Tax and Succession Planning through Trusts and Wills (Paperback) | Released: Sep, 2014

How to bequeath your wealth to your successors — and save taxes

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.

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 President 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 is the Chief Editor of "Excellent Living" monthly journal. Every Sunday as "Tax Doctor" Shri R.N. Lakhotia answered questions on income-tax on Zee Business TV channel for many years.

Subhash Lakhotia is one of India's top taxation experts and has practiced as a tax and investment consultant for more than forty years now. He is the Director of R. N. Lakhotia and Associates LLP and Lakhotia College of Taxation and Management.

Mr. Lakhotia has written numerous books on income tax, investment, real estate and spirituality. He is also the featured expert of the very popular television talk show, "Tax Guru" on CNBC Awaaz TV channel. The show has completed more than 300 episodes and won the National Television Award 2010 for the "Best Business Talk Show of the Year". Mr. Lakhotia has addressed hundreds of seminars and lecture meetings on taxation and tax planning. He also writes for many of India 's leading newspapers and conducts the popular course known as "Zero to Hero in Direct Taxes".

In 1970, Subhash Lakhotia was selected as the best Indian youth by the Lions International to represent India at the World Youth Congress held at Atlantic City, USA. He is Secretary General of Investors Club and President of Spiritual Club International and Unite to Invest (UTI). He is Chief Strategist of the Real Estate Strategy Group and is actively associated with various professional bodies connected with real estate. He is actively associated with Lions Clubs International. He has been awarded the "Sahityashree" award and "The Suryadatta National Award, 2010". He is a member of the Governing Council of Proton Business School.