ESTATE PLANNING - A government pensioner gets half the current pay of the post he held and hardly spends it as he lives with his children. His medical expenditure is reimbursable. - He has a pension account with a bank and maybe another bank account for investment. - He has the following FD's - Senior Citizen Savings Scheme Rs 15 L - FD's in in banks - Investments in Mutual Fund for 80C - 1.5L per year - Other Mutual Funds - All assets are now held with the spouse as joint holder and son as nominee - What are the options for smoothly passing on the assets to the family? - Distribute all the assets and keep only pension account. - Open a PPF for 80C and stop investment in ELSS MF - Redeem all Mutual funds and re-invest in equal tranches nominating one person each - also make those investments in D'mat account for easy transmission - There will be the capital gains tax at 10% if all the mutual funds are redeemed. Is it worth paying the tax for redistribution of the assets? - Any other suggestion?
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