12 Tips for 2024 and Beyond in Estate Planning
Estate planning is becoming increasingly important, especially as regulations and tax laws continue to change. Here are twelve essential tips to help you plan your estate wisely and effectively:

1. Start Early
Begin planning your estate early. The sooner you start, the more options and flexibility you’ll have.

2. Work with an Expert
Consult a specialized notary or estate planner to identify the most efficient structures for your estate.

3. Regularly Update Your Will
Ensure your will reflects current laws and personal wishes.
Consider options like two-step inheritance arrangements, usufruct wills, or specific bequests to reduce inheritance tax.
Include an executor or settlement administrator in your will for efficient estate management.

4. Make Gifts
Periodic gifting can reduce inheritance tax and transfer wealth to the next generation.
Spread gifts over several years to minimize tax burdens. In Curaçao, the rates are low and slightly progressive.

5. Charitable Giving Benefits
Donations to charitable organizations can offer tax advantages and are a meaningful way to make a positive impact.

6. Review Marital Property Agreements
This is particularly important if your marital regime affects inheritance tax and wealth distribution.
Consider changes such as moving to shared community property or adding an unconditional reciprocal settlement clause.

7. Consider a Living Will
A living will allows you to outline how your assets and medical decisions should be managed if you’re unable to make those decisions yourself.

8. Real Estate
For cohabiting partners purchasing property together:
Ensure ownership proportions and financing arrangements are notarized.
Document agreements about alimony and childcare.

9. Consider an SPF or Trust
An SPF (Private Foundation) or Trust can help protect your assets and minimize inheritance taxes, particularly for complex estates.

10. Corporate Law
Review Shareholder Agreements: Ensure agreements on distributions, voting rights, and share sales are up to date.
Evaluate Restructuring Options: Consider splits or mergers for fiscal benefits.
Utilize Holding Structures: Holding companies can help preserve family wealth and reduce inheritance tax.
Legal Compliance: Keep UBO (Ultimate Beneficial Owner) registrations updated to avoid fines or penalties.

11. Insurance as a Solution for Inheritance Tax
Consider life insurance policies to cover inheritance taxes or allocate specific assets.

12. Avoid Family Conflicts and Keep Your Family Informed
Clearly document your wishes and, if possible, discuss them with your family to prevent misunderstandings.
Transparency with close relatives about your plans helps avoid future disputes and conflicts.

Conclusion
These 12 tips will help you optimize your estate planning and provide peace of mind for the future.

Mr. Enrico van der Meij
Email: enrico@estateplanningcur.com
Enrico van der Meij is a specialist in estate planning and can answer questions, provide advice, and draft documents in personal, family, inheritance law, inheritance taxation, and business succession.