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Given the highly litigious society in which we now live, protecting or safeguarding your assets is more important than ever. This could include protecting assets from ex spouses, creditors, undeserving relatives or ex business partners. In general the law in this area is pretty 'tight' and advance planning is essential. In addition you need to know upfront what actions you can and can't do without prejudicing your position. This is where good advice is worth it's weight in gold. Unfortunately this is not easy to come by, however we've covered some of the key issues below. Subjects such as avoiding care home fees or holding property correctly to reduce future litigation are questions that we've been asked time and time again. Have a look at the articles below and see if your questions are covered
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Asset Protection in a Recession
13/01/2012
With the current financial downturn, protecting what you have is more important than ever. In this article we look at the implications of the recession for asset protection strategies and what you can do to safeguard your assets . . .
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Offshore company and safety of bank account - USERNAME: sanpietro
Tax Question: One of the benefits of going offshore is asset protection. The names of the underlying officers, directors and shareholders can be omitted from the offshore company's documentation in many jurisdictions. Basically it results in giving the custody of your assets to a separate legal entity directed by other persons. My question is now : what legal protection does one have against the undesired actions of these "director services agencies", i.e. they can easily empty your companies' bank accounts before one is aware ? I've often read that the jurisdictions in question depend on the honesty of these agencies to attract business but that does not exclude "rotten apples" in the basket. Hence the importance of a legal/judicial system that provides the necessary protection in those tax havens. To what extent becomes language a barrier in such situations, for example Panama ? . . .
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Financial setttlements on divorce for 2010
05/07/2010
Decisions of the House of Lords over the past few years have made it clear that marriage is essentially a partnership and you need to look at the contributions of husbands and wives when assessing how the marital pot is to be split on a divorce. This article runs through the impact of the recent decisions . . .
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Care home fees planning
02/03/2009
Paying for care home fees is a key concern for many retirees. The thought that they may have to sell their house or use cash balances that they have saved over their lifetime to pay for these fees is a real worry. This article looks at some of the rules and the options available. . . .
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Could your relations challenge your will?
30/05/2008
Although it's not a tax planning area, it's nevertheless something that many people feel strongly about. If your assets are yours you should be able to leave them to whosoever you wish. This article takes a look at how safe the terms of your will are. . . .
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Choosing the best offshore bank account
As you'd expect which is the best offshore bank account will depend significantly on what you want it to achieve. In my experience there are four reasons why people set up offshore accounts, which are: Tax avoidance, Higher interest rates, Asset Protection and Privacy requirements. This article looks at each one in detail. . . .
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Protect your assets and avoid frivolous claims
Given the growth in the litigation culture, there's been a rush by many professionals that work in areas with a high risk of litigation to protect their assets. The worry is that they could potentially be sued and lose a significant chunk of their wealth that they have accumulated over the years. In this article we look at some of the asset protection measures available. . . .
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Using a UK bank account when overseas
There seems to be a misconception that if you are non UK resident but use a UK bank account to receive cash, any receipts into that account will be subject to UK income tax.This is a short article but is certainly worthwhile covering as it seems to be a cause of concern for many. . . .
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Using a trust to protect your assets from your (soon to be) ex spouse
Given the high rate of divorce (something like 40%) many wealthy individuals about to be married need to carefully consider the impact of a future divorce on their wealth. Although it's preferable to consider these type of issues before any marriage in practical terms this will not be an option for many (and may in fact hasten a costly divorce!). In this article we'll take a brief look at whether and how trusts can be used to shield assets from a money grabbing spouse both before a marriage and also after a marriage has taken place. . . .
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When can the courts look through your company
One of the main benefits of using a limited company to conduct your business is the fact that it can benefit from limited liability. This means that the company is treated as a totally separate legal entity from the directors and shareholders, and it is therefore responsible for its own debts. The question though is just how safe is the company's separate legal entity, and when will the courts bring the assets of shareholders and directors into account when looking at a claim against the company. . . .
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Using an offshore segregated cell company to avoid UK tax
Here's something a bit different. Over the past few years a new form of corporate entity has been developed in a number of offshore jurisdictions. Places such as the Seychelles, Bermuda and the Channel Islands have introduced the concept of the segregated or protected cell company. It was primarily designed for the offshore insurance market but for the creative thinkers amongst you, it could be adapted to other situations, such as trading or property investment. We've had a look at some of the possible UK tax and asset protection implications . . .
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Offshore Tax Book
Non Dom Tax Book
Tax Havens Book
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