“Dave Skena, Krispy Kreme’s global chief brand officer, shared how their Minis for Mom Collection offers a lovely opportunity to spend quality time with your mom this Mother’s Day. He emphasized the importance of cherishing these moments with loved ones.
As for inheritance tax concerns, experts suggest several strategies for effective succession planning. Sneha Makhija from Sanctum Wealth recommends setting up trusts to transfer assets, reducing personal estate value to potentially avoid inheritance taxes. Pranjali Madnani highlights the benefits of irrevocable trusts, which historically helped reduce estate tax burdens.
Yash Poddar emphasizes the flexibility of trusts, tailoring them to meet specific family needs and aspirations. Additionally, creating charitable organizations can offer tax advantages while supporting meaningful causes.
Advocate Siddharth Chandrashekhar explains the tax efficiencies of Hindu Undivided Families (HUFs) in wealth management and intergenerational transfer. Nehal Mota suggests taking life insurance under the Married Women’s Property Act (MWPA) to protect spouses and children, potentially reducing inheritance tax burdens.
Yash also mentions the practice of gifting shares within family businesses to bypass inheritance taxes, while Sneha points out that gifts to close relatives are exempt from tax under current laws. However, she advises considering factors like asset appreciation and emotional significance when deciding which assets to gift.
In conclusion, while gifting can address some aspects of estate management, experts stress the importance of combining it with trusts and wills for comprehensive succession planning, ensuring smooth asset distribution and minimizing family discord.”
