Tax Efficient Structuring

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Preserve Your Wealth

You’ve spent years building your wealth and you are intent on passing this on to those who could most benefit.

But neither do you want your wealth to be squandered once it has been passed on. By developing the correct structures, we can help you to protect and preserve your personal and family wealth, or your business assets.

At Carrick, we work closely with you to provide the best solution designed specifically for you. Our advice to you will reveal that we are innovative thinkers. We will bring a fresh perspective to your estate planning and to all your wealth management needs.

Trusts

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A trust protects your assets from being eroded by tax

A trust protects your assets from being eroded by tax

The first rule of business when it comes to creating a Trust is to get professional advice before you do anything.

A Trust is a legal entity in the same way that a corporation is and holds assets on your behalf meant for another i.e. a Trust is a mechanism where the ownership of asset(s) is separated into ‘legal or nominal ownership’ and ‘beneficial ownership’ of the asset(s).

Into the Trust you can sign over cash, property or investments, or put regular savings into the Trust.

Once you’ve signed over these assets, they no longer belong to you. The Trustee owns the asset in name only on your behalf.
Because they are not yours at the time of your death (now held in the Trust), the value of such assets is (usually) excluded when Inheritance Tax is calculated on your estate.

Trusts are effective planning tools for reducing the tax burden of your estate as far as possible and, at the same time, for protecting your assets.

Significant benefits

  • Legitimate tax planning
  • Protection of assets
  • Honouring your wishes when it comes to passing on wealth through generations

Personal Portfolio Bonds

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House all your financial investments for easy administration

Personal Portfolio Bonds (PPBs) are otherwise known as ‘wrappers’, which are used for tax efficiency and for ease of administration.

Into a wrapper you can place all your shares, bonds, investment funds and other structured products. Simply defined – one roof, many rooms!

Portfolio bonds can be used by those wanting an income from their investments, or by those who want to concentrate their wealth growth.

Significant benefits

  • Investment choice and portfolio diversification benefits
  • Investments in multiple currencies in one wrapper
  • Easy online access
  • Enhanced security
  • All funds administered together, making it much easier to manage your affairs
  • Can be used for managing succession planning
  • Tax advantages

Estate Planning

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Protect your family by being organized

No matter your financial standing, everyone has an estate. Everything you own and, therefore, everything you leave behind is considered part of your estate, be it bank accounts, investments, furniture, personal possessions, property, a car, and so on. You may also leave behind debts, but that, too, is part of estate planning.

Having a clear, effective estate plan provides instructions to your executors on what is to be done with your valuables after you pass away. Such a plan may help to protect your estate against the full brunt of taxes, legal fees and court costs.

Because circumstances change, and goods, property and other investments are bought and sold, it is important to review your estate planning on a regular basis, especially because estate tax laws change frequently.

To be sure, if you are in possession of a sizeable fortune and you do not consider the dynamics of estate transfer, you are putting that fortune at risk. You would rather your minor children be looked after by people you trust without having judges decide who is to be the guardian, and what money your children are entitled to.

Significant benefits

  • Provides financially for your beneficiaries
  • Names a guardian for minor children
  • Maintains control over the distribution of assets
  • Reduces or possibly eliminates estate taxes
  • Protects your privacy by avoiding probate
  • Designates someone to act for you should you be unable to do so – for instance, power of authority

Wills

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The most important legal document you will ever sign

If you want to ensure that your wishes are carried out after your death, then drawing up and signing a Will is imperative.

A Will is a legal document that allows you to distribute your assets to other parties once you have passed away: the Will is one essential part of broader estate planning. It should be carefully crafted, thought through, and signed.

In a Will you get to choose the beneficiaries of your estate. You also get to decide how your fixed and portable assets, investments, other inheritances and valuable possessions are to be distributed.

Updating your Will is important, especially if the circumstances or choice of your beneficiaries have changed.

Whether you have a Will or a Trust, you need to seek the advice of professional advisers.

Significant benefits

  • Passes on your wealth to your chosen beneficiaries
  • Eases problems regarding administration of your estate
  • Protects your assets
  • Honours Trust agreements
  • Removes the burden of worry from your loved ones

Offshore Companies

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Grow your business and save tax

A company registered offshore has many advantages, the most attractive being the rate of tax applied by the jurisdiction in which the company is incorporated.

Furthermore, an offshore company offers asset protection, enhanced privacy, confidentiality, and an international base from which you can expand your business.

The critical first step is knowing where to form and register your company. In-depth knowledge of the legalities and benefits of each jurisdiction, as well as the know-how on how to set up your offshore company, is paramount to being successful in achieving this business goal. A knowledgeable adviser will provide you with proper advice regarding structuring, ownership, operations and administration.

At Carrick, we recognize that the particular issues pertaining to individual offshore companies need expert consideration. We provide advice that is current, effective and fully compliant.

Significant benefits

  • Advantages having an offshore company for further investment
  • Reduced administration
  • Increased confidentiality
  • Minimizing taxes
  • Asset protection
  • Lower set-up and maintenance costs
  • Lower capital requirement
  • Ease of reporting
  • Managing risk

Grow. Protect. Preserve.