What is Wealth Planning and why do wealthy families need it
23 August 2017
Wealth planning is the care given to examining the worldwide assets of a family, the family composition, its desires, values and outlook and combining all of these together in a comprehensive way to create an umbrella solution that will fit the family’s needs as closely as possible given external constraints.
Many families in the Middle East do not consider Wealth planning as a necessity given that most either have their wealth in companies, taken care of by a single will or are Muslim and expect their wealth to be divided amongst their heirs according to sharia inheritance rules. While these might be useful devices to rely upon in case of families with moderate wealth and small number of heirs, it becomes a less meaningful solution when the family is extremely wealthy and has worldwide assets or has a large number of heirs involved.
Time and time again when discussing with large families in the Middle East, I have noticed that even though the family sees itself as tight knit, the younger generation’s opinions on what needs to happen in a crisis situation (demise, creditor issue, incapacity of the main patriarch/matriarch) differs significantly from what the older generation thinks fit. It is obvious theoretically that upon the unfolding of a crisis event, such situation would give rise to complications that a simplistic solution would not have embedded and therefore this situation would not be catered for in a satisfactory manner.
With several demises occurring in the past few years, it has become evident from case studies that families that go for simplistic solutions find themselves fighting over what the patriarch had found satisfactory and they agreed to but only out of respect for the patriarch. Another matter to consider is that families with wealth all over the planet might be losing out on certain advantages because they do not ask for wealth planning solutions. One such family which had significant equity in France had been losing 25% of the equities dividends in taxes deducted at source that were actually reclaimable upon request using a special process with the french tax authorities.
With governments everywhere stepping up the requirements on transparency together with binding regulations on taxes, there is a clear need for implementing a proper strategy to cater for source taxes when investing abroad. Sometimes, more than taxes, there is the requirement to preserve family cohesion and comfort leading to a structuring including higher taxes because the next generation wishes to live in a jurisdiction where taxes are higher and yet be part of the structuring. Aside from the source taxes, there is also the question of proper applicability of one’s desired succession in the case of assets located out of one’s home jurisdiction.
All of the above are just a few reasons that come to mind when thinking about why wealth planning is important. There are a number of other situations (giving the right to manage the company to a particular heir, compensating special needs heirs, etc) which require proper planning. There was a time when compliance had a small role in the financial industry and now this role has been steeply stepped up with the burgeoning of all kinds of regulations. There will come a time when most wealthy families will have dedicated wealth planners to advise them in order to avoid losing out on advantages and also to avoid being in a non compliant situation in foreign jurisdictions. For now, this is offered mainly by banks, law/accounting/tax firms as most clients do not find the in-house estate planner a viable option although they could be surprised just how much could be done when opting for an in-house expert, especially for the wealthier ones.
The Old Souls Chronicles 3 : Aron’s trip to the extreme and the Superim Library’s forbidden data
22 August 2017
Tony looks back at Aron and Hemshaw as Hegat’s cube takes off slowly from the point where it had been hovering, waiting for them. He realises his wife is guiding the cube to drive slowly as he had lost the capacity to sustain balance within the cube. It was indeed a while that he had not used it to avoid being discovered through the cube’s biometric data tester.
Hegat turns and smiles at him reassuringly and he feels his love for her well up inside him. It strikes him as strange that he could pass so easily from a point of wishing with all his being to die to a diametrically opposed point where he wishes he could live forever together with his beloved wife. Hegat can sense what is going through her husband’s mind. She lays a hand on his forearm and squeezes his hand with the other.
Don’t beat yourself about it my Love, she says in her soft though grave voice
I am so sorry to have made you waste all those years, says Tony
It is okay now. We just need to forget the past, says Hegat
I love you so much, says Tony. I don’t want to ever lose you again
We will live together forever, says Hegat.
Tony looks back at Aron. He realises that he has a huge responsibility in communicating the vital emotional scale. He also realises that Aron is going to have to apply for a special permit to experience the full scale of emotions and that he, Tony, would need to endorse that request. The youngsters have only known mild emotions and have never experienced passionate feelings. It was the new way of being and none of the newborns had ever wanted to live the full scale of emotions that would include grief and other painful emotions. When they came to the Old Souls, it was merely for the positive experiences emotions. The youngsters had coined the series of emotions that one could experience through the simulation pods at the Superim library or through direct contact with the Old Souls the « feels ».
Youngsters often refer to the Old Souls with an endearment term such as Paps Feels or Mama Feels depending on the gender of the Old Soul in question. Tony and Hegat had taken into their ethical custody a large number of youngsters and most of the youngsters had been very promising and willing to share the knowledge they acquired to other youngsters. This multiplying effect had made Tony and Hegat the most popular and respect Old Souls so it had been a bad surprise for the health facilities authorities and the Library when Tony had stopped coming in to help youngsters.
Hegat looks back again at her husband and smiles as she sees his face resume the appearance it had just before he had left. She embraces him fully and can feel the peace restored within him flowing through her. Tony holds his wife tightly cursing himself for having been so foolish to have made her leave and praising himself at the same time for having had the insight to give in instead of making a dash for the door when Aron and Hemshaw released him as his earlier egotistical instinct had guided him to do.
Back at their home, Hegat goes through the documents they have to send to the health facilities and streamlines all the data through her’s and her husband’s retinas. Tony lets Hegat pull him and center him as he has lost his knack to get the image straight enough in front of the retina reader. At the same time that they are going through the papers, Aron reaches home, his heart beating as he opens the door and expects his wife to be there again in her preternatural form. He has never told anyone about this nor about the fact that he experiences high levels of emotions including those of what he is taught is called sadness and grief as per the Superim library. The first time he had logged in with his official id but as soon as he had realised that the emotions he felt were considered undesirable, he had only connected to off the net data to learn more about his emotions. He felt that Tony could help him but was not sure whether he could trust him fully. Something tells him however that because of what Tony had gone through he was probably the best to help him out.
