Protecting your inheritance for future generations is commonly referred to as ‘Bloodline Planning’. Ensuring that your assets reach your children, grandchildren and other relatives, rather than other people.
Assets distributed to beneficiaries absolutely can be lost
When your assets are distributed to beneficiaries “absolutely”. They receive cash, property or other assets as a direct lump sum payment, so much of it can be lost. Your assets are then considered to be part of the beneficiary’s estate. Being at risk from any future divorce settlements, creditors and taxation.
Use Trusts to benefit your relatives
The use of Trusts can ensure that your children and grandchildren are able to benefit completely from the inheritance you want them to receive. At the same time protect the family home and other assets from being lost to the costs of Long Term Care.
For help and advice on how best to protect your assets please contact David Booth at DB Consultancy on 07949 021118.