Is Estate planning more important than Inheritance tax planning | Bluebond Tax Planning
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- Опубліковано 23 сер 2024
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Is estate planning more important than inheritance tax planning?
This video explains exactly what Estate planning is and why it is important to the majority of people who wish to ensure that the assets they leave behind on death are distributed efficiently and effectively according to their wishes.
We explain why it is important that inheritance tax planning is done as an intrinsic part of a wider Estate Planning solution and how they fit together.
We explain the problems that a standard Will cannot solve and why those problems can affect your beneficiaries in the long term.
We identify that there are five main problems which are :
1. Divorce of any of your children
2. The bankruptcy of any of your children or their spouses
3. Remarriage of the surviving spouse after the death of any of your children 4. Grandchildren inheriting assets too young
5. 64% tax that may be taxed on your grandchildren
We go on to explain the issues around these 5 problems and the solutions that good estate planning will ensure they are avoided.
The solutions suggested will also save some inheritance tax but are mainly designed to protect your assets from the previously mentioned 5 problems.
This is an important video to watch for almost everybody who has (adult) children if they wish to ensure their assets are protected for those children.
As always experienced inheritance tax advice is essential
Join our free Saturday webinar to learn how to solve your inheritance tax problem: www.bluebond.c...
Brillant
If you leave your property to your kids in a trust, what is the process if they want to sell it ? Are there constraints ?
Depends on who you appoint as trustees as they have ultimate control but most peopel appoint the benificariesof the trust if they are the adult children. Do not do anything with trusts unless you get suitable advice first
@@Inheritancetaxadvicethe kid will be trustees. If all trustees agree they can sell, can they do so? Are there any constraints?
HI@@MarkGauder - No provided all trustees agree there are no constraints to selling a propery other than the tax implcations but you will need to get advice on that as its quite complex
In the case of bankruptcy, if all the money is sunk into a business and the business fails, and there are no assets, there’ll be nothing left to recall into the trust?
The loan is against the personal assets and Estate of the beneficiary - If that person dies with no assets then yes the loan cannot be recovered. ( No different to the situation if the assets are passed directly to the person. However, in a normal Will when the assets are passed directly to a beneficiary they would be subject to bankruptcy but a loan from the trust would not be. This is complex work and advice should be taken so call or email us if you require help
@@Inheritancetaxadvice Thanks for your response.Like anything, there are always variables. The beneficiaries situation has to meet certain criteria for the loan plan to work. I appreciate it is complex, and each individual’s situation needs to be assessed to see if it works to suit everyone.
In normal circumstances, a loan to a beneficiary or any other would need to be secured with a legal charge on certain assets, such as property. That is to protect the Trustees and in turn the beneficiaries. The trustees have a duty of care and need to ensure that any loan from the Trust is sufficiently protected to avoid action against trustees for not taking care of the beneficiaries assets.