In a crisis like this, ensuring that one’s family is safe and financially sound is of paramount importance.
In this e-shot we share our tips on how you can use the time you spend at home to ensure that you provide your family with an opportunity to enjoy the accumulated wealth for many years to come.
- “Operation Bridge”: have a plan how to transfer your wealth to your family in an emergency scenario
Do you have a safe place to keep your ownership documents? Do your loved ones know how to find them? Make sure that you create a system of checks and balances, which will allow your heirs to find what documents you have, so they can step into ownership of assets without many years of searching.
- Arrange for a medical proxy
What happens if you are incommunicado or unconscious at the hospital? Who is going to make vital business and medical decisions when you are unavailable? Medical proxy or a power of attorney given to a trusted friend, family member or a professional can be a solution.
- Get another citizenship
Different countries provide different levels of protection to their citizens, including the opportunity to travel freely. Being able to act quickly should help to mitigate consequences of natural and man-made disasters alike.
- Write a will
Without a will, in Russia the fruits of your labour probably will be equally divided between a spouse, children and dependent parents. A will can change that. If you have a will, but you spend time in other countries, or have real estate abroad, or have a citizenship of another country, your old will might not cover all your assets and may not be valid in part or in whole.
- Set up a family trust
A family trust will help you and your family to protect your assets from hostile parties, whilst allowing your family to enjoy the wealth. When you set up the trust, make sure a system of checks and balances is in place which allows the family to be in control, without directly controlling the trustees. The choice of trustees is one of the most important decisions you will make about the new structure.
- Check your existing structures
If your ownership documents or structures were done some time ago, please check if they are still legally sound and continue to serve your goals well.
- Help others
There is so much more one can do with one’s wealth than just passing it on to the children. Dynasty trusts can ensure that wealth is preserved and enjoyed through generations. Charitable trusts can help to continue giving to the causes you care for.
Boltenko Law can help. We will be happy to advise you on what options you have so to mitigate your problems and to propose available solutions.
We take the first introductory call or video meeting on no commitment basis; further work will be done on the agreed contractual terms.
Please contact Olga Boltenko (firstname.lastname@example.org and +41 79 900 2526) or Evgenia Martin (email@example.com and +41 79 126 3195) for further advice.