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5 inescapable topics of wealth inheritance

Click: Time:2021-08-06 11:47:07

"Tangible assets are easy to inherit, while intangible assets are difficult to inherit"

There is an old saying in China: wealth can't be more than three generations. In fact, from the above statistics, it's not only in China, but all over the world. Wealth inheritance is really a "technical job". Today, the kindergarten teacher will talk to you about five important topics of wealth inheritance through rich cases.

Wealth inheritance is a very important topic. Among the richest people in China, more than 70% of them are over 50 years old. However, the inheritance of wealth in the world is not only a very difficult technical work, but also a risk work.

The research of Brooklyn family business college in the United States shows that 70% of family businesses are not transmitted to the next generation; 80% of family businesses cannot be transferred to the third generation; Only 3% of enterprises can pass on to the fourth generation and still operate, which is very, very difficult, and the world is at this level.

The Chinese mainland has already begun to have such a family, because the mainland's reform and opening up policy has only lasted for more than 30 years, so it is not very obvious. In Hong Kong, Taiwan and Singapore, at least 250 of their families control more than one listed enterprise. In these 250 families, a follow-up data survey has been conducted. Within five years of their shift handover, the decline in the value of the enterprise is 60%. In other words, after the family inheritance, you give him 100 yuan, and finally only 40 yuan is left. This is not a matter of probability and luck, but a very accurate data obtained after a targeted data survey of such listed companies. Why is it so difficult to inherit wealth? Of course, this is one of the reasons why our customers are very concerned about wealth inheritance, because there are many difficulties in wealth inheritance itself.

There is an old saying in China: you can't be rich for three generations. In fact, from the above statistics, it is not only China, but also the whole world. The inheritance of wealth is indeed a "technical job". Facing the topic of "wealth inheritance", we must answer the following five topics:

The first point is that can children copy their wealth creation skills?

Because wealth is passed on from one generation to the next, can he copy it?

The second point is that if a child has wealth too early, how to prevent him from losing his family?

When you search the Internet, you can find a lot of news, the top ten of the richest second generation, and the top ten of the richest second generation, many of which are famous in the market.

The third point is how to give money to children, but the control is in their own hands?

In the process of inheritance, management right and control right are two very important rights and two different rights.

The fourth point is exclusive money for children to prevent changes in marriage in the future.

The fifth point is how to ensure that children will have a basically rich life in the future?

Family wealth inheritance all over the world is actually just these five problems.

01

Can children copy their wealth creation skills?

Due to the growth experience, living area and all things we come into contact with, such a difference in living environment does not only appear in our own family, but also in everyone in modern society. The characteristics of our own parents and our own life are completely different, Therefore, each of us can think about how the next generation can copy his own wealth creation skills for people who grow up under different circumstances. However, it is not ruled out that the rich second generation will be better and surpass his previous generation, but it is difficult to copy the characteristics of his father. Many excellent things possessed by his father may be difficult for children to have.

In the constant friction and compromise between the two generations, it is extremely difficult to successfully pass on their own wealth and business model to the next generation. The changes of the social and business environment make the inheritance of the proud experience and contacts of the parents face many obstacles.

Therefore, for the rich generation, cultivating their children's ability to take over is a difficult and necessary thing to do.

For example, Wang Jianlin of Wanda and his son Wang Sicong.

Wang Jianlin's father was an old Red Army man who had participated in the long march. Wang Jianlin himself was a soldier. He retired from the army in 1986 and entered the real estate industry in 1987. He served as the chairman of Dalian Wanda in 1993. Now the enterprise assets are 300 billion and the annual net profit exceeds 10 billion. Wang Jianlin's small goal for Dalian Wanda is to make an annual net profit of more than 100 billion yuan and become a real world-class enterprise. Wanda's culture is: know kindness and reward, have ideals, culture, morality and discipline.

Wang Sicong, born in Liaoning in 1988, is the only son of Wang Jianlin and a director of Wanda Group. Wang Sicong studied in Singapore in junior high school and senior high school, and studied in the UK in University. After returning home, he got 500 million yuan from his father to let him practice his skills, so he set up price investment. At present, this company is doing very well. Wang Sicong described himself as young, frivolous and unrestrained. But he is already a very good one in the rich second generation. Even so, can Wang Sicong copy Wang Jianlin's wealth creation skills? impossible. Why? Because different times, different growth experiences and different ways of thinking. Therefore, tangible assets are easy to inherit, while intangible assets are difficult to inherit, such as business thinking, experience and contacts.

Similarly, even Li Ka Shing, the richest man of Chinese, has no way to pass on his political resources, reputation and goodwill to the next generation.

