Trusts and Asset Protection
Wealth that has been built up by hard work and over time needs careful protection from unnecessary tax bills or third party claims to ensure that it will be enjoyed by future generations.
In creating an estate plan, asset protection should be considersed to protect against the erosion of wealth. Tax planning forms part of this, but the risk of third party claims, for example, on divorce or from personal liability, also needs to be considered. Another essential aspect of asset protection concerns young or vulnerable beneficiaries and the need to protect assets on behalf of (and indeed even from) the intended recipients. Trusts will often form part of the estate planning strategy.
This is a delicate and complex area where a detailed picture of an individual’s or family’s circumstances needs to be understood in order for the best advice to given.
