Succession and Tax Planning Through Trusts and Wills
About this ebook
Trusts and Wills are two ways of legally distributing your wealth to your intended successors or other beneficiaries. Intelligently planned, these two methods can also help you save tax for yourself and your successors.
While Wills are better known, tax and succession planning through private or family trusts is also a tried and tested way of transferring assets and creating income for your successors, including unborn persons. In fact, private trusts have several great advantages over a Will. While a Will is often challenged in the courts — and the resultant dispute can take years to be settled — a properly created trust can help you pre-empt any such family strife. Secondly, by creating the right trust you can pass on your wealth even during your lifetime.
This book offers expert guidance on how to bequeath your wealth as you want, whether by means of trusts or through a valid Will, in a tax-efficient manner:
● The various types of private and family trusts you can set up.
● Principles and procedure for creating a valid private trust.
● Advantages and tax planning aspects of private trusts.
● The concept and advantages of a living trust.
● How to transfer wealth to your family members, including minor children, during your lifetime through a trust.
● How to draft, execute and register your Will.
● What you can bequeath through your Will — and what you can't.
● How to create a new HUF through a Will.
● Ready-to-use drafts of typical Wills.
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About the author
Ram Niwas Lakhotia is a well-known authority on taxation in the country. He is a regular writer and editor of several books on Income-tax, Vegetarianism and also Humour. His various books have seen over 500 editions so far. He regularly writes for leading newspapers. He had a brilliant academic career. He stood First Class First in both the Degree and Post-Graduate Examinations in Commerce. He joined the Indian Revenue Service and stood First in the whole of India in the I.T.O’s Examination.
As the founder Chairman of Rajasthani Academy, New Delhi he is active in social service and cultural activities. Every year he awards "Lakhotia Puraskar" of Rs. 1 lakh, declared by the Central Government as a National Award for the best writer in Rajasthani language. He is past District Governor of Lions Clubs International. As the President of Vegetarian Congress of Delhi he is spreading Vegetarianism for Health and Happiness. He is Trustee of several Charitable Trusts. He has addressed over 5,000 seminars & lecture meetings in India and abroad. He was conducting a very popular show "Tax Doctor" of Zee Business.
Subhash Lakhotia is the Director of R. N. Lakhotia & Associates LLP. He is an Income-tax Practitioner for the last over 45 years. He regularly writes in various national dailies. He is the Director of Lakhotia College of Taxation & Management. He is practising as a consultant on tax planning, tax documentation and investment planning. He has also addressed a number of seminars and lecture meetings on taxation and tax planning and is conducting the popular course known as "Zero to Hero in Direct Taxes."
He was selected as the best youth of India by the Lions International to represent India at the World Youth Congress held at Atlantic City, USA in 1970. He is Secretary General of Investors Club and President of Spiritual Clubs International and Unite to Invest (UTI). He is Chief Strategist of Real Estate Strategy Group and is actively associated with various professsional bodies connected with real estate. He has written books on income-tax, investment and real estate and spirituality. He is actively associated with Lions Clubs International. He has been awarded the "Sahityashree" award and "The Suryadatta National Award, 2010". In the year 2014 he was awarded the "Ambassador of Good Will" award by The International Association of Lions Clubs, USA.
Mr. Subhash Lakhotia is conducting a very popular show "Tax Guru" on every Wednesday, Saturday and Sunday on "CNBC AWAAZ" a popular TV Channel from the house of CNBC. Recently the 500th episode of Tax Guru was aired on the TV channel. The National Television Award, 2010 for "Best Business Talk Show of the Year" has been awarded to the Tax Guru programme. He has instituted "Subhash Lakhotia Shrawan Kumar Puraskar" of Rs. 1 lakh per year and another award known as "Subhash Lakhotia Sewa Puraskar" also of Rs. 1 lakh per annum.
