a charitable institution.
How are Estates Taxed in Mauritius?
- There is no gift tax in Mauritius
- There is no inheritance tax in Mauritius
- There is no wealth tax in Mauritius
Lemuel International Estate Planning Services Include:
- Establishing and administering trusts
- Supporting you in your investment strategy and how to best invest your assets within the trust
- Impartial and empathetic approach to decisions affecting beneficiaries
- Safekeeping of trust assets
- Continuity of trust management across multiple generations
- Tax preparation, record-keeping and accounting
Do not wait any longer to get your plan into execution, contact us