5 Secrets of Family Estate Planning
Elite families have known how to protect their assets for thousands of years
It’s about time you people caught up
THREAD
What is a Trust?
Officially:
“A trust is a private, legal arrangement in which assets are held by trustees for a beneficiary”
It’s basically a place for wealthy people to store assets so that Caesar can’t get his grubby little hands on them when they die
How much does it cost to set up a trust?
It’s about £4k to set up a lifetime trust in the UK
So it’s not cheap
BUT
This will help your children avoid paying 40% inheritance tax on your estate
So you can see why it’s such a good investment
If you have a mortgage free house when u die
& leave it to your kids
they have to pay a 40% tax on it
Forty bloody percent
& if they don’t have that massive chunk of cash lying around?
they are forced to sell your mortgage free house
& then buy a new house with a new… https://t.co/Wj306vZacctwitter.com/i/web/status/1…
Secret 1:
NEVER gift property to your children
(or put them on the deed of your principal residence for any reason)
Why?
Firstly, it could easily trigger a capital gains tax event (unless they’re living with you at the time)
& Secondly, if your child gets divorced, goes… https://t.co/7UptYA4CXutwitter.com/i/web/status/1…
Secret 2
Never leave ANYTHING to your partner or children in a will
That’s broke boy behaviour
Instead, put everything into a lifetime trust
& name them beneficiaries
This avoids all inheritance tax if u do it 7 yrs before u die
Talk to your parents about it today
Secret 3
Never name your family members as the beneficiaries of your life insurance policies
That’s INSANE
Instead, create a life insurance trust
& make sure your life insurance payout goes to the trust
NOT to your spouse or children
(Life insurance trusts are FREE btw)… https://t.co/Fio70ZGAEGtwitter.com/i/web/status/1…
Secret 4
NEVER put your partner or children’s names on your bank account
Instead, set up a lasting power of attorney
& name your partner/children as your attorneys
This is a legal document which allows your kids to make decisions that benefit the family, if you lose the… https://t.co/RJw6AuAr9rtwitter.com/i/web/status/1…
5. Never force your family to go through PROBATE
(The legal process of splitting up assets after a citizen dies)
Your families assets are YOURS
Why would you let the government take them…
& then decide what they think is best to do with them?
Asking for trouble
The family… https://t.co/IKsPoZepr5twitter.com/i/web/status/1…
I shouldn’t tell you this but hell
here’s a free bonus secret for you…
You can set up an OFFSHORE TRUST
As well to help you protect your assets if you get sued
Research “the Cook Islands trust”
& get a specialist attorney
This is useful because courts can force you to… https://t.co/WoCYFR1iIStwitter.com/i/web/status/1…
And that's it chaps
A comprehensive plan to avoid inheritence tax
I'll be sharing more info on this topic on my email list
You're welcome to jump on here
mailchi.mp/3cdfe8641373/b…
Think generationally chaps
thegreatbritishblog.co.uk/what-class-am-…
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.