IRREVOCABLE TRUST
Business families seek legal advice to amend tightly written deeds of family settlement amid global expansion plans
Business families, particularly in India, are increasingly seeking legal counsel to amend rigid Deeds of Family Settlement (DFS) originally drafted decades ago. These deeds, designed to safeguard inheritances, now pose challenges as younger generations seek to expand globally into new sectors like fintech, tech-led consumer businesses, and electric vehicles. Legal experts note that the old deeds lack flexibility for today's globalized and dynamic business environment, prompting families to consider amendments to address issues such as wealth protection, succession planning, and regulatory compliance.
NCLT admits insolvency resolution plea against the erstwhile promoter of DHFL Kapil Wadhawan
The National Company Law Tribunal (NCLT) has admitted Union Bank of India’s insolvency application against Kapil Wadhawan, former promoter of DHFL, for a Rs 3,958-crore default. Devendra Mehta is appointed as the resolution professional. DHFL's creditors, including FD holders, had recovered Rs 38,000 crore from Piramal Capital's acquisition in September 2021.
NCLT dismisses Wilmington’s insolvency plea against Spicejet
The National Company Law Tribunal (NCLT) dismissed Wilmington Trust SP Service’s (Dublin) Ltd insolvency petition against Spicejet Limited. Spicejet argued that Wilmington was not the corporate debtor and had no right to file the petition. The counsel for Wilmington provided a document from the civil aviation regulator to establish ownership rights. Spicejet is also facing insolvency petitions from Celestial Aviation Sevices Ltd, Aircastle (Ireland) Ltd, and Raymach Technologies. The Delhi High Court directed Spicejet to pay $4 million to its engine lessors. Last week, Spicejet raised Rs 744 Crore as part of its refinancing plan.
8 ways to transfer your assets to legal heirs, how much to leave as inheritance
Find out the best ways to transfer your wealth to heirs and what it entails for inheritors.
Inheritance rights: How self-acquired, ancestral property will go to different categories of children
If the parents pass away intestate, the minor child, being a class I heir, will have the first right to the property, but cannot manage it legally. A legal guardian or a court-appointed one will have to file a petition in the court to manage the property till the child attains majority.
How to transfer wealth to children in most hassle-free, tax efficient way
If the taxability of inherited income is to be optimised, his children can create a Hindu Undivided Family structure.
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Private Trusts Vs HUFs: Which suits your needs to pass on assets to legal heirs?
Will, gift deed, private trusts are some of the most commonly used methods that an individual can use to pass on the assets to his/her family members. There may be instances where will and/or gift deed does not suit the requirements for passing on the assets. Here an individual can compare between private trusts and Hindu Undivided Family to see if either one suits your requirements.
5 ways how a Trust scores above Will as succession planning tool
Family trusts are effective and convenient, and if used prudently can provide various benefits as a holistic succession planning tool.
SpiceJet questions maintainability of Wilmington’s insolvency plea
SpiceJet has disputed the merit of an application by Wilmington Trust SP Services to start insolvency proceedings against SpiceJet. Wilmington cited unpaid rental fees allegedly owed by the airline to Aircastle (Ireland). However, SpiceJet denied the debt claim and said it was not an operational creditor to Wilmington, but rather to Aircastle.
How parents can transfer wealth to their children
Choose an option that is flexible, can be modified and is tax-efficient.
NCLT adjourns the Wilmington Trust insolvency plea against SpiceJet
This is the third case filed by the company against the airline. Two other cases under Section 9 of the Insolvency and Bankruptcy Code, 2016, have been filed by aircraft lessor Aircastle (Ireland) Ltd and engine lessor Willis Lease Finance Corporation.
What is a letter of credit and how to obtain one
A letter of credit works as an assurance given to the exporter that he will be paid by the bank for the trade.
DGCA de-registers two aircraft of SpiceJet on lessor request
The aircraft were deregistered on the request of two Dublin-based lessors, Wilmington Trust SP Services and Aircastle (Ireland), as per a report on TOI. A SpiceJet spokesperson said the deregistration of the jets "will not impact" the operations of the carrier.
Estate Planning: Your legacy is what matters the most.
To protect your legacy, you should be aware of estate planning
Certificates issued for 1.5 MT wheat export after ban
FIEO along with GlobalLinker has designed and developed the "Indian Business Portal", an International Trade Hub for Indian Exporters and Foreign Buyers. The B2B digital marketplace seeks to empower SME exporters, artisans and farmers to identify new markets for their products and grow their sales globally.
Restriction on agricultural exports 'indirect tax' on farmers: Bharat Krishak Samaj
India has banned wheat exports with immediate effect as part of measures to control rising domestic prices, according to official notification.
How to distribute wealth among your legal heirs in a tax-efficient manner
There are different ways using which an individual can distribute his/her wealth among legal heirs. These include nomination, will, gifting, creating HUF etc. Each option has its own merits and demerits. Read on to know how to distribute wealth in a tax-efficient manner.
Overseas Indians float local trusts to escape RNOR tag
The status of an RNOR lies in between that of a non-resident Indian who stays more than 181 days in the country and a regular resident Indian. Under the new law, a non-resident visiting India and spending more than 120 days (<182 days) is treated as RNOR if the person's income from assets in India is ₹15 lakh or more.
What you must know before setting up a Private Family Wealth Trust for succession, estate planning
While assessing whether to set up a PFWT or not, a person must consider the legal pre-conditions. Only a person above the age of 18 and of sound mind can be an author of a PWFT. A PWFT may also be created by or on behalf of a minor provided prior sanction of the appropriate civil court is taken.
Jack Dorsey, Jay-Z set up Bitcoin endowment ₿Trust with focus on India, Africa
Twitter CEO Jack Dorsey's push for bitcoin development in India comes at a time when the Indian government is looking to introduce a national cryptocurrency.
Yash Birla gets relief from tax tribunal; ruling set to have bearing on many other cases
According to the tribunal, the assets belonging to an overseas trust does not belong to the beneficiary of the trust, and a beneficiary does not control a trust even if he has the power to appoint and remove trustees - observations that many pulled by the tax office for their links with offshore trusts could use to argue their cases.
J&K's accession to India "total, final and irrevocable": Venkaiah Naidu
Delivering the Sardar Patel lecture on governance, Vice President M. Venkaiah Naidu called upon all Indians to work together to usher in the 'Ram Rajya' envisioned by Mahatma Gandhi in which, he said, there is all-round inclusive growth without poverty, discrimination, inequality, illiteracy and hunger, according to an official statement.
IRB InvIT Fund reports Rs 232 cr net profit in FY18
The IRB InvlT Fund was registered as an irrevocable trust under the Indian Trusts Act, 1882 on October 16, 2015 and as an infrastructure investment trust.
Irrevocable trusts offer max benefit for HNIs
Trusts help HNIs ensure efficient succession planning and may also result in mitigating tax liability.
Wipro's Azim Premji allocates additional 18% stake in company to fund philanthropy
Premji, who will turn 70 this month, controls a 73.39% stake in India's third-largest software company, which is worth about Rs 99,500 cr.
Chettinad Group feud: Adoption irrevocable, MAM Ramaswamy can’t disown MAMR Muthiah, say lawyers
Jurists say a son, even an adopted son, cannot be legally severed by his parents, as law treats an adopted son on par with a biological son.
General elections 2014: Article 370 is non-negotiable, irrevocable, says Mufti Mohammad Sayeed
Mufti said it was essential for any aspiring PM to be inclusive and accommodative both on home and external fronts.
Estate planning industry flourishes, as India's rich try to leave a lasting legacy
There are the lessons from history being drawn - as India’s old money and new money converge - on how its richie rich manage their assets.
Azim Premji gifts Wipro shares worth Rs 12,300 cr to foundation
Premji transferred close to 300 million equity shares of Wipro, valued at Rs 12,300 cr, held by entities controlled by him to an irrevocable trust.
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