Our Back Up Plans © Help You Plan for the Worst… While Hoping for the Best

Our most requested service is the preparation of customized Back Up Plans©. A Back Up Plan is a comprehensive citizenship, residence and domicile solution that plans for the worst…while hoping for best. Plans fully address potential economic, political, societal and environmental changes that could impact you and your family’s wealth and security.

Comprehensive Financial ‘Worst Case Scenario’ Planning Customised for You and Your Family

Each customized Back Up Plan© is based on our clients’ unique situations, requirements and objectives and those of their family. If requested by our client, their customized Back Up Plan may also address specialized needs such as the organization of stand-by personal security, legal support…..even public relations experts to help manage crises.

A Back Up Plan© aligns with the client’s financial, family, business situations, ensures personal and family wealth protection, and focuses on their long term goals and preferred lifestyles. It is also integrated with their existing tax structures and estate planning. Most importantly, each Back Up Plan is meticulously researched, prepared and executed. They are not an “off-the-shelf” citizenship solution proposed by a salesperson or firm working on commission for government citizenship or visa programs.

Why Might You Need a Back Up Plan?

There are a number of situations where it is advisable to consider investing in a Back Up Plan. These may include:

  • Political or economic uncertainty
  • Potential or actual social unrest
  • A significant personal or family event (birth, marriage, divorce)
  • A significant business event (sale of business, potential litigation)
  • Proposed Tax the Rich policies aimed at increasing the tax burden on the wealthy and in extreme cases proposing outright confiscation or nationalization of their assets
  • Financial or business opportunity

Any of these circumstances can act as a ‘triggering event’ prompting you to reconsider your current situation. As part of this process, you should consider the ‘cost of failure’. If a particular event were to take place, how much would you stand to lose (both in financial and lifestyle terms)? If the cost of failure is significant enough to cause alarm, a Back Up Plan will provide you with the peace of mind of knowing you have an easy and quick exit plan at your fingertips for that worst case scenario. 

How to Organize Your Back Up Plan

There are three stages that we offer to individuals or their advisors who contact us after they have considered their possible triggering events and calculated their particular cost of failure:

  1. Obtain a quote on a Back Up Plan
  2. Acquire or build their personal Back Up Plan
  3. Trigger their personal Back Up Plan

In the Quotation Phase, we examine the family’s situation, goals, fears and aspirations. Based on their feedback, we map out the cost and timing of a Back Up Plan which will mitigate or negate the impact of  possible future triggering events.

In the Build/Acquisition stage, each Back Up Plan is custom tailored for the client and their family. It is based on a solid foundation of immigration and tax knowledge. Our experience means that fiscal realities are combined with a deep understanding of the human elements of international relocation. We invite you to download a White Paper which David Lesperance was commissioned to write by the Family Office Association. It explains how the creation of an effective Back Up Plan is significantly more complex than buying the cheapest second passport.

Once the plan is mapped out and quotation provided, the client will have a clear picture of the steps and costs to put a Back Up Plan in place. They’ll also be aware of the length of time it will take to construct their plan should they decide to proceed. 

When Should a Back Up Plan be Implemented?

The actual decision whether or not to go ahead and implement their Back Up Plan won’t always immediately happen. The decision to trigger the plan sometimes occurs once there is clarity around the cost of failure and the cost and timing determined in the quotation stage. In other cases, where there is an imminent possibility of the triggering event occurring the client might proceed immediately.  Sometimes the client takes enough comfort from simply knowing they now have the ability to acquire a Back Up Plan. They are confident that they know what is required, and so they hold off taking additional steps. 

“I’ve worked with David for over 20 years on clients from around the world both in my current role and as a Senior Private Banker at the Royal Bank of Canada. David is much more than an immigration advisor because he also understands pre- and post-immigration tax and asset protection planning. Indeed, David shows how a second passport – as part of a comprehensive plan – is not just a necessary option but an opportunity…so our mutual clients land in their new countries in the most advantageous tax position possible.”

John McLeod
Director, Forvest Family Office Group, North, Central & South America
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We have a reputation for advising exceptional people with exceptional needs. Our approach focusses on objective and pertinent advice, driven by years of experience. If you are interested in finding out more about building your own bespoke Back Up Plan contact us. 

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