Financial securityTB 10-15-1417

Making plans to ensure that our loved ones are taken care of once we have gone and getting the maximum benefit from your assets, could be one of the most important things we will ever do.

It’s not just how much you are leaving to them that is important. It’s crucial that your assets are well protected and secure during your lifetime. This will help ensure your loved ones receive the maximum inheritance when you are gone.

Planning and Protection

It’s a sad, but all too common fact, that Sideways Disinheritance affects thousands of families every year. Assets meant for children or other beneficiaries can often be diverted away from the desired inheritance line.

What is most frustrating is that the deceased’s wishes not being fulfilled is all so avoidable. Not only that, there are many expensive deductions that dilute someone’s estate after they have passed on. In addition, there can be lengthy delays a beneficiary suffers before receiving their inheritance.

These can all be mitigated completely or reduced dramatically with a little thought and the right planning.

Addressing the potential tax burden

Once you have established who should benefit from the wealth, you want to transfer the wealth to them in the ways with the lowest possible tax bill adopting a legacy plan can help with this.

One reason many people do not develop estate plans is they do not realise how valuable the estate is and the potential tax burden. There often are “hidden assets” that are included in the taxable estate such as annuities, life insurance and some trusts. Other people “forget” about some of their assets or do not know their true value.

Preventing a successful challenge

Setting up a Trust as part of your legacy plan is without doubt the most robust way to ensure that any challenge would be unsuccessful. It removes the need for inheritance in its literal sense.

The Trust survives you and the control passes to the Trustees you appointed. There is no need to change the ownership of assets in a Trust and only those named as Beneficiaries are entitled to the benefit of those assets.

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