02

How to prevent children from losing their family because they have huge wealth too early?

Haixiang pharmaceutical is a listed company. Its founder is Luo bangpeng. Since the late 1970s, he has spent 40 years managing a small daily chemical plant of a township enterprise into a listed company. He is a very excellent entrepreneur. Later, Luo bangpeng had a heart attack. His son Luo Yuhong took over the post of chairman of the board and soon got all the shares of his father. However, no one expected that after Luo Yuhong took over the enterprise, he continuously sold his equity and handed over the control of the enterprise in less than four years. The most was in May 2014. It was said that he lost 500 million yuan in gambling in Macao and sold the equivalent equity when he came back. It is said that the person who bought his shares was the one who gambled together in Macao

In fact, Luo bangpeng attaches great importance to cultivating his son. When Luo Yuhong was in his 20s, he was arranged to experience in a family business, from a grass-roots employee to a vice president of the company, and then handed over the burden to him. Even so, Luo Yuhong still did not inherit his father's business wisdom and the ability to control huge wealth, so that he gave up his father's hard-working business for 40 years in just four years, and the outcome was sad.

Therefore, the wise approach is to not only inherit wealth, but also control it, so as to avoid the tragedy of Haixiang pharmaceutical. Love can be given, but never let go.

03

How to give money to children, but control is still in hand?

This is the game between control right and beneficial right in asset inheritance.

Therefore, different families have different treatments. For example, the most famous boss in Guangdong is Yang Guoqiang, the boss of country garden. He has three daughters, but Yang Huiyan, his daughter has all the shares, and all the ownership is given to her. He made such a decision across the board. However, for Fang Tai's kitchen utensils, Mao Lixiang did not do so. He had a son and a daughter. His daughter and son-in-law did not participate in the family business and were doing other things. However, his daughter and son-in-law had 10% shares, and his other shares were passed on to his son. How to do this 10% share in the future? It is also a question to consider. Therefore, the right of control and beneficial rights are also the problems when the previous generation is handed over to the next generation. It is not only the shares, but also such a problem as ordinary people, ourselves or ordinary rich families.

In the process of wealth inheritance, the three rights of ownership, control and income are very important. It is necessary to carefully design the scheme to ensure nothing wrong. Let's take a look at the case:

There was a female client who took her daughter alone after divorce. After the child becomes an adult, she still has a little money in her hand and wants to buy a house, but there are some tangles on the issue of "how to write the name on the real estate certificate": if she only writes her own name, she is worried that if the inheritance tax is levied in the future, her daughter will have to pay a large amount of tax to inherit the real estate, which is not cost-effective; If you only write your daughter's name, if one day your daughter wants to sell the house, she has no control at all. She was very cautious and consulted a lawyer.

The lawyer's advice to her is: if you want to achieve control, write the names of children and adults on the real estate certificate; If you are worried about future taxes and fees, especially the estate tax, you can account for 5% and 95% for your children. In this way, even if the future estate tax is levied, your daughter only needs to pay your 5% tax for inheriting the estate; If your daughter wants to sell a house in the future, because you and she are the co owner of the real estate, she must obtain your consent, sign and provide corresponding certificates on site. In this way, the problem of beneficial right and control right can be balanced.

Later, my daughter got married. One day, the couple quarreled and drove on the highway. Unfortunately, there was a car accident and died on the spot.

So, how do you divide your daughter's house? The child is very young and does not write a will. It belongs to the estate. Since it is the estate, it must be implemented in accordance with the provisions of the Inheritance Law: the legal first in order heirs are: parents, spouses and children. Her daughter has no children, and the house is inherited by her parents and spouse. Therefore, she, her ex husband and her son-in-law share the 95% property ownership of her daughter.

It is conceivable that this is a great blow to her. She not only has to bear the misfortune of her daughter's departure, but also has to accept the fact that she doesn't want to accept the most: sharing the real estate equally with the two people she doesn't want to face - her ex husband and her son-in-law... She wants to achieve control, but people are not as good as heaven, which is very ruthless and helpless.

04

How can exclusive children's money not change due to marriage?

Managing a good marriage is the most basic and best wealth management. However, once the marriage relationship breaks down, in view of the legal characteristics of marital property, it is very important to use various wealth inheritance tools to make good planning for personal and common property before and after marriage, because divorce wars are mostly carried out around property. Experiencing a failed marriage will mean that at least 50% of wealth will be reduced, and this property division may be repeated.

