When having an asset protection trust set to make sure your assets will pass to your selected beneficiaries, e.g. your heirs, spouse, other family members, friends or essentially anyone else you wish should benefit from the trust, it is important to seek out trusted strategic advice. It is a good idea to look locally for a taxation expert, so you can get face to face with the person responsible for protecting your valuables — especially when a lot of money is on the line.
Issac Qureshi has years of experience providing asset protection services in London, Manchester and Yorkshire. He speciality is in assessing the unique individual situation and needs of his clients and help them find the best strategies to protect their assets. That might often include setting up a trust, though there are other strategies that might work better for you depending on your situation. — That’s why you’re seeking professional guidance.
An asset protection trust is an independent legal entity that can hold assets essentially tax-free, until you or your beneficiaries need them. It is 100% legal to place your assets in a trust and since you are no longer the owner of your assets in the eyes of the HMRS, you are received of the tax burden that comes owning those assets.
What are the benefits of an asset protection trust?
The main benefit of setting up a trust for your assets is that you don’t have to pay taxes on your assets. This can be very beneficial in case you have assets that do not generate much income at the moment, but just need to hold their value by not being eroded by taxation until the investment starts yielding a profit.
The other big benefit of placing your assets in a trust is that creditors cannot claim your assets in case of a bankruptcy, divorce or other unforeseen event. Because the assets are owned by the trust and not by you as a private individual, they cannot be confiscated by creditors.
What are the disadvantages of an asset protection trust?
The benefits of an asset trust comes with the disadvantage that all profits fro your assets also will remain in the trust — at least if you want them to stay tax-free. You can have the trust pay out capital gains and other income from the assets, but in that case you will have to pay income tax like on any other source of income.
Good asset protection services in Manchester, London or Yorkshire can help you weight up the pros and cons to determine whether an asset trust is the right strategy for you. So if you’re looking for asset protection services in Yorkshire, it is definitely worth contacting an asset trust specialist like Issac Qureshi to hear about your options.
For more information about setting up your assets protection trust, and the top asset protection services provider in UK visit issacqureshi.co.uk