It has been established that your children / grandchildren’s future inheritance can be at risk from a number of issues.
Taxation is one, but inheritances can be impacted from a number of other more emotional issues such as care costs, where an estate can be reduced significantly in value to pay for these costs.
Family homes may have to be sold, and income and investments drained seriously reducing any subsequent inheritance.
Family circumstances can also be a concern. It may be that there are some family members you would wish to benefit and some that you wouldn’t. A classic scenario would be an individual who has married into the family but you wouldn’t want to benefit from your estate.
Furthermore, family disputes do occur and divorce and and / or remarriage can greatly influence who inherits and by how much. Subsequently, if on inheriting monies, an individual then divorces that same inheritance is at risk.
Similarly, if an individual inherits assets but then is later subject to bankruptcy proceedings, or has creditors liabilities, then the whole inheritance could be at risk.
The correct Trusts can provide the protection and control of a multitude of assets from those risks noted above. This protection can extend from the family home, to investment products and Family Businesses.
There are two potential scenarios when planning can be made with Trusts. One is during your lifetime and the other is in preparation for death.
Asset Planning In Preparation For Death.
At Legacy Planning Solutions Ltd we utilise a range of trusts in conjunction with the Will, which will ensure that your hard earned assets are fully protected for your children and grandchildren. The type of planning is very much dependent on individual requirements and the value of the estate.