Centrolaw

  Inheritance taxes are one-time taxes owed by the beneficiary on the transfer of assets upon death. Most Swiss cantons tax the inheritance of the individual beneficiary to the extent of their share of the estate, meaning that whoever receives the assets becomes subject to tax. Close family relationships lead to tax exemption or substantially reduced tax rates. Read Blog: https://www.centrolaw.ch/en/insights/detail/inheritance-tax-in-switzerland

  A will ensures that things are handled predictably and smoothly, making estate planning more efficient. It can prevent disputes and benefit beneficiaries accordingly. In Switzerland, you can handwrite a will or draw it up as a public will. An oral will can be made in emergencies when a notary cannot be present. The content of the will itself is not published. With a living will, you retain your right to self-determination even if you can no longer exercise it yourself. The executor can have wide-ranging powers to administer the estate and distribute it following your specific wishes. If you own assets in various jurisdictions, you may want to consider having more than one will. Read Blog: https://www.centrolaw.ch/en/insights/detail/improve-your-estate-planning

Plan well ahead and agree on the mandate with those who should assist you in the event of incapacity, medical decisions, and end-of-life care. With clarity about your wishes, it's time to share them with the beneficiaries. Estate planning is a results game, and the beneficiaries will evaluate which result has been achieved. Empathy for their worries and pressures will contribute to your lasting legacy. It's also a perfect moment to reflect on the purpose of wealth in your and your successors' life. If things are complex and complicated, lifetime gifts can be an option to simplify estate planning. If you doubt your heirs' lasting gratitude for some assets such as real estate, you may keep the usufruct during your lifetime while transferring ownership directly. Read more:  https://www.centrolaw.ch/en/insights/detail/estate-planning-how-to-start-and-tackle-foreign-scenarios

  With a clear understanding of the family heritage, family governance can be defined as the framework for communication and collaboration. The alignment of individual and family values and objectives in an inclusive framework leads to preserving the family's heritage and wealth. Preserving the family and its wealth based on principles is an ongoing process to develop sensible and resilient relationships. Read more: https://www.centrolaw.ch/en/insights/detail/why-family-governance-heritage-and-succession-planning-matter

  We aim to leave no stone unturned and share industry insights and guidance with you. Our focus is on private wealth, family offices, wealth management, asset protection, wealth planning, and estate planning. We welcome your feedback, insights, and responses and are happy for you to share our posts. Furthermore, if you wish to elaborate on a topic in more detail, we are always available to chat over a virtual coffee or in-person in Zurich, Switzerland. Just contact us Source: https://www.centrolaw.ch/en/insights/detail/our-blog-manifesto-our-goal-is-to-provide-you-with-value

  Often, wealth owners do not tackle wealth planning with individualized strategies. However, starting with a clear map of all your assets will help you find the route of wealth planning. And by thinking in scenarios, you can stress-test if your goals are achievable. Avoiding complexity allows for efficient execution and provides for your loved ones a predictable process. Monitor your wealth plan's performance and adapt. It's crucial to check your wealth planning strategy regularly. Changes in family, assets, and external factors such as regulation and laws can substantially impact it. You control the wealth planning process, and delegating it to experts and advisors will not lead to individualized results. Your wealth planning arrangement should weather life events by laying the groundwork and following a structured approach. If you involve your family in the discussion, they may also enjoy peace of mind. Source: https://www.centrolaw.ch/en/insights/detail/wealth-planning-stra...

  The Know Your Customer (KYC) onboarding process is the biggest bottleneck in wealth management. Financial institutions are frequently abused for money laundering and terrorist financing. There's no easy solution, but we can guide you through a wealth owner's due diligence process from their point of view. Wealth managers are obliged to strict due diligence requirements.  Presenting the KYC information comprehensively and coherently is key for a smooth onboarding process. Wealth managers need to act in their customers' best interest, disclose potential conflicts of interest, and ensure fair treatment of their customers. For example, ask if there is any potential conflict of interest associated with the latest super-exclusive product that your wealth manager recommended to buy. Ask for the internal remuneration of such services to find out the hidden cost or cross-selling incentive. Source: https://www.centrolaw.ch/en/insights/detail/wealth-management-investment-products-an...