Wealth engineering expertise to help clients
Wealth engineers provide legal and tax support to private bankers. One aspect of their role is to answer clients’ questions about passing on their assets. Addressing this issue within a banking relationship enables clients to ask questions confidentially, in an atmosphere of trust.
Our aim is to give an initial response to clients’ questions, clarify ideas and shed light on legislation
Beyond the standard considerations (donation, protection of the surviving spouse, etc.), wealth engineers can be contacted to obtain information on more complex matters such as:
- What happens if the assets or family unit are spread across multiple countries – a situation we often encounter owing to Luxembourg’s international standing;
- Transferring a family business: “this is a very specific issue, as entrepreneurs want to protect their business and hand over to the next generation while maintaining harmony within the family”, says Diane Lefebvre;
- Lack of descendants: “clients without direct heirs often wonder about the possibility of using their resources for causes close to their heart”, Diane Lefebvre continues.
The various players involved
Once the legal and tax framework of the transfer has been clarified, clients will be able to raise more specific issues with their private banker, such as choosing solutions, identifying beneficiaries, and dividing up assets.
At this second stage, an external advisor (e.g. tax consultant, lawyer, notary) must be involved in order to establish the strategy and put it into practice. The wealth engineer is not there to give legal or tax advice or opinions.
Take the drama out of inheritance
The prospect of succession may be difficult for the person looking to pass on their assets, and the same is true for those who will inherit. To maintain harmony within the family, it is essential that each member understands the wishes, constraints and aims behind the arrangements.
It is with this in mind that BGL BNP Paribas Banque Privée involves beneficiaries in the thought process as early as possible.
“The sooner the beneficiary is involved, the better they are prepared to manage and develop the assets passed down. It is this planning and support that our clients appreciate, as it means they can transfer their assets on the best possible terms” Diane Lefebvre explains.
Would you like to know more about the wealth transfer services provided by BGL BNP Paribas Banque Privée? .