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Succession Planning

Secure Your Legacy with Succession Planning

Many families face challenges in accessing what is rightfully theirs, and it is unjust that the assets accumulated over the years have not been passed down to their loved ones.

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Ensuring Flow of Wealth in the Right Direction

Succession Planning is a critical aspect for Non-Resident Indians (NRIs) investing in or managing assets in India. As NRIs often have significant financial and emotional ties to their homeland, effective succession planning ensures that their wealth is preserved, managed, and passed on to future generations according to their wishes.

One of the primary reasons for NRIs to prioritize succession planning is the complexity of laws governing inheritance in India. With varying regulations based on factors like property type and the individuals involved, clear planning helps navigate potential legal hurdles, reducing the risk of disputes among heirs. Moreover, it provides peace of mind, knowing that one's assets will be distributed as intended, avoiding potential family conflicts.

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Our Fail-safe Planning Protocol

Contrary to popular belief, Succession Planning is not just for your sunset years, and we understand its intricacies like no other. PravasiTax offers a comprehensive planning protocol designed to streamline effective succession planning for NRIs. Understanding the complexities of cross-border assets and the Indian inheritance laws, PravasiTax focuses on creating tailored strategies that ensure seamless asset transfer. With us, NRIs can confidently safeguard their wealth for future generations while maintaining peace of mind.

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From Consultation to Completion

Your Journey in 4 Easy Steps

  • Assessment of Current Situation
  • Development of a Succession Plan
  • Implementation of the Plan
  • Regular Review & Adjustments

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FAQs

  • What is Succession Planning?

    Succession Planning is a process of identifying an individual’s long-term goals and planning ahead to ensure smooth transfer of their legacy to the rightful heirs of their choice.

  • What happens if you don’t have a succession plan?

    In your absence without a succession plan, your assets will be distributed according to state laws, which may not align with your wishes. This can lead to disputes among family members and potentially result in endless legal battles.

  • What are steps in succession planning?

    • Assessing and compiling assets
    • Distribution and defining the wishes and plans
    • Professional Consultation
    • Drafting legal documents based on the succession planning
    • Regular update and review of succession planning

  • What assets should I include in my succession plan?

    • Real estate properties
    • Bank accounts and investment portfolios
    • Personal Property (Jewellery, Vehicles, Arts etc.,)
    • Business interests
    • Digital Assets (Digital accounts, cryptocurrencies)

  • How often should a succession plan be reviewed and updated?

    The Succession plan you choose should be reviewed and updated regularly, typically every 1-3 years, or whenever there are significant changes in the family hierarchy or assets owned.

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Flexible solutions for your needs

Succession Planning

Our comprehensive approach helps you identify and develop talent among resources to fill key leadership positions in time of need.

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Retirement Planning

We help you in defining your retirement goals and creating a tailor-made strategy to achieve them.

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File Response To Income Tax Notice

Filing responses to a tax notice promptly is crucial to avoid penalties and ensure compliance. Our expert team will assist you in preparing and filing timely responses to tax notices from authorities.

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E-Campaign Queries

We help you address queries regarding particulars of financial transactions undertaken by you, through your e-campaign portal and will assist you in filing a response for smooth communication between you and the income tax department.

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Property Related Transactions

Whether you’re buying, selling, or leasing a property, our expert team will be with you to provide comprehensive support at every stage.

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Income Tax Returns

Our income tax return solutions simplify your tax filing procedures, ensuring that you meet all legal requirements while maximizing your deductions.

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Income Tax Planning

Our team of experts will guide you through numerous tax-saving opportunities, ensuring compliance with rules and regulations while maximizing deductions.

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