Enhancing your wealth over the long term
Contact & Help
We would encourage you to contact your adviser, preferably by phone or secure mail, or make arrangements in advance for a meeting.
Our teams are readily available to assist you and personally respond to any special requirements or questions you may have.
Contact
We have taken all the necessary health and safety precautions in order to ensure continuous service. Where possible, please contact us by phone or via our secure digital channels. If you would like speak to your adviser, we recommend making an appointment in advance.
Wallonie - Brussels
Chaussée de La Hulpe, 120 – 1000 Brussels
FLANDERS
Kortrijksesteenweg 218 – 9830 Sint-Martens-Latem
What happens ‘after estate planning’? Clients sometimes assume that the job is done when they agree on a particular way of managing their inheritance. But the plan must be adaptable to changes in the client’s individual and family situation, new requirements, a shifting regulatory environment, and other factors.
This article was published on the website of L‘Echo newspaper.
Estate planning is a long-term process. “Last week, I met with clients who first came to me 15 years ago,” explains Christophe Delanghe, Senior Estate Planner at Banque de Luxembourg Belgium. “We speak on a regular basis. They have no children, only nephews, and while they dealt with succession issues a long time ago, there are still some complications which we are working on. We're taking the time we need.”
Estate planning is a long-term process. “Last week, I met with clients who first came to me a few years ago,” explains Stefania Bidoli, Tax Adviser at Banque de Luxembourg. “We speak on a regular basis. They have no children, only nephews, and while they dealt with succession issues a long time ago, there are still some complications which we are working on. We're taking the time we need.”
In addition to the time spent preparing a succession plan, there is a need for regular reviews. “Clients’ circumstances evolve, their children’s situations change over the years, they may have grandchildren in the meantime... Grandparents may then think about a generation-skipping transfer, within the bounds of reserved inheritance laws, of course. This can be done by means of a gift (a definitive act in which assets are transferred immediately) or a will, which can be amended or revoked at any moment up to the time of death. This can result in an inheritance agreement that covers all the children.”
“In estate planning, what we do today may not necessarily be valid tomorrow or in a year's time!” Bernard Goffaux, Head of Estate Planning at Banque de Luxembourg Belgium.
“In estate planning, what we do today may not necessarily be valid tomorrow or in a year's time!” Stefania Bidoli, Tax Adviser at Banque de Luxembourg.
A changing regulatory environment
We must also pay attention to frequent changes in the regulatory framework governing successions, and look for solutions that are both robust and flexible enough to be revised at a later date. This scalability is something that estate planners and their clients need to keep in mind.
“Our clients sometimes think that the work is finished once we have agreed on a way of organising their estate,” says Bernard Goffaux, Head of Estate Planning at Banque de Luxembourg Belgium. “But in estate planning, what we do today may not necessarily be valid tomorrow or in a year's time! Sometimes we need to refocus or adjust our approach. Our clients expect us to be proactive when legislation changes: we make a point of contacting them to let them know and arranging a meeting to discuss the necessary changes.”
“Our clients sometimes think that the work is finished once we have agreed on a way of organising their estate,” says Anne-Lise Grandjean, Tax adviser & Estate Planner at Banque de Luxembourg. “But in estate planning, what we do today may not necessarily be valid tomorrow or in a year's time! Sometimes we need to refocus or adjust our approach. Our clients expect us to be proactive when legislation changes: we make a point of contacting them to let them know and arranging a meeting to discuss the necessary changes.”
Sometimes the handover of assets is organised in a way that requires an annual review, such as simple partnership. “This involves bookkeeping and an annual general meeting... It provides an opportunity to take stock of the family's situation every year.”
Every situation is different and can change over time, explains Christophe Delanghe: “Blended families are another illustration of the need for versatility and the impact of estate planning decisions.”
Every situation is different and can change over time, explains Stefania Bidoli: “Blended families are another illustration of the need for versatility and the impact of estate planning decisions.”
Our specialists can assist you with all your questions relating to tax and wealth
