23rd May 2024 by Patrick Bowen

What is Wealth Succession Planning?

Wealth Planning

When hearing the word ‘Succession’, many of our first thoughts may be of the recent hit TV series. Whilst the show was of course exaggerated and far from the real world for most people, it did highlight the key point that careful and considered succession planning is something we should all make sure we’ve taken into account.


When you have spent a lifetime carefully building something, it’s only natural that you want to make sure it endures. Wealth succession planning stands as a cornerstone of prudent financial management, enabling individuals and families to safeguard their assets, protect their legacies, and ensure a smooth transition of wealth across generations. Understanding the significance of wealth succession planning and implementing effective strategies is essential for preserving wealth and securing the financial future of heirs and beneficiaries. Wealth succession planning refers to the process of strategically organizing and transferring assets from one generation to the next in a manner that minimizes tax liabilities, protects wealth from potential risks, and ensures the fulfilment of the grantor's wishes and objectives.

 

It involves careful consideration of legal, financial, and personal factors to facilitate a seamless transition of wealth and responsibilities. Wealth succession planning is a complex and often sensitive area. For those that have US/UK cross border considerations, the complexity increases significantly. What may be a very standard practice in one jurisdiction can cause huge complications and costs in the other.

 

A prime example of this is trust planning in one jurisdiction, without taking the other into account. We have seen countless instances of improper planning being implemented here that causes unnecessary stress and costs at a time when clients are maybe least able to cope. The key with succession planning is to get in front of it and take action before the event. Whether you’re planning on how to pass assets on to people in the US or UK or think you may be receiving assets through from the US or UK, it’s important to make sure there are no easily avoidable costs.

“History Doesn't Repeat Itself, but It Often Rhymes” – Mark Twain.

 

Your situation will be specific but as MASECO specialises in this specific area, we have likely seen something similar before, and we’ll be able to help design the most efficient structure for you and your family. Whether you need peace of mind or significant asset restructuring and planning, it’s worth checking in with one of our Wealth Managers who will be happy to spend the time to make sure all is as efficient as possible.

 

The Legal Stuff

The information is intended for clients of MASECO LLP and should not be reproduced, copied or made available to others, in whole or in part, without MASECO’s prior written consent.   

  • Nothing in this document constitutes investment, legal or fiscal advice and should not be construed as such. 
  • This document is provided for information purposes only and is not intended to be relied upon as a forecast, research or investment advice. 
  • This document does not take into account the specific goals or requirements of any particular individual.   
  • MASECO gives no assurance or guarantee that the information is accurate or complete and it should not be relied upon as such. 
  • MASECO is not a tax specialist and we recommend that anyone considering investing seeks their own tax advice. 

MASECO LLP (trading as MASECO Private Wealth and MASECO Institutional) is established as a limited liability partnership in England and Wales (Companies House No. OC337650) and has its registered office at The Kodak Building 11 Keeley Street, London, WC2B 4BA.   

MASECO LLP is authorised and regulated by the Financial Conduct Authority for the conduct of investment business in the UK and is registered with the US Securities and Exchange Commission as a Registered Investment Advisor. 

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