S
Focusing on People
of Indian Origin
Indian origin families settled in the US have financial, familial, and emotional roots in the US and India. With potential inheritance, assets in the US and India, they must deal with tax, legal, and financial professionals in both countries. It can be inefficient and excruciating at times to interact and coordinate with 6+ Firms who do not talk to each other and they are not skilled in multiple jurisdictions.
This presents them (me included) with certain financial questions, scenarios and at times pain points. What are the best ways to take care of or inherit these assets? Certain scenarios and pain points are driven by emotional thoughts and questions like:
- My Parents and Grandparents have undergone tremendous hardships to create a fortune for our family. Growing up, it was an absolute privilege to experience this, helping us to make right choices while studying and working professionally. We can attribute these values to who and where we are today in the US. I want this legacy to continue. How do I do that?
- Our kids are born and brought up in the US. We have done our best to keep them emotionally connected to India through celebrating festivals, annual India trips, Grandparents’ visits, Bollywood movies, Cricket and what not! We try to showcase our nostalgic journeys to our kids in the US and silently feel that “I wish my kid would be able to make a connection to my experiences in India” and ask ourselves, “Would my kids ever decide to settle in India to experience the legacy my Parents (their Grandparents) worked so hard for?”. There is no right or wrong answer here, but we know what the answer to this one is. I want to make this legacy and all these stories a part of my kids’ lives to the best possible extent. How do I do that?
- How could I cut my connection to India? My Parents and I have several assets in India all the way from bank accounts, demat accounts, apartments/ houses, land, and other investments. How can I simply cut this chord? How can I continue the impact that these assets could have on our kids’ lives in the US?
- I am expecting an inheritance in India. What should I be doing with it? Could this play a role in continuing my Parents legacy in the US?
- My Parents and I have assets and investments in India. My investments are locked in India. I don’t know what to do with those assets.
- What are the tax, legal and other financial implications in both the countries? Would this help me or have an adverse impact on my financial life?
- My Parents are ageing, and I want to make sure, their investments are well looked after. I want to be certain of what happens to those investments and assets after my Parents pass away.
- I want to do something for my Parents in India
- My kids do not identify with our ancestral assets in India. I am probably the last link here. I want to make sure these assets make a good impact in my kids’ life. Could they be utilized in creating multi-generational wealth?
- My Parents have worked very hard for their wealth. I don’t want their assets to be taken advantage of by unscrupulous people. I don’t want to waste my Parents’ hard work.
- Uncertainty in addressing above questions and scenarios
- Lack of access to proper advice on how to optimize inheritance and asset transfer
- Interacting with 6+ professionals – This can be time consuming
- Level of complexity, coordination, and integration – Lack of integration between advice given by 6+ different professionals
- You are accountable and expected to provide answers to many of these professionals as different professionals do not understand nuances of cross border requirements and specific situations
The above pain points create a clear scope for errors and costly mistakes.
What do you get with HappyRich Capital?
Advice under one roof from us and our partners. One does not have to deal with disparate tax, legal, and financial professionals in the US and India. HappyRich Capital will mitigate the above pain points, coordinate this transition smoothly.
Not only can our Advisors and partners help you with the above technical questions, scenarios, and pain points, more importantly – How can we help you in continuing your Parents/ ancestral financial legacy in a tax efficient manner in the US? Imagine the satisfaction you will get when your kids understand the symbolic, nostalgic, and emotional values behind this financial inheritance which will play a crucial role in their lives.