No longer are trusts reserved for the rich and famous! In fact, every probate process is a type of trust, as it allows an individual to manage the assets of another and therefore the use of trusts is something that should be considered by everyone, regardless of their status or amount of cash, in question. A primary use for trusts is when there are children involved. Also, whilst trusts may be seen as essential, when attempting to make provisions for individuals who are not able to take control of their inheritance, there is, in fact, a much wider range of reasons why a trust may be appropriate.
Fundamentally, a trust can really provide you with the flexibility and certainty in equal measures; it can even allow the original owner of the asset to change their mind, or to place a time delay on the trust becoming effective. Whilst there are restrictions placed on the formation of trusts, on the whole, they offer a wide range of opportunities to ensure that the correct people get the correct asset split, and all bills are covered in a planned and predictable manner.
Residential/nursing care issues
It’s relatively few people who seek professional advice or set aside money for any long term care that they may need in the future – even though it may be one of the most significant financial commitments they make. At Prestige Tax and Trust Services we can give advice on funding or act in cases where funding is denied. We can advise after death as to where funding should have been available and recover sums rightfully due to the estate.
This is a form of personal injury/special needs trust that contains money received as consequence of personal injury or a trust founded to protect the interests of a disabled person. A personal injury-related Disabled Trust is created for disabled individuals intended to supplement, not replace, any benefits they are entitled to.
A traditional Disabled Trust is founded by a third party for the benefit of another – such as a child with a disability.
Trusts & Tax Benefits
Trusts can offer protection from taxation, as well as allowing gifts to be made to charities, or even allowing for the true owner of the property in question to remain private. With this in mind, Prestige Tax and Trust Services will always look at exploring the surrounding circumstances and underlying factors which may impact on the decision to set up a trust. Not all trusts are the same and a wide variety of issues can be taken into account, when formulating the perfect arrangement to meet your needs. Therefore, whether you are simply looking for tax efficiency, or whether you are keen to make sure that specific funds are retained for a particular purpose, trusts offer you the perfect mechanism.
Trust the experts to get it right for you!