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  • Tax

    Family trust

    Hi Nick

    I was treated by my son quite badly and my wife has never forgot it and there is bad feeling between her and my son

    I am not totally sure my wife will not give my son the Estate after I have gone

    But I have to look at the bigger pic past my son hence the reason for the trust ??

    The fact is I don't want any member of the family to have the Assets I am happy for the family to be benefit  of the trust for income

    I also have a great number of long standing Tenant's who have supported me for a long time

    And where I can I want to protect there interests too

    I am quite an old fashioned Landlord and I think you have a duty to do what is right by your Tenants after all its there home

    I still believe the trust is right way to go But should it be done when I am here or on my death

    I also like to give to Forces Charity (Blind Veterans) is my pet charity

    I honestly believe when fate has been kind to myself and given me a lot of wealth Its is only right that you do good with money

    My ambition was always to build wealth which could be passed on via a family trust hopefully protecting my family and others and can be used as a power of good to provide homes for family's long after I have gone

     



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    Learn Change and Adapt ?????

    You could "skip a generation" which is an efficient vanilla way of minimising IHT (i.e. leave your estate to Grandchildren). When combined with your desire to support Charity it is easy to see why your thoughts turn to a Trust. Without doubt you should get expert help, the qualification to look for is a STEP Practitioner and they tend to be lawyers although large accountancy firms will have member with the STEP Qualifications. There are different levels of training and qualification, and at the end of the day who you chose to advise you will probably best be the person that you feel most comfortable with, but looking for STEP will filter out those you shouldn't bother with.

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    Thanks Nick I am greatfull

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    Learn Change and Adapt ?????