5 things you should know about asset protection in the UK
Why do you need to protect your assets? There two basic threats to your assets that you should consider if you own valuable assets, property, or larger savings.
The first is that unexpected events can occur that can cause you to loose ownership of your assets. These include bankruptcy, where creditors can claim the assets in your possession to cover losses. Divorce, where a spouse can claim part of the assets obtained during the marriage. As well as other lawsuits where someone lays claim to compensation. If you’re still thinking; how can I protect my assets? Then keep on reading.
Are asset trusts good form of asset protection in London?
Asset trust get somewhat mixed press online if you do a quick Google search on the topic. Some write about the many benefits of keeping your assets in a trust instead of holding valuable assets as part of your taxable wealth, while others warm against the risks of using these advanced tax planning strategies. The latter is base on a good mix of misunderstandings and examples of ways not to use a trust. But that does not mean that trusts involve more risk than other forms of asset management. If done right that is. So it’s alpha and omega that you find a trust able Asset protection Specialist in London or near you, to
have your asset trust set up right.
What can you win be placing your assets in a trust?
Leading asset protection specialists in Manchester suggests using a trust as an insurance against unexpected situations, like the aforementioned bankruptcies and divorces. The key is that assets placed in a trust aren’t legally viewed as being in your possession, and creditors cannot legally lay claim to them.
In addition the HMRC will not count assets placed in a trust as part of your taxable assets and income, so they will not be subjected to income tax, capital gains tax (if you buy or sell assets held by the trust), or other forms of taxation.
And fancily they recommend trust schemes for asset protection in Manchester, because they are a very effective way to secure that assets for your next of kin, in cases where your heir(s) are below the age of 18. Using an asset trust to hold assets until your heir’s 18th birthday, will make are that the value of assets are not depleted by taxes before the heir is able to inherit them.
Asset protection specialist in Yorkshire, Issac Qureshi, specialises in using advanced asset trust strategies to deliver his clients excellent asset protection in Yorkshire, London, Manchester, and across the UK.
For more information about improving your tax strategy, contact Issac Qureshi via the form below.