WILLS, TRUSTS & PROBATE
Asset Protection
Why should I use a Solicitor for this?
1. Legal Structures: Understanding the various legal structures available for asset protection is crucial. These may include trusts, limited liability companies, and partnerships. Each structure has its own advantages and limitations, and it is important to assess which one is most suitable for your goals.
2. Estate Planning: Asset protection goes hand in hand with effective estate planning. By developing a comprehensive estate plan, you can ensure that your assets are protected and distributed according to your wishes while minimising the risk of legal challenges or excessive taxation.
3. Tax Considerations: By understanding the tax implications of different strategies, we can help you structure your assets and the way they are passed to beneficiaries in a way that minimise tax liabilities and maximise wealth preservation.
4. Creditor Protection: Asset protection involves safeguarding assets from potential creditors. This includes protecting assets from potential lawsuits, bankruptcy, divorce, or other financial risks.
5. International Considerations: In an increasingly globalized world, asset protection often extends beyond national borders. Understanding the need to obtain relevant specialist legal and tax advice on the implications of international transactions and investments is vital for effectively protecting your client’s assets.
6. Regular Review: Asset protection strategies should be regularly reviewed and updated to reflect changes in the legal landscape, tax laws, and your personal circumstances. Regular reviews can help identify and address any potential vulnerabilities or areas for improvement.
Our team of expert solicitors can help you with every aspect and take care of the entire process for you, giving you the best advice and service possible.
Why Choose Atkins Dellow as your Asset Protection Solicitors?
Care
Regardless of the challenges, we look after your interests.
Trust
Clear-cut solutions to put your mind at ease.
No Legal Jargon
No jargon. We speak in plain English just like you.
Local Solicitors
We have a solicitor near you. Come to us or we’ll come to you.
Asset Protection FAQs
What is Asset Protection?
Asset protection is an umbrella term for the strategies and mechanisms which might be employed to manage one’s estate to ensure assets are preserved and pass in the most tax efficient manner to your intended beneficiaries.
What kinds of trust are used in Asset Protection?
Common types of trust to protect assets are “life interest trust” and “discretionary trust” and can be set up during lifetime or on death, though for lifetime setup, there are immediate tax implications to be aware of.
What can trusts protect against?
A trust can be a great measure a part of a comprehensive strategy to protect against:
- Spouse/civil partner remarries and e.g. jointly owned property (under joint tenancy) passes to their new partner/children;
- Spouse/civil partner becomes bankrupt, and their assets are soaked up by debts;
- Spouse/civil partner moves into a care home – care fees would be assessed from their total assets, including any inherited such that the money/those assets are not passed onto the beneficiaries;
- Limits unnecessary Inheritance Tax in certain circumstances;
- Reduces or avoids the Probate cost in administering assets upon death.
Wills, Trusts & Probate Specialists at Atkins Dellow
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