Wills, Probate, Tax & Trusts Article
04 November, 2016
Asset Protection Trusts can be a useful and effective way to safeguard the family assets and look to preserve them for future generations. There has been much media coverage in recent years of this type of trust with articles running in a number of national newspapers and as a result solicitors are seeing a high influx of client's giving instruction in this respect. However, not all the headlines are positive and there are certain issues that client's should consider before deciding to take this step.
As people grow older they frequently wish to gift their home to their children - this can be motivated by a number of factors:-
However, it is important to be aware from the outset that this is not an effective gift for Inheritance Tax purposes as it amounts to a gift with reservation. There are also dangers to be aware of in simply gifting your property outright to your children being;
A better solution can often be to settle property into a life interest trust.
Powers under this type of trust are very wide and enable the donor to:-
It is highly advisable to seek legal advice from your solicitor who can sit down with you face to face and give advice tailored to your needs in respect of this type of trust. Solicitors are regulated ensuring that fees are fair and in line with industry standard. The Forbes Wills, Probate, Tax and Trusts Department advises on all types of trusts including life interest trusts and whether they are suitable to your situation. For further information please contact Kirsty McNulty, solicitor on 01772 220022.
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