How can Wrigleys advise on protecting your assets?
Asset protection can take many forms. It can be motivated by a wish to avoid or defer a capital tax charge, an intention to provide for family members, or a desire to safeguard personal wealth in the event of a divorce or separation.
Lifetime gifts and planning
Asset protection can involve outright lifetime gifts for the benefit of future generations.
If the intention is to bypass one generation completely in the interests of saving tax, the use of trusts can be an important part of this.
If assets qualifying for 100% business and/or agricultural property relief are involved, these may be placed in trust or added to an existing trust without an inheritance tax charge.
Trusts can enable an individual to reduce his or her estate for inheritance tax purposes but without placing assets directly into a beneficiary's hands, so they can offer an additional level of control that is not available on an outright gift.
Family investment companies
Family investment companies can be another effective way of safeguarding assets, and these are becoming increasingly popular with clients as an alternative to trusts. They often involve complex tax considerations as well as questions of company law, and we have considerable experience of advising our clients on the issues they present.
Not just saving tax…
Looking beyond tax can be a key part of asset protection. Wrigleys can advise on the most tax-efficient ways of protecting your assets, as well as considering possible alternative ways of achieving your aims such as:
- Providing for vulnerable individuals;
- Handing over a business;
- Preserving existing wealth for future generations; or
- Protecting against insolvency.
Pre- and post-nuptial agreements
Increasingly, pre- and post-nuptial agreements are used in order to help safeguard a married couple's assets should they divorce. Cohabitation agreements are also becoming more and more common for non-married couples who wish to live together but protect their wealth should they separate. We can prepare and advise in depth on all of these, as well as any relevant tax considerations.
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Legal 500 (2023)
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Chambers and Partners HNW Guide (2023)
