progress what does it mean, 11th lesson 28-5-21 6TH LESSON 3-6-21

02 June 2021 09:58

 3-6-21   HOW TO SETTLE ASSETS BY OLD PARENTS WHOSE CHILDREN ARE SETTLED ABROAD: As far as I know in India, when children get adult, it is the sole choice of the parents whom to give their assets and children have no claim till the time prents are alive while in foreign it is 2/3 for the children and 1/3 for the parents which could be variable in different countries.. In my earlier write-up I tried to convince the old parents, to keep good relations with their children at all cost. The options for such conciliatory parents are by WILL, BY GIFT or by SUCCESSION. I feel parents need to take decision while alive and when the children need these or are adult enough at the age of 40-50. As we earn for the children, I am of the view, to give them when they can profit out of the assets given to them and likewise what they will earn, they will be leaving for their children. IT IS BETTER TO WILL THAN LEAVING IN SUCCESSION AS IT BECOMES THE DECIDING FACTOR FOR ALLOCATION OF ASSETS AS PER WISH OF THE PARENTS. As WILL IS CONTESTABLE, it is better to GIFT IT. Many parents avoid to take this decision which I think they do not do as they are afraid of ill-will, accusations, fights etc. but those who avoid decision, I believe, leave problems for their children which generally end up in legal battles and turning enemy of each other. HENCE GIFT REMAINS THE BEST OPTION, which is possible when is alive. HOWEVER IT IS ESSENTIAL THAT PARENTS MUST KEEP ENOUGH FOR THEIR OLD AGE AS ASSETS ONCE GIFTED ,THE PARENTS WILL NEVER BE ABLE TO TAKE BACK. Further what the children do with the assets, should not remain concern of the parents, it is left to them to use these as they like.The portion which the parents keep to themselves they must decide to give to charitable institutions, for education, or to leave for the children or to the one who has been helpful to them or they feel that a particular child needs these assets as a help to him/her. How the assets could be repatriated, I shall be attempting in my next write-up. tks