Why do I need to consider asset restructure for succession planning?
In the UAE, companies and family businesses usually adopt a bespoke corporate structure/DIFC Foundation. However, this can lead to significant problems if the structure has not been created properly regarding ensuring your business continues after your death because heirs cannot deal with assets until title transfers into their names. This can take considerable time as under Sharia law, all debts must be settled, and the rights of heirs must be determined before the estate can be distributed.
By seeking legal advice from our lawyers placing the assets into an offshore trust, or a corporate entity, they become non-estate assets and therefore delay is avoided.
Note: non-Muslim foreign nationals may wish to consider a DIFC Will to ensure their property is dispersed as per their Will, rather than Sharia Law principles.
Can I use property and asset restructuring for tax planning purposes?
Restructuring your assets by placing them into a trust or into a corporate entity (either onshore or offshore) can considerably reduce the taxes paid on your estate. Our lawyers will take the time to thoroughly review your situation and find out what success means to you. We are highly respected in the region for our estate planning expertise. You can be confident that by instructing us, you will be receiving the most up to date, robust estate planning advice available.
If you require legal advice related to restructuring property or assets, please contact one of our commercial law team at TWS Legal Consultants to make an appointment: