Page 96 - Quick Insights Book 2022

Chap. 26 – Succession & Estate Planning

 Compensation planning for successors and other 3. List of all assets and liabilities in proper manner that
executives. helps in planning and execution

 Creation and implementation of shareholder agreements. 4. Ensuring nomination in all financial assets for smooth
liquidation.
 Assist in Valuation of shares and Business.
5. Assisting in ensuring clear title of various assets for
 Assist in tax-effective ownership-transfer techniques. smooth transfer to beneficiary.
ROLE OF CA IN FAMILY SUCCESSION PLAN 6. Assist in tax-effective ownership-transfer techniques (e.g.
Will, gift deed etc.).
A Chartered Accountant can play an important role in assisting
his client in Family Succession Plan in the following ways: 7. Ensure periodic review and updation of the succession
plan.
1. Discuss, assess and understand the future financial
needs of client in terms of major fund outflow events, 8. Drafting of will, agreements etc.
retirement planning or financial planning in case of 9. Creation of private discretionary trust, accounting and
medical emergencies.
return filing.
2. Ensuring appropriate insurance cover (including
appropriate product as per requirement).

Quick Insights on Professional Opportunities for Chartered Accountants 83