Transfers can sometimes be a challenge.
Some nations around the world can be difficult in carrying out intergenerational wealth transfers. However, it is particularly difficult in Asia with intergenerational transfers of high wealth having a failure rate of 70%, according to the Wills, Trusts & Estates Prof Blog in “Death And Taxes: How To Effectively Transfer Wealth Amidst Asia’s Aging Population.”
One of the reasons for this problem in Asia, is that most countries on the continent have high estate or inheritance taxes. The other reasons include a lack of planning for succession. It also seems that younger family generations do not exercise the same stewardship of wealth as their elders who created the wealth.
Asians are planning around their high failure rate of wealth transfer, by purchasing life insurance to avoid high estate taxes.
Not only is it easier to carry out wealth transfers in the U.S., but an estate planning attorney can advise you on creating an estate plan that fits your unique circumstances.
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