Inheritance Planning

Consider…

  • What may happen if your surviving spouse were to remarry? How would this affect your own children if they later changed their will in favour of the new spouse and any subsequent children?
  • If you already have children from a previous marriage how do you ensure that they get their fair share?
  • What if your children are very young or have special needs? How can you ensure that they are fully provided for?

Protecting your children’s inheritance

Sometimes known as Bloodline Planning, this type of Planning is to ensure that your assets reach your children, grandchildren and other relatives, rather than ending up in the wrong hands.

When assets are distributed to beneficiaries "absolutely", (i.e. they receive cash, property or other assets as a direct lump sum payment) so much can be lost because these assets are then considered to be part of the beneficiary's estate. As such, they would be at risk of attack from any future divorce settlements, creditors and taxation.

With the strategic use of Trusts, we can ensure that your children and grandchildren are able to benefit completely from the inheritance you want them to receive and at the same time, protect the family home and other assets from being lost to the costs of Long Term Care.

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/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 creditor’s 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.

With our help to set up the correct type of planning, all these problems could be solved. Our expertise will ensure that both your business and personal assets are fully protected from attack and immediately available to your loved ones after you are gone.