(First published on Linkedin)
It was an absolute pleasure to speak, yet again, at a Kx webinar on Succession Planning. We covered a wide range of tools and strategies, including wills, gifts, trusts, family charters, shareholders’ agreements, family settlements, HUFs, and more.
An intense and engaging discussion unfolded on:
– Wills: Mechanics of drafting, probate processes, handling conflicting wills, and the income tax liability of executors and court-appointed administrators.
– Trusts: The legal framework for vesting ownership on trustees, implications of Section 56(2)(x), and cross-regulatory aspects under SEBI, FEMA, and the Companies Act.
The active participation and insightful questions from the members made this session incredibly enriching, with discussions on wills and trusts alone extending for over two hours. This necessitated a Part 2, where the focus will shift to family settlements, conflicts in shareholders’ agreements, detailed tax implications on all succession tools, and nuances of HUFs.