Transferring your assets to a protection trust may seem like a good option to reduce Inheritance Tax or minimise care fees.
However, a recent report says that misleading claims have persuaded people to choose this route when it won’t help them.
Posts tagged “Trusts”
A disabled person’s trust can provide peace of mind that a loved one has financial security after your death.
You could leave some or all your assets in trust for a family member or friend. You might do this because you’re concerned they would find it difficult to manage financially on their own, for example. A trust allows the trustees to manage the assets on their behalf.
How much confidence do you have in artificial intelligence or AI?
New research found over 70% of people between 30 and 34 would consider using AI to update their Will.
You might have heard trusts mentioned in relation to Will writing and estate planning.
Trusts are also a consideration if you’re planning to take out some life insurance.
Many of us think about life insurance as protection for a rainy day. It can help our loved ones manage financially when we die. Normally they receive a lump sum free of income tax and Capital Gains Tax, so how might a trust help?
Every year, thousands of children under the age of 18 lose one of their parents. As long as both parents are co-guardians then their remaining parent can look after them.
However, more than half of the UK’s parents don’t have a valid Will. They might not have one at all or they have one that’s out of date.
If you make a gift to a young person in your Will which they receive when they reach a certain age you will create either a bereaved minor’s trust or a bereaved young person’s trust, depending on their age.