Appreciating your goals
Understanding your financial circumstances is crucial in making sure we tailor the right solution for you.
Formulating a detailed perspective of your financial circumstances, timelines and ultimate objectives is vital so that we can tailor solutions that best meet your requirements. Everything we do will be bespoke for you, allowing you both the choice and level of fleixbility to which you aspire.
Different Aspirations may mean Different Solutions
So that we can tailor the right solution for you, it’s crucial we understand whether you’re:
Whether its financial preservation or growth, trusts are an important part of your estate planning when leaving money to your family.
There are many reasons for preserving or growing wealth, such as for the provision of education or for care requirements. If an asset is likely to appreciate in value over time and if it is something that you may like to pass on, it should be placed in your Trust.
Assets such as your family home, public shares, life insurance policies, family heirlooms and antique jewellery fall squarely within this category.
You can use a trust to gift money to your family as you see fit. The trust can provide a certain amount each year for a pre-determined duration, culminating in a final lump sum when you feel it is appropriate.
Assets are placed in a Trust by a Settlor and in turn are managed by the Trustee(s) who must deal with the assets in the interests of the Beneficiaries.
A Family Trust for example helps to separate personal and business activities and protects assets in case of matrimonial or relationship problems.
A Family Trust also helps a person to hold on to their hard-earned assets so that their later years aren’t spent in poverty, which for example can be the case if they are forced to sell property and other assets in order to pay for care.
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The income of a Trust, established in the Isle of Man, is free of taxation, where the beneficiaries of the Trust are non-residents, and the income is derived from sources outside of the Isle of Man.