World over, preservation of wealth during inter-generational shifts is a challenge. Despite careful planning, the outcomes of wealth transfer programs are not always satisfactory. The pluralistic nature of India’s society compounds this challenge.
Not surprisingly, more and more High Net Worth Individuals (HNIs or HNWIs) and owners of family-run businesses use estate planning tools such as Trusts to
achieve their objectives around minimizing the incidence of tax. This is achieved by putting in place an interim succession plan using professional managers without the family losing control of the business and carving out separate businesses for different heirs or creating structures for philanthropy and of course, minimizing the risk of litigation and consequent damage to the fabric of the family.
Our legal services pertaining to family businesses encompass all the above and much more. We also work with members to help resolve disputes that may arise (e.g. on issues of business strategy or succession planning).