Safeguarding Your Family With Asset Protection Trusts
Asset Protection Trusts exist to protect you from inheritance tax. Call Wise Will & Trusts today to ensure your loved ones are taken care of when you pass away.
When you’ve worked hard your whole life, you need to know that your assets are protected for the future for the benefit of your loved ones. A great way to ensure that your property, assets and loved ones are looked after is by setting up an asset protection trust.
Traditionally speaking, an asset protection trust is used to minimise taxation as part of an estate planning strategy and it permits a third party trustee to hold certain assets on behalf of a named beneficiary or beneficiaries. At Wise Will & Trusts, our expert team can take you through the whole process.
“What exactly is an asset protection trust?”
An asset protection trust is a formal arrangement that is designed to protect your assets for your beneficiaries when you pass away. Your assets can be distributed to specific beneficiaries either in full on a set date or in the form of monthly income. The framework of a trust can be very flexible and can be arranged to protect your children, grandchildren and even great-grandchildren!
“Why is having a trust a good idea?”
You may be asking exactly why it is you need to have an asset protection trust in place, as opposed to just leaving your assets to your loved ones in your living will. The reason why setting up a trust is a good move is that it can substantially reduce the amount of tax that’s paid and preserve more of it for your beneficiaries.
Taxation is the biggest concern when arranging asset protection as it can take a pretty sizeable amount out of what you’re leaving behind, however, with the right trust you can considerably mitigate the amount you end up paying.
There are many types of taxation that make you feel like you’re losing the will to live and the impact of each can result in your loved ones getting less than you bargained for. However, most often they will relate to:
- Capital Gains Tax
- Income Tax
- Corporation Tax
The good news is that a trust can be set up to shield your assets from this taxation, meaning that your loved ones get the full benefit of what’s in your living will and they won’t be left waiting months for it either. If you don’t put things in place before you die, your beneficiaries are the ones who will be left counting the cost.
The good news is that a trust can be set up to shield your assets from this taxation, meaning that your loved ones get the full benefit of what you’re leaving behind. If you don’t put things in place before you die, your beneficiaries are the ones who will be left counting the cost.
Get an Asset Protection Trust From the Experts
Obviously, there is much more to asset protection than we’ve spoken about here, but if you want to discuss things further about what’s involved, you can call our experts who will be able to talk you through your options. We know that’s a big worry, not having your affairs sorted and with a trust in place, you can relax knowing that it’s all sorted.
The big questions like how long will you live are impossible to answer, but with asset protection in place, you’ll have the luxury of not having to worry about the long-term financial security of your loved ones. Our guys have the expertise to take all the stress and uncertainty of planning for the future and you can speak to them by calling us now on 01491 598005.
Alternatively, if you’d like to book yourself a face-to-face video consultation with a member of our team, you can arrange it by calling us on the same number.