Many people pay a huge economic price for divorce, such as news King Murdoch. When he divorced his second wife Anne in 1999, Anne only had $1 billion, but it limited Murdoch's power to transfer Murdoch's stake in News Corporation to the family trust. Murdoch has no right to unilaterally modify this family trust, which needs to be discussed and decided by the family Committee. That is, when Murdoch wants to leave his equity to who, to whom and how much, he needs to be discussed and determined by the family committee before he can give the equity to the person he wants to give.

Rights seem to be intangible, but in fact it determines tangible assets. Restricting rights is the embodiment of control. How much wealth a person has does not mean that he can use or control so much. It is through power to realize his real use.

Murdoch later married Deng Wendi. Of course, they divorced later. But this divorce, Murdoch did not lose a lot because he made a good plan in advance. Although Deng Wendi hired the best divorce lawyer in the United States to help her fight the lawsuit, she failed to win another dime for her. From the public information, Deng Wendi did not obtain the inheritance right of any trust fund and the shares of News Corporation. Only a quadrangle in Beijing, a real estate in Manhattan and the living expenses of his two daughters are less than 1% of Murdoch's total property. The huge difference between Murdoch's two marital property divisions fully reflects the great difference between whether to do a good job in pre marital and post marital property planning.

The divorce rate of China's rich is not low. According to statistics, there were 30 divorce cases of major shareholders of companies to be listed and listed in the capital market in 2012, covering all walks of life such as traditional manufacturing industry, Internet industry, communication and telecommunications industry and service industry.

At present, the highest divorce case of domestic property object is the divorce case between Du Shuanghua, chairman of Rizhao Iron and steel, and his wife song Yahong. It is reported that the object of the divorce case is 50 billion yuan.

Not only will the marriage change of the first generation of rich people greatly reduce their wealth, but also the marriage change of their children will also cause the loss of family property. There is such a case:

President Wang's parents died at an early age and only have a daughter who is preparing for divorce. If President Wang dies unexpectedly, his daughter will be the only legal heir to his 50 million assets. In this case, is the 50 million asset the daughter's personal property or the joint property of the daughter and her son-in-law?

The ownership of this property depends on whether President Wang has written a will or a gift contract. If none, it belongs to the joint property of the daughter and son-in-law. This is clearly stipulated in the marriage law.

Legal basis

Item 4 of Article 17 of the marriage law of the people's Republic of China: the following property acquired by husband and wife during the duration of their marriage relationship shall be jointly owned by husband and wife: (1) wages and bonuses; (2) Income from production and operation; (3) Income from intellectual property rights; (4) Property derived from inheritance or gift, except as provided in Item 3 of Article 18 of this law; (5) Other property that shall be jointly owned. Husband and wife have equal rights to dispose of jointly owned property.

Item 3 of Article 18 of the marriage law of the people's Republic of China: under any of the following circumstances, It is the property of one of the husband and wife: (1) the premarital property of one party; (2) the medical expenses, living allowance for the disabled and other expenses obtained by one party due to physical injury; (3) the property determined in the will or gift contract to belong only to the husband or wife; (4) the daily necessities used by one party; (5) other property that should belong to one party.

Because of this, it is very important to use various wealth inheritance tools to plan personal and common property before and after marriage.

05

How to ensure a basically prosperous life for children in the future?

An entrepreneur has been divorced for many years. He has two companies with total assets of about 50 million. Among his immediate relatives, there is only one sister and one child in primary school. Excuse me: if she dies unexpectedly, the 50 million assets must belong to the child, but the child is still young. Who will manage the assets?

The answer still depends on whether the entrepreneur has made wealth planning arrangements in advance.

Chinese people generally do not have the habit of writing wills in advance. If you don't make arrangements for your property before you die, you have to inherit it by the legal beneficiary according to the inheritance law. The assets belonging to this part of the child are in the custody of their legal guardian. According to Chinese law, the legal guardian is the biological parent first. If the biological parent is dead, it depends on whether the grandparents and grandparents are there.

In this case, the entrepreneur has been divorced for many years, and if the child's mother remarries, it will be very dangerous


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DC.WEALTH.(Hong Kong)

(852) 2115 9097

(852) 2117 1522

info@dcwealth.com

Room 603, Low Block, New Era Plaza, 181 Queen's Road Central, Hong Kong

DC.WEALTH.(HangZhou)

(86) 571 8970 5282

(86) 571 8970 5280

Room D, 11F, Dikai International Center, No.19 Dangui Street, Qianjiang New Town, Hangzhou, China

DC.WEALTH.(NingBo)

(86) 18805749323

Room 404, 1872 Office Building, No.518 Wan Tou Road, Jiang Bei District, Ningbo

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