Protecting your inheritance for future generations is commonly referred to as “Bloodline Planning”.
Bloodline Planning is ensuring that your assets reach your children, grandchildren and other relatives, rather than ending up in the wrong hands!
When assets are distributed to beneficiaries “absolutely”, (ie. they receive cash, property or other assets as a direct lump sum payment) so much can be lost. These assets are then considered to be part of the beneficiary’s estate and would be at risk of attack from any future divorce settlements, creditors and taxation.
With the strategic use of Trusts, Quinn Legal Services can ensure that your children and grandchildren are able to benefit completely from the inheritance you want them to receive.
Have you considered what might happen if your surviving spouse were to remarry? How would this affect your own children if he/she later changed their will in favour of the new spouse and any subsequent children?
Or for those of you who already have children from a previous marriage how do you ensure that they would get their fair share?
What if your children are very young or have special needs? How can you ensure that they are fully provided for?
Our expertise will ensure that your assets are both fully protected from attack and immediately available to your loved ones after you are gone.
Assets not protected by a Trust face attack from…
The Divorce or separation settlements of future generations.
Creditors or Bankruptcy claims.
Further Inheritance Tax bills.
Distributing assets absolutely to beneficiaries exposes those assets to risk.
Can Trusts Reduce Or Eliminate The Tax I Pay?
Trusts have been instrumental in mitigating tax since Medieval times. Trusts were initially created for the Nobility and wealthy landowners to avoid paying taxes to the Crown.
The introduction of Trusts led to a distinct loss of tax revenue and it did not take long for the first anti-avoidance statute to be introduced; by Henry VIII in 1535.
Since then, there have been many changes to Trusts and their uses and equally to the Inland Revenue rules which affect them.
Nowadays, you don’t have to be a Nobleman, or a wealthy landowner to want to take advantage of the many tax strategies Trusts can provide.
Many people now look to using Trusts as a means of mitigating tax which would otherwise be payable.
Whether you own your own business and your concern is Corporation Tax, own property or hold other forms of assets which would fall prey to Capital Gains Tax, or believe Inheritance Tax will become an issue for your intended beneficiaries; Quinn Legal Services can provide you with the correct type of tax planning to ensure as much tax as possible is saved.
Quinn Legal Services are experts in providing advice on all aspects of tax planning and the use of Trusts, which will provide these ultimate tax savings.