How To Protect Family Assets | Trusts Explained UK
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- เผยแพร่เมื่อ 1 มิ.ย. 2024
- How To Protect Family Assets | Trusts Explained UK
Trusts can be a powerful tool in organizing a person's assets to ensure they are passed onto the correct people and potentially reduce the exposure to Inheritance Tax. Inheritance Tax is quite a nasty bill of 40%. So let's understand what A Trust is? The different types of Trusts and reasons why you might get a Trust.
Chapter Information (How To Protect Family Assets | Trusts Explained UK):
0:00 Introduction
0:30 What is a Trust?
1:41 Why get a Trust?
3:06 Types of Trusts
6:32 How to get a Trust & How much does a Trust cost?
🔹 NetLawman: www.netlawman.co.uk/ia/guide-...
🔹 The Law Society
England and Wales: solicitors.lawsociety.org.uk/
Scotland: www.lawscot.org.uk/
Northern Ireland: www.lawsoc-ni.org/information...
DISCLAIMER - Any advice or (statements perceived to be advice) given in this video and any other videos on my channel are for information purposes only, and do not act as financial advice. You are fully responsible for your financial decisions. If you are in need of Financial Advice, please seek out a professional advisor. If you are unsure of how to do this, feel free to reach out to me and I am more than happy to guide you.
#trusts #inheritance #financialplanning
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Hi. Thanks for the video. Two questions: you mentioned you’d post a list of different kinds of Trusts. Where can I find these? And my second question is: if one wanted to put one’s own house into a Trust so that it could be sold and not have to wait for probate, what kind of Trust would that be?
What an excellent video, thanks
Glad it was helpful! Thank you so much!
V informative, so thumbs up.
Thank you .. very clear and informative 😊
Thank you. I'm glad you found it helpful!
very good and informative video.
Thank you! I am glad you found it helpful!
Great, useful 👍🏽, thanks
Thank you! I am glad you found it helpful :)
That's incorrect. There is no mandatory obligation to pay council tax.
Tlove your videos, have leant so much from all those advises. Thank you! I wonder if you could you make a video about how to protect your asset and your company after the dead of sole director shareholder, who would be in charge and running the company, what happens to those investments in that company and what to do now to avoid the disaster whicj will end up of loosing everything? I think it's of the most important matters that not many TH-camr investers mentioned it on here. Thank you.
A few questions. How would land registry know that a trust has been created regarding a property? Are trusts registered with the government? And would placing property into a trust incur CGT? Your response would be much appreciated!
If moving a property into a trust, you must register the change with land registery. The trustees will ussually be listed as the legal owners of the property, but the Land Registry won't necessarily have the full details of the trust arrangement.
There lots of inaccuracy / misleading unqualified bollo___ being spouted by this chap. But to answer your question, the trustees must register it on the Trust Registration Service: www.gov.uk/guidance/register-a-trust-as-a-trustee That is after you have obtained a Legal Entity Identifier (LEI) for the trust. Think of the process as being similar to registering a limited company with Companies House. But that is just the tip of the iceberg with regard to the trustees' legal obligations. [ And don't enter into being a trustee lightly because you could be sleepwalking into a costly mistake or two that could land you in court and/or with a big HMRC fine] So, if you have no prior knowledge and expertise in this field then seek professional help: I would suggest engaging both a suitably qualified tax adviser (not any old 'accountant'), a FCA-regulated financial adviser (if investing in anything other than bricks & mortar), and a solicitor to draw up the Trust Deed and any accompanying side letter. Then, as another of the trustees's ongoing responsibilities, don't forget to revisit the arrangements annually to ensure they remain appropriate (taking advice where necessary again), renew the TRS registration, and submit the tax return for the Trust (+ pay the necessary taxes). Good luck.
Our dad gave his trust $5 million fund to a local University and all me and my sister get is $2000 a month and a very large tax bill.
Are homes placed in a trust liable for council tax.?
Hi, yes if a property is placed in a Trust, it will still be liable for Council Tax. Depending on the set up , it usually the resident of the property that is liable to pay than any other parties of interest.
Please see the following link for further reading. I hope this helps
www.localgovernmentlawyer.co.uk/lexisnexis/563-lexis-lg/lexis/localgov/property/35467-property-held-on-trust-and-liability-for-council-tax
You are under no lawful nor legal obligation to pay Council tax. Ask the Councils to provide a proof of your liability.
Essentially something like a contract that stipulates your liabilities and their liabilities with a handsigned signature and details of any lawful remedy if any signed party violates the agreement. It doesn't exist, for the same reason why councils are going bankrupt left and right because they misappropriate public treasury on pet projects and other illegal activities without much of any audit trail not accountability.
Shell company needed to be used along with the trust to avoid inheritance tax.
Incorrect. Company assets are still taxed under Inheritance Tax if the company mainly holds securities or properties. You cannot just make a company, put your assets inside and call it a day, it will not be effective.
Can you please confirm the cost of a lifetime trust. Like Kareem I've seen charges of up to 6k.
You can do it your self. Don't let them rob you. I was quoted £3,600 to do it. I've done my reseaerch and I'm doing it all myself.
@@frikshun_ Thank you. If I may ask, where do you get advice or information from?
@@chrissaltaur1254 A lot of internet research, reading, watching seminars and videos like this on TH-cam. All the info is on the Gov website, you just need to plough through everything. If mine goes through successfully, which I’m about to send off to Land Registry, I’m planning on offering a service for a much cheaper price that these thieving solicitors.
Hey man can I contact you privately to learn from you? I'd genuinely appreciate that so much, I'm not sure where to start and you seem reliable and genuine, if anything you could send me the links so I can look at them myself, I'd be so grateful
@@frikshun_
do not listen to people that say you can do trusts without a professional, trusts are extremely complex and errors are difficult or sometimes impossible to undo. It is an exercise in false economy trying your luck.
£1000 for a trust? Is that before VAT? My solicitor is charging £6000. Am I being conned?!
I'm currently in the process of doing this myself, for a propertry my paresnt own. I've completed a AP1 form, TR1 form, ID1 form, and created a Trust document. The most I've paid so far is £25 for the passport photos of my parent for the ID1 form, and I need to pay £175 for the transfer fee. Lets see how it goes.
Lol what solicitors charges £6000 😅
do it yourself , costs zero.
@@frikshun_how did it go in the end?
@@frikshun_Have you been successful?
Dude!! Keep still man! Take some zinc tablets, testosterone boost should settle you down.
Lol. I hate rewatching my old videos. And I have to say watching this now after reading this comment, has me in stitches. You were right 🤣
Take no notice, Your video is very clear, well presented, and informative, there are some people out there that spend there entire time looking for fault in anything, stay blessed brother.@@FinancialMadness
Rubbish, making money videos again! Not as informative as it should and misleading