1.Actually, any investor should mull over the reasons for a joint account before opting for it.
2. If it has monetary contribution of others, it's a necessity.
3. If it is providing "additional" tax benefits, it's being tax savvy.
4. In all other own personal investments, it is better to maintain a single account with proper nominations and a corresponding Will in place.
5. This is being financially savvy as it serves your long-term intentions and goals along with you remaining empowered.
6. This applies to all investors, whether male or female, spouses or parents, and even young earners including kids.
7. Most investments allow more than one nominee and the percentage of share that each would be entitled to.
8. Nominees can even have investments transferred in their names for redemption later.
9. A nominee legally inherits the shares and mutual funds after the death of the original holder, even if the latter has named someone else in the will.
10. If there is no nominee, delay in the transfer of assets such as shares and mutual funds could affect their valuations even if there is a will.
11.Don’t let a nominee have access to an amount greater than what you would bequeath him.
12. Both spouses should be aware of each other’s investment avenues and documentation.
13. Although you are not expected to, but with the increasing divorce rate, it is a possibility.
14. Even if you marry with noble thoughts of merging your resources and joint ownership of assets, make sure you have some independent accounts, saving avenues and assets.
15. While marriage works on trust, be prudent while making joint investments to avoid financial implications later in claiming your contribution.
16. Maintain records of intra-family transactions as evidence of contribution in assets to ensure you are not left high and dry after any ugly break-up.
17. Also remember that while the money that a woman receives from her husband and parents-in-law is not taxed, but any income earned from investing this money is clubbed with the income of the giver.
18. Similarly, the income from the money received from the wife will be clubbed with her income.
19.This is why most HNIs opt for trusts, which other estate planning instruments don’t provide.
20. When there is a divorce, the estranged spouse cannot claim assets that have been put in a trust.
21. So, it becomes an efficient tool for wealth management as well as asset protection.
2. If it has monetary contribution of others, it's a necessity.
3. If it is providing "additional" tax benefits, it's being tax savvy.
4. In all other own personal investments, it is better to maintain a single account with proper nominations and a corresponding Will in place.
5. This is being financially savvy as it serves your long-term intentions and goals along with you remaining empowered.
6. This applies to all investors, whether male or female, spouses or parents, and even young earners including kids.
7. Most investments allow more than one nominee and the percentage of share that each would be entitled to.
8. Nominees can even have investments transferred in their names for redemption later.
9. A nominee legally inherits the shares and mutual funds after the death of the original holder, even if the latter has named someone else in the will.
10. If there is no nominee, delay in the transfer of assets such as shares and mutual funds could affect their valuations even if there is a will.
11.Don’t let a nominee have access to an amount greater than what you would bequeath him.
12. Both spouses should be aware of each other’s investment avenues and documentation.
13. Although you are not expected to, but with the increasing divorce rate, it is a possibility.
14. Even if you marry with noble thoughts of merging your resources and joint ownership of assets, make sure you have some independent accounts, saving avenues and assets.
15. While marriage works on trust, be prudent while making joint investments to avoid financial implications later in claiming your contribution.
16. Maintain records of intra-family transactions as evidence of contribution in assets to ensure you are not left high and dry after any ugly break-up.
17. Also remember that while the money that a woman receives from her husband and parents-in-law is not taxed, but any income earned from investing this money is clubbed with the income of the giver.
18. Similarly, the income from the money received from the wife will be clubbed with her income.
19.This is why most HNIs opt for trusts, which other estate planning instruments don’t provide.
20. When there is a divorce, the estranged spouse cannot claim assets that have been put in a trust.
21. So, it becomes an efficient tool for wealth management as well as asset protection.