How trusts can help to protect family assets

Tim Bennett explains the basics of trusts and how they can help with intergenerational wealth planning.

[@gastronomy1671]

Thanks for the informative videos, Tim. I find them very helpful and easy to understand when studying related topics.

[@valdanowill]

its better to make your trust offshore than domestic as it is still subject to lawsuits and taxation otherwise it's out of their jurisdiction.

[@rubyanjum7983]

Why are the UK government taxing trust income, which is more than £1000. The trust will be taxed at 40% on income more than £1000.

[@peterjones8366]

I have read that local authorities will often ignore a "Trust", if they believe it has been set up enable deprivation of assets. Same with litigation and divorce claims etc. Would be interesting to hear other opinions on just how effective they are...

[@VincentRE79]

Trusts have been around for hundreds of years, local authorities can only challenge them if blatant deprivation has taken place.

[@ProcurementPulseUK]

@@VincentRE79 Are you able to provide a scenario where this would be a blatant?

[@lynnewainwright4088]

A Trust Deed was set up for me when I provided the funds for my parents to buy their house in 1992 & I have left the property in their names for 32 years.. My father died recently & my mother is 93 so am thinking of transferring the property into my name now myself with the land registry helping me. Would this be best or would the council see it as "deprivation of assets" if she went into a home or would the Trust be enough to legally prove my ownership? Thanks in advance.

[@vanderberg8558]

Sad. They have 32K subscribers, and after 4 weeks not even a hint of a reply. Don't even mention which country this info is relative to.

[@shakildixon9590]

You're fine if this was done in 92. The 'deprivation of assets' question only arises if there's belief by the LA that the Trust was intentionally setup in response to a medical diagnosis that would impact a homeowner in the immediate or long term.

[@nikkion2140]

Any idea how much to set up a bare trust? Can a bare trust be used in situation where one can specify a condition that the name beneficiary has to set up a Trust in order to receive the asset in order to protect it from spouse in scenario of divorce?

[@RoyalBloode]

Anyone know how to open a trust step by step

[@helipatel9280]

thanks for the information

[@tokenizegames]

What is the UK the equivalent of a revocable living trust?

[@Hustle-and-Motivate-101]

Can you put a job pention in a trust?

[@abiesigbe7571]

Thanks

[@HoboSapiens9]

Why would the Trustee pay income tax and not the beneficiary?

[@williamkz]

Good question! Tax is paid out of income & profits on behalf of the beneficiary. Technically the trustees own the assets in the trust whilst they are in the trust - that is, before being paid out to the beneficiary. In some situations, the beneficiary may be able to claim back some of the tax paid in accordance with their own tax allowances - for example if t hey are receiving income from the trust.

[@AumaivaoFTasi]

How can the beneficiaries benefit from the trust?

[@willdatsun]

one example is they might live in a house that is in the trust.

[@gnsgml11]

@@willdatsun but why does it have to be in a trust in the first place?

[@manishverma.6354]

trust is a nice.

[@TheAthleteClub]

Can European use this?

[@chandra9441]

hi, do u know about any Indian public trust which giving all caste people since 1947.. which all kings paid tax amounts.., bcaz in my village.. all castes people getting benifits after their elders death.. please think..

[@manishverma.6354]

benificeial

[@BigJProductions]

Is there a type of trust that could be used to hide the true owner of a property?

[@alexandralyansberg9127]

There used to be. But now these information needs to be discussed.

[@Zeamus634]

This video just will not play.