Given the current political and economic panorama, it is convenient to review and update the way in which family assets are arranged, in order to create an updated planning structure that allows preserving it for the benefit of the family members, in accordance with your age and personal circumstances.
Timely planning the terms and conditions of the transfer of family assets, contributes to an organized, peaceful and efficient succession process, even in moments of greatest mourning and uncertainty due to the death of a relative.
Many families shy away from the subject and put it off as long as possible, so the talks about inheritance and inheritance planning begin until the parents have a serious or terminal illness or have passed away, but by then it may be too late.
In Mexico, inheritance income remains untaxed. However, the idea of taxing wealth resulting from millionaire inheritances is not such a distant reality in our country, an initiative has already been presented and recommendations have been made to tax excess assets valued above 10 million pesos. Although we still do not know the possible effects of this initiative, taxing inheritances can be taken as a reality in the future of the Mexican tax system.
Who should start the conversation about family estate and estate planning?
Good question, difficult to answer. Many people find that these types of conversations can wait for an event such as graduation of a majoring or relevant degree, the birth of a grandchild, or the achievement of a certain financial goal. At other times, older parents do not want to inform their heirs of the inheritance plans, to avoid or postpone an argument or even to prevent the knowledge of property assets from modifying the behavior of an heir.
On the other hand, the heirs could consider it inappropriate to initiate a discussion on the subject in order not to hurt susceptibilities, so it is most advisable that the initiative to discuss this matter is not made by those directly involved.
Proper guidance from an attorney will provide, in addition to a neutral ground for discussion, adequate tools for resolving potential conflicts and making appropriate decisions regarding the estate, probate, and will.
Some of the most used figures are:
1. Donation of ascendants to descendants.
2.Creation of life usufruct and transfer of bare ownership.
3 Trust planning.
4. Family agreements.
5. Corporate restructuring.
6. Designation of a precautionary guardianship.
7. Review of marriage agreements.
8. Clauses for designation of beneficiaries in savings and investment accounts.
9. Life annuity contracts.
10. Pension and retirement plans.
11. Insurance contracts.
12. Trusts for testamentary purposes.
13. Bequests and wills.
It is important to mention that these figures are not exclusive but complementary.
Given the complexity of the issue, it will always be convenient to attend to the estate planning succession prior to the need to face it, so the recommendation to dialogue with your family, with the advice and support of an expert lawyer on the subject, is an alternative that you should consider in a timely manner.
At Arrangoiz & Asociados, we have broad experience in advisory matters in the planning of wealth and family order, which allow us to ensure the design of the correct strategy according to the needs of each family.