Any idea how much to set up a bare trust? Can a bare trust be used in situation where one can specify a condition that the name beneficiary has to set up a Trust in order to receive the asset in order to protect it from spouse in scenario of divorce?
I have read that local authorities will often ignore a "Trust", if they believe it has been set up enable deprivation of assets. Same with litigation and divorce claims etc. Would be interesting to hear other opinions on just how effective they are...
A Trust Deed was set up for me when I provided the funds for my parents to buy their house in 1992 & I have left the property in their names for 32 years.. My father died recently & my mother is 93 so am thinking of transferring the property into my name now myself with the land registry helping me. Would this be best or would the council see it as "deprivation of assets" if she went into a home or would the Trust be enough to legally prove my ownership? Thanks in advance.
You're fine if this was done in 92. The 'deprivation of assets' question only arises if there's belief by the LA that the Trust was intentionally setup in response to a medical diagnosis that would impact a homeowner in the immediate or long term.
Thank you for sharing 😊 it is a bit unclear for me yet how it can protect assets in the event of divorce? Wuold you be able please to explain in simple words. Many thanks in advance😊
Good question! Tax is paid out of income & profits on behalf of the beneficiary. Technically the trustees own the assets in the trust whilst they are in the trust - that is, before being paid out to the beneficiary. In some situations, the beneficiary may be able to claim back some of the tax paid in accordance with their own tax allowances - for example if t hey are receiving income from the trust.
hi, do u know about any Indian public trust which giving all caste people since 1947.. which all kings paid tax amounts.., bcaz in my village.. all castes people getting benifits after their elders death.. please think..
