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.
This story is from the October 14, 2024 edition of The New Indian Express.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October 14, 2024 edition of The New Indian Express.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Viola Davis' G20 to premiere in April
IT was earlier announced that Viola Davis will play the US President in Prime Video's upcoming thriller, G20. Now, the makers have announced a release date for the film.
CAR SALES REFLECT NEED FOR DEMAND BOOSTERS IN BUDGET
CAR sales, a key indicator of overall economic demand, presented a mixed bag during calendar year 2024.
CRUCIAL INTERVENTION FOR CRITICAL MINERALS
AFTER making a string of well-thought policy moves to increase the mining and processing of critical minerals over the last few years, the government recently found it needs to do more.
Two held for pouring petrol on woman
A 20-year-old food delivery executive named R Arjun and his friend J James (20) were arrested by the Elephant Gate police on Friday for allegedly pouring petrol on 19-year-old woman in a bid to threaten her.
Mistakes add to beauty in this charming ode to cinema
When a director puts their heart and soul into a film, even the imperfections fade away and sometimes turn into a portrait of the earnest work and arduous journey they went through to complete it.
Madha Gaja Raja to finally hit the theatres
AFTER over a decade since the film was scheduled to release, director Sundar C's Madha Gaja Raja (MGR), starring Vishal and Santhanam, will finally see the light of day, the makers announced on Friday.
Plenty Of Action In This Not So Marvellous Film
IN Sony Pictures' action-adventure film Kraven the Hunter, the titular character is a child of the wild with the guile and gusto to \"hunt down people\" like few others.
Sasikumar-Simran's Tourist Family Wraps Filming
DEBUT director Abishan Jeevinth's Tourist Family, starring Sasikumar and Simran in the lead roles, has officially completed production, the makers announced on Thursday through social media.
DAIRYS ACNE
EXPERTS EXPLORE HOW DAIRY PRODUCTS MIGHT CONTRIBUTE TO ACNE, OFFERING INSIGHTS AND ALTERNATIVES TO HELP ACHIEVE CLEARER SKIN
Making Nutrition This New Year's Priority
Making nutrition a priority this New Year requires a balanced approach focused on sustainable habits, hydration, and incorporating local, seasonal, and culturally familiar foods.
