“Blue Maple Law” Series10: Access to Family Wealth — Pursuit of Excellence and Continuous Evolution

Jing Wen

“Blue Maple Law” is continuing to be broadcast live on G-TV, with the professional guest, Mr. Gong Du gave the keynote speech, hosted by Ms. Ting Lan and Ms. Rachel on Saturday (June 05).

Picture resource: G-TV

First of all, Today’s program focuses on family wealth and wealth inheritance. We need professional help in planning and designing to ensure that the wealth can be maximized and safely passed on to the next generation, or the next generation, so that the future generation will not have to worry about the financial situation, which is very normal and human nature. ”Ms. Tinglan has an introduction for today’s showing.

“If we jump out of the wealth inheritance of this generation and stand in a higher perspective, we can see a wider range of family wealth inheritance.” Because in today’s society, if family wealth is passed on only by one person, there will be a lot of challenges. As the saying goes, father-son soldiers, not only in China but also abroad, regard the inheritance of wealth as the business of the whole family, not just one person. That’s how many hands make light work.”

She continued: “When it comes to the inheritance of wealth, no matter in China or abroad, there are only three generations of wealth.” Why is that? When creating wealth, the older generation has its special experience, spirit, perseverance and talent. But for a variety of reasons, such as wars, political movements, disasters and so on, wealth will shrink if left unguarded, and the good traditions of the fathers will be very difficult to hold on to if they are not well passed on to the next generation. It is easier to win a kingdom than to defend it.”

Western big families, such as the Morgans and Rockefellers, inherit their wealth not simply by giving wealth, but also by inheriting spiritual ideas, that is to say, both material and spiritual. We also listen to seven elder brother live mentioned Morgan old Mr.; His comrades, including those at the 64th anniversary celebration, said that Mr. Morgan kept a low profile. If he did not know in advance, he would have no idea that a man of such fame, status and wealth could be so low-key and ordinary. People in this class of the family are actually very humble and low-key.

For example, how many people have heard the names of a wealthy family in France, which creates more than 70 billion dollars of wealth every year and employs more than 250,000 people? The Moriyez family. Every generation of brothers, sisters, uncles, aunts and so on are part of the family. Their wealth is firmly in the hands of their families, both immediate and peripheral. They encourage every member of the family to actively participate in the management of family affairs, understand the family business, encourage young people to learn more knowledge and pay attention to the construction of human resources. Hope family members protect and manage the wealth, so that the family wealth continues from generation to generation.

In addition, these rich families are very important to education, to cultivate family strength. They also employ professionals, such as accountants and lawyers, to ensure they protect the family’s wealth in a complete and secure way. My comrade will share his experience in this regard with you.

“I told you about the will before: why to pass the wealth to the children; Passing on wealth has a bigger impact on wealth than any tax.” Typically, when Cinderella doesn’t have a will, her wishes don’t come true, and her daughter eventually becomes Cinderella. Everything we talk about, income tax, inheritance, revolves around “Are you ready to receive G wealth?”” Mr. Gong Du in the other shore to discuss:

So the understanding of trust is new problems. The inheritance of wealth is the single thing which involves the most kinds of laws and has the greatest influence. Passing down wealth is like passing down horses. Will the next generation go forward on horses and steeds, or go forward on foot without horses? It also talks about the ability of children to manage their wealth like a boat: if the boat carries too much cargo, it will sink, or it must unload it; Only when a boat is big enough can it be fully loaded and brave the wind and waves. That’s what we’ve been talking about in the last two episodes, how to make the next generation learn to make their boat bigger.

Mr. Gong Du further said: “If Cinderella’s mother had a will, according to the inheritance of the will, she could basically have such a wish.” But there are still some specific problems that have not been solved. We can take a look: in the right part of the picture, Cinderella’s father and mother are both present. The distribution of their wealth at that time is not clear, but in fact Cinderella’s father owns all the wealth. Whether the whole society did not allow women to own wealth at that time, we do not know. But in today’s world, if Mom dies and Dad inherits all the money, Cinderella’s story might be different. If the father remarried, he would bring some of the property into the remarried marriage, which might have come from his mother, but it was not her mother’s desire that her father bring the property into the new family.

But in the Cinderella story, her father died soon after, and all the wealth went to her stepmother. That’s where the Cinderella story comes from. We take this story and put it in today’s society, how do we look at it? In fact, whether Cinderella’s mother goes first or her father goes first, the situation is the same: her mother goes first, and her father can remarry after inheriting all the property; And vice versa. Then it is not certain whether the property after marriage will be left to Cinderella or her father’s part will be left to Cinderella. Some things can be changed and some things cannot be changed: their house, for example. Let’s say Cinderella’s father goes first, and Cinderella’s mother inherits the property and the house. If Cinderella’s mother remarried, the house would become marital property and would be the joint property of Cinderella and her new husband. This part of the property, even if Cinderella’s father wanted to leave it to Cinderella, is impossible. If Cinderella’s real father wanted to do that, it would be difficult to do that in a normal will.”

In another case, Cinderella’s father and mother leave together, and Cinderella cannot inherit the money because she is a minor child. A minor child cannot inherit property, and a trustee is required to manage the property until he or she becomes an adult. This is the problem we face in ordinary wills.

