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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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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. . . . keep reading
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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. . . . keep reading
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How to avoid care home fees
Paying for care home fees is a key concern for many retirees and in particular it's the thought that they may have to sell their house or use cash balances that they have saved over their life to pay for these fees that is top of the agenda. This article looks at some of the rules and the options available. . . . keep reading
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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. . . . keep reading
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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. . . . keep reading
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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. . . . keep reading
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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. . . . keep reading
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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 . . . keep reading
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Here's what our members are saying ...
"I joined the site after reading Non Resident and Offshore Tax Planning and was certainly not disappointed. The practical and 'to the point' tax planning has already saved me a considerable sum. I'd recommend this website to anyone."
Jerry Brown, Edinburgh
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In our case it's well worth the £10 membership fee."
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