The next day, after some insistance of his wife to go ahead with it, Tony heads towards the Superim library where he has been restated as Old Soul tutor of feels. At the door of the library he finds an impatient Aron who tugs at his sleeve and almost pulls him into the library.
You seem to be very eager, says Tony. I have not seen someone so eager among any of the youngsters. Your emotions appear to be rawer and stronger than anything I have seen in decades
Yes, answers Aron. I feel a lot of things stronger and I also feel things that seem to be undesirable as per the data condensers in the Superim
That is a standard labeling for anything that goes beyond what is in the greatest good of the group of young ones. If one is granted special access then the sky is the limit to what can be experienced
Can I have access to emotions that are not happiness emotions ?
You can have access to anything that is authorised once you make a request and I endorse it
Would you do that for me ?
Of course, I would.
Aron ponders this and then proceeds to the counter where he fills out the form through his thought process jacked into the Superim’s authorisations virtual plug. Once it is ready, he signals to Tony who adds his thought of endorsement of the request. Shortly after this the Superim library opens up a section that was hidden until then and Aron and Tony are requested to go ahead and enter the section. Tony knows for a fact that it does not need to be closed because not only nobody would venture without endorsement but also the section is walled off etherically and does not show as existing anymore for the youngsters.
Tony picks out a data condenser and puts it in Aron’s hands. It has on it a skull and two roses. When questioned by Aron, Tony mentions that it is the effect of the crossover on people in love as he has sensed that Aron’s quest is connected to that. When Aron had first touched him, Tony had felt something that resembled grief and had dismissed it at the time because Aron was a youngster but now, with Aron’s insistance, he realised that what he had felt was true. Aron looks at the data condenser and then back at Tony.
Not only do I feel a lot more than others but I also feel emotions that the Superim pod could not describe, says Aron
That is because you were only looking at data condensers from the general section. Here you will find an explanation to your feelings, says Tony
I am not sure how to deal with this
You need to just go ahead and process the data condenser and I will then upload you the related emotions so that you can then download the related feels into your body
Will I become a freak if I do this ?
I know you think of it as freakish but back before the Time you were born or that which is available in data condensers of the general section it used to be the standard feeling of everyone. We had not only the happy emotions but also the sad ones and both types could be light or extremely strong
I wonder how you went through all of that. I can barely endure what I am feeling these days
I think I have a solution for you but please download what you need to download
As soon as Aron signals to Tony that he has finished downloading, Tony summons within him all the grief felt for the loss of his wife and communicates portions of it to Tony. At the same time, he takes great care to also quickly communicate the feelings of joy that he had experienced when his wife had come back into his life. Even though barely few minutes have separated the two feels, Tony feels Aron cave in under the pressure of the grief so he quickly puts him in a chair and infuses him with solace through direct physical touch. Aron who had passed off regains consciousness and slowly smiles at Tony. I feel he says and in his eyes Tony can read the birth of a new sort of being, neither the Old Souls nor the youngsters but a blend of both…
I am putting a trial of calligraphy made a while ago, trying to establish a pattern that was connected to the subject matter of the written words. The words are in Arabic and basically state that Heaven is under the feet of mothers. This saying means that basically heaven can only be attained if one keeps one’s mother happy and treats her with the utmost respect.
Usually calligraphers are able to create all sorts of images but I have trouble finding good images to create so I wil be gearing this upwards by making more trials to find new types of images based on wordings from prayer or poetry books.
I will be posting shortly more of my trials with calligraphy and might also revive the love I had for Chinese and Japanese type painting forms to resume those as well. I hope you will continue to be kind with your reviews and likes.
Throughout the years and with my various moves, I have either lost or gifted most of my paintings and drawings including Chinese ink paintings and Japanese miniatures. Hopefully with the practice my knack for drawing and painting properly will be restored. You have been very kind in your reviews so I would like to practise and showcase much better paintings and drawings to pay homage to your kindness in commenting and liking my artwork.
Yesterday I had an inclination to paint the Goddess Mother for my sixth aquarelle. Though she is meant to be golden brown, I wanted to use my Naples Yellow that was laying on the palette so changed the tone of her skin.
For those who don’t know who Isis is or who have been brainwashed by the adoption of the name to describe a bunch of fanatics which has absolutely nothing to do with her glory, here are some words extracted from Wikipedia :
« Isis was worshipped as the ideal mother and wife as well as the patroness of nature and magic. She was the friend of slaves, sinners, artisans and the downtrodden, but she also listened to the prayers of the wealthy, maidens, aristocrats and rulers. Isis is often depicted as the mother of Horus, the falcon-headed deity associated with king and kingship (although in some traditions Horus’s mother was Hathor). Isis is also known as protector of the dead and goddess of children.
I was listening to this beautiful soul’s songs and had an urge to connect with her in a deeper way so made a sketch of her.
I listened to a number of her songs while I drew and while Autumn leaves was the one I felt she sang with the most fervour, I liked more, for personal reasons, her interpretation of Ain’t no sunshine. The version I had always favoured was Bill Withers but I think she does this as splendidly as he did.
A couple of days ago, I was pondering on my love for tango and decided that I needed to express it somehow as I was not dancing much of late. The result is a series of study sketches based on videos I viewed of tango dances. I am not sure which one to choose to convert into an oil painting or an aquarelle.
Please do suggest and perhaps I will go with the most popular one. Thanks for all your views and comments in advance.