Picture resource: G-TV

“The trust mentioned just now, can’t accept other assets.” The assets can only be put into the trust from this trustor. Then after the trust is established, tax should be paid every year. If he pays his own taxes, he gives the after-tax money to the beneficiary. If he doesn’t pay taxes, he distributes all of that year’s earnings, the interest, the appreciation, the income. He earns zero income and pays zero taxes. So the beneficiary pays the taxes. This is a tax difference. Each has its advantages and disadvantages.”Mr.Gong Du further expressed

How you distribute the money, if you have a child, most of it goes to the child to pay taxes. If someone gets social welfare, the trust will pay the tax and then pass it on. For example, if the child has the benefit of disability, Cinderella’s parents are kind and want to pass on the property through the trust when they are away. If Cinderella is still a minor, parents need to find a trustee and guardian. If her parents don’t choose, the government chooses her.

In a trust, the parents find a property trustee. How to find these two people, this is what her parents must do. The trust protects the property, files taxes, manages the property, and after the death of her parents, the assets are taken care of by the trustee. Cinderella was taken care of by a guardian. The people here think of it as part of the modern family, the testamentary trust: the family trust, which is primarily for family members. Seeing that once his parents die, the entire trust is managed by trustees to provide Cinderella with financial needs. Daily life by the guardian to protect and nurture care. Two people, the trustee and the guardian, took over her parental duties. The average family trust can basically meet the wishes of parents passed on to their children.

For complicated matters, or to make it more perfect, there are other trusts, such as spousal trusts. If her father dies first, her mother inherits the property. Her mother wanted to pass on all the savings, cash, house and so on from her father to Cinderella, including the house. She wants to live here again so that her father can set up a spousal trust in the event of his death. The Payle Trust can be started immediately. Her mother could be the only beneficiary, but we’ll talk more about spousal trust. Her mother can live in the house but she doesn’t own it, but she can only do so if she gives up the right to the house, that is, it all belongs to her father. If the combined property cannot do so. Many combined properties have many advantages and disadvantages. He’s property can’t be put in trust. For example, her parents have a He’s property, such as He’s property, account, etc. The combined property cannot enter the trust upon the death of either person.

The living party automatically owns all of the wealth, but of course taxes are paid on the dead part. It doesn’t have to go through a will, it doesn’t have to go through the living party to get it all back. That means you can’t enter the estate trust. Cinderella’s parents can do similar things to keep the money handed down. The other one you can apply for, you can create a living trust. You can avoid the problems of the whole financial will of the estate. There is one in the trust and the will. If there is a trust, the property is private and will not be disclosed. If you go into the heritage, it’s public material, anyone can look it up. How to set up a will and trust, trustee guardian, beneficiary between how to arrange, this is each family specific situation specific view, most of the trust is relatively simple, generally is one or two generations of trust.

“It’s a testamentary trust, but before you get married, you have to consider what is a community property and what is not a community property to be a spouse trust.” “Ms.Rachel has supplements.

“I just think a little, is from family funds and overseas trust before, see some of the problems, I think we can accept is everyone on the problem of real-time, call the host or, if there’s comrades mentioned about overseas trust, this term is very abstract, but overseas trust because he involves many aspects of individual and company.” “Mr. Gong Du elaborated.

(1) the part of overseas trust and the part of living trust. If we talk about it more carefully, one method we can take. (2) When we talk about wills, we have to keep in mind that when we write wills, when we write trusts, our trusts, our wills, who is the beneficiary? If it’s our children and our wealth is passed on to them, are the children still there? That’s a problem. Today, Theresa Tam said the government will pay compensation for people who have problems with vaccines. Then she used people’s money to do these things, and then used government tax money to pay compensation. Can she pay compensation for the first one? Second, why can she do these things? Will our heirs still be around? We can emotionally understand that it is bad to get vaccinated, but can we rationally understand the harm of vaccines?

So many doctors have come out over the last few weeks, and we’re going to watch Dr. Yan’s tweets, and we’re going to watch video meetings with Dr. Yan and some of the top doctors, who are doing specific research that we can rationally understand. Why is this vaccine so poisonous? How can it poison our loved ones’ lives and our children’s lives? So this is something that everybody needs to be aware of. In any estate planning, if the people you’re planning for are gone, what’s the use of planning? So that’s all I can talk about today.

Writer Comments: This program by professional guests on the will, trust and other issues of wealth inheritance, further interpretation.

Wealth management and inheritance are important issues related to the vital interests of many families. However, due to the absence of relevant laws and regulations in China and the corruption in practical application, people have no sense of legal protection of testamentary succession in the real sense, let alone legal protection mechanisms such as trust.

This creates a lot of Chinese from the CCP the sequel, the testamentary succession, the trust, the legal consciousness of wealth inheritance, blurry, and tonight’s show, by professionals and interpretation, let it be made up for the lack of legal knowledge, its management tradition, personal household wealth, and the importance of tax and legal fact revolution G series, has important significance. At the same time, it is also a lesson for the efforts to establish a civilized and fair judicial system of new China in the future.

Link:

2021-06-05 《蓝枫法律》第十期 走进家族财富 – 追求卓越,不断进化 – GTV

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Mia笑咪咪
14 days ago

战友神速英文翻译出品杰作,感恩辛苦奉献🙏🙏🙏

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Mia笑咪咪
14 days ago

战友神速英文翻译出品杰作,辛苦奉献🙏🙏🙏

0

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Just enjoy the interesting article of Gnews! Jun. 07