Tax Efficient Structuring
Preserve Your Wealth
You've worked hard for your wealth. That's why preserving and passing it on is important to you.
Whether your wealth comes from your business, your work, an inheritance or any other source, structuring your wealth carefully ensures that you and your heirs will preserve it over the long term.
By developing the right structures, we help you preserve and pass on personal and family wealth, as well as business assets, in a rapidly changing environment.
We work closely with you and provide tax planning and trusts designed specifically for you - bringing fresh perspectives, innovations and insights to your estate planning and wealth management needs.
Protect Your Assets in the Most Tax-efficient Way
Many people talk about needing to create a trust to protect their assets. However, you need professional advice to get trust structuring correct so that you can pass on your inheritance without losing it all in tax.
Trusts are separate legal entities, much like corporations. They can hold assets for you for the benefit of others. You can put cash, property or investments into a Trust. If you already have savings, you may want to put those into the Trust to leave to your children.
Once you put assets into a Trust, then those assets no longer belong to you. Of this you must be aware. What this means is that when you die, whatever is in the Trust will not be counted when it comes to calculating Inheritance Tax. The cash, investments or property now belong to the