Preserving and growing family wealth is not just about accumulating assets but also about ensuring financial security for future generations. In Singapore, a strategic approach to wealth management is crucial due to its robust financial infrastructure and opportunities. This article explores essential strategies that Singaporean families can employ to safeguard and increase their wealth effectively.
Foundations of Wealth Preservation
Effective wealth management begins with comprehensive financial planning and goal setting. Families in Singapore should articulate their financial objectives, whether it’s funding children’s education, securing retirement, or preserving assets for future generations. Setting clear goals helps in devising a structured wealth management plan aligned with long-term aspirations.
Estate planning is critical for preserving family wealth across generations. In Singapore, drafting a will, establishing trusts, and considering inheritance laws are essential components of estate planning. These measures not only ensure that assets are distributed according to the family’s wishes but also minimise tax liabilities and legal complications.
Singapore offers various tax incentives and structures conducive to wealth preservation. Families can optimise their tax planning through strategies such as setting up family trusts, leveraging tax-efficient investment vehicles, and utilising incentives like the Not Ordinarily Resident (NOR) scheme. Effective tax planning potentially maximises wealth …
