To host the Olympics takes years of hard work and planning. It’s bit like retirement, you spend years working hard, putting the foundations in place, ready to enjoy yourself without worry when you stop working. You then want to leave a lasting legacy to your children once your time comes to an end. The problem is nowadays your legacy is at serious risk from a number of threats.
Couples who leave their wealth (legacy) to each other could leave open the possibility that if the surviving spouse then re-marries, the new partner and the new partner’s family could be due to inherit your wealth rather than your children!
Leaving money directly to your children is also risky, especially if your child is married. If they were to divorce half your legacy could be lost to your ex-son or ex-daughter-in-law!
Your legacy is also at risk if your child was to be made bankrupt or require care in the future. But perhaps the most frustrating attack on your legacy is that from the government in the form of Inheritance Tax (IHT). The tax that is due on your death and not just your death either. Your legacy could be taxed again on your children’s death and your grandchildren’s death.
In order to protect your legacy, it is essential to put a winning formula in place. This involves working with an expert coach who will be able to create the right plan to ensure your lasting legacy remains intact. By updating your will and using a family trust structure, what you leave behind can be protected from all of the threats described above.
To find out more we are currently offering our Tax and Trust Guide for free to the first 10 readers of Essentially Local who contact us by 29th July 2016.
Tel: 01908 523740