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Assets not protected by a Trust can potentially face attack from creditors or bankruptcy claims, the divorce or separation settlements of future generations, future care home fees, and Inheritance Tax. Without the correct "Bloodline Planning", some or all of your children's or grandchildren's (your bloodline's) inheritance could be lost.
Trusts are also a way to ensure that your spouse or partner and children will inherit your business (or share of a business) when you're gone. Without appropriate Business Succession strategies this may not happen, the business may have to be sold (making the proceeds liable to Inheritance Tax), and your business partners may not be able to buy out your share after you're deceased.
The protection of your inheritance for the benefit of future generations is commonly known as "Bloodline Planning". It ensures that your assets reach your children, grandchildren, and other relatives.
If assets are distributed to your chosen beneficiaries "absolutely", i.e. as a direct lump sum payment or transfer, a lot can potentially be lost as these assets are then considered to be part of the beneficiary's estate, therefore placing them at risk of attack from future divorce settlements, creditors, and taxation.
Utilising Trusts ensures that your children and grandchildren can benefit completely from the inheritance you want them to receive, while protecting the family home and other assets from ending up in the wrong hands or being lost to the costs of long term care.
Our Business Succession planning is tailor-made to suit you and your business. You've worked hard and remained dedicated, building up a sound business to benefit you and your family. Naturally, you would want to ensure that your hard work continues to benefit your family, providing for them in the event of your death.
In the worst case, if you die without a valid Will (called "dying intestate"), your share of your business would be subject to the Laws of Intestacy as with any other asset, and the person who inherits it might not be the person you intended. Would you or a business partner be happy to run your business with a surviving spouse or their beneficiaries? It could have a major impact on the running of the business, or the value of the business may depreciate following the death of such a key person.