The Asset Protection Handbook - How To SafeGuard & RingFence Your Assets

Opinion: Safeguarding your personal assets

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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. The perceived risk of such litigation has grown due to the number of seemingly frivolous claims that have been made against wealthy Where to Base Your Offshore Company.

In this mini-guide by best selling tax author Lee Hadnum, he looks at various offshore jurisdictions and considers some of the best places to incorporate your offshore company. Key issues covered include: Offshore Jurisdictions - Nil-Tax Havens In this mini-guide by best selling tax author Lee Hadnum, he looks at various offshore jurisdictions and considers some of the best places to incorpor Tax Planning for Dividends: In this guide we look at precisely how UK and foreign dividends are taxed before covering some of the key tax planning opportunities available.

One of the simplest and most effective ways to avoid or reduce income tax on dividends is to spread the income amongst your Spouse or Children.

This is fully covered in this guide. Many people enjoy going on their summer holidays as a tourist in a foreign country.

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How would you fancy extending this 'holiday' permanently? It may not have been something you've previously thought of, but far from being a new or radical idea, there are many people who are already doing this, and depending on the nature of their investments, they are maintaining their capital and much of the returns on their investments without suffering taxes. The basic principle is February Edition If you're interested in offshore tax planning involving UK companies there are plenty of opportunities available.

What will a Living Trust do for Me?

In this guide we show you how and when you can use your UK company as part of an offshore tax planning strategy. Everybody wants to protect their assets for the benefit of their loved ones. People are motivated to provide for their children throughout their lives and want what is best for them. Many people will draft a Will hoping to ensure that the assets that they have worked hard to acquire during their lifetime, are passed on to their children and chosen beneficiaries after their death.

However, a Will can only dispose of the assets that you own at the date of your death and if the value of these is eroded during your lifetime, there will be little if anything left for your beneficiaries to inherit. Lifetime Living Trusts are specifically designed to protect your assets for you during your lifetime. They give you the peace of mind that your estate can be passed on securely and intact to your spouse, your children and their bloodline, or other named beneficiaries, after your death.

Once the Trust has been created, you can use it to 'ring-fence' your assets. Most people will protect their home and their savings, leaving capital in their bank or other savings accounts for ongoing living expenses. Income from savings protected within the Trust can be paid directly into your bank account to supplement income from earnings or pensions. Just like a safety deposit box, assets can be added and removed from the Trust during your lifetime. If you have large expenses that cannot be met out of normal income, like a new car, holiday, or house repairs, the appropriate sum can be transferred to your bank account from the Trust.

You are named as the 'Principal Beneficiary' of the Trust and retain full control of the assets within the Trust while you are alive and have mental capacity.

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You are free to move home, or release equity from the Trust at any time. As the Principal Beneficiary of the Trust, you have a guaranteed right of occupation in the property for the remainder of your life.

The Trustees, usually your children, cannot evict you under any circumstances. The Asset Protection Handbook: 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.

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The perceived risk of such litigation has grown due to the number of seemingly frivolous claims that have been made against wealthy professionals. The current view is that if your assets are obvious and easily reachable, you are pretty much a sitting duck.

It's not just professionals though who are interested in protecting what's theirs. Essentially if you look as though you have deep pockets there is a risk. In our new Asset Protection book we look at a whole range of Asset Protection scenarios where you can ringfence and safeguard your assets.

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