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Guarding your legacy with asset protection

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Manage episode 466156018 series 3616673
Content provided by DMH Stallard LLP. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by DMH Stallard LLP or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

Guarding your legacy with asset protection

In England & Wales we have apparent testamentary freedom, however, freedom to leave your estate as you wish does not always mean you can control how assets are ultimately distributed, particularly in the longer term. Poor planning can lead to unforeseen circumstances and sometimes unwanted and undesirable consequences.

People are living longer and often have more than one long term relationship in their lives. The rise in blended families is one of the reasons why asset protection is an important part of estate planning and wealth management. A common example is a desire to see a partner is provided for during their lifetime while still ensuring your assets are ultimately passed to your own children and grandchildren.

There may also be concerns about future care costs, claims that may be brought against an estate after your death or concerns about vulnerable beneficiaries.

Outright gifts of property by Will or lifetime transfers may not always have the desired effect. Once an asset is gifted absolutely, control is lost. Assets can be brought back into an estate for the purpose of satisfying claims and meeting care costs in certain circumstances.

As life can be unpredictable, planning in a way that provides flexibility for a variety of circumstances is sensible. Flexible Life Interest Trusts are one of the most common ways to achieve asset protection but there is no one size fits all solution. Careful advice will be needed from legal and financial professionals to ensure your estate is structured in a way that achieves the outcome you desire.

In this episode, Jenny Ray speaks with succession planning specialist, Nadia Cowdrey about ways to protect your assets.

  continue reading

5 episodes

Artwork
iconShare
 
Manage episode 466156018 series 3616673
Content provided by DMH Stallard LLP. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by DMH Stallard LLP or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

Guarding your legacy with asset protection

In England & Wales we have apparent testamentary freedom, however, freedom to leave your estate as you wish does not always mean you can control how assets are ultimately distributed, particularly in the longer term. Poor planning can lead to unforeseen circumstances and sometimes unwanted and undesirable consequences.

People are living longer and often have more than one long term relationship in their lives. The rise in blended families is one of the reasons why asset protection is an important part of estate planning and wealth management. A common example is a desire to see a partner is provided for during their lifetime while still ensuring your assets are ultimately passed to your own children and grandchildren.

There may also be concerns about future care costs, claims that may be brought against an estate after your death or concerns about vulnerable beneficiaries.

Outright gifts of property by Will or lifetime transfers may not always have the desired effect. Once an asset is gifted absolutely, control is lost. Assets can be brought back into an estate for the purpose of satisfying claims and meeting care costs in certain circumstances.

As life can be unpredictable, planning in a way that provides flexibility for a variety of circumstances is sensible. Flexible Life Interest Trusts are one of the most common ways to achieve asset protection but there is no one size fits all solution. Careful advice will be needed from legal and financial professionals to ensure your estate is structured in a way that achieves the outcome you desire.

In this episode, Jenny Ray speaks with succession planning specialist, Nadia Cowdrey about ways to protect your assets.

  continue reading

5 episodes

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