DIVI Dutta, a partner with IndusLaw, remembers a case where her client found himself amidst litigation that threatened his financial stability.
The client's wife was involved in a lawsuit concerning the enforcement of a personal guarantee, his daughter was in the middle of divorce proceedings, and his son, who got separated from his wife, was also anticipating divorce proceedings.
The client wanted to protect his assets from these litigation and ensure a succession plan for his children and grandchildren. She resolved his problem by designing a trust.
“Setting up a trust early on helps ring-fence assets from legal risks like divorce or litigation, while still allowing control during one's lifetime. It also ensures a smooth transition of wealth to future generations, protecting both family stability and business legacy,” says Dutta.
As per Lokesh Shah, Partner with IndusLaw, it is essential that one grows his wealth while at the same time has a backup mechanism in the form of estate planning to preserve his wealth.
“There are numerous instances of successful businessmen setting up family trust to secure their future. For instance, the Fisher Family Trust, Zydus Family Trust. These instances teach us that the right time for estate planning is ‘now’,” Shah says.
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Denne historien er fra October 14, 2024-utgaven av The New Indian Express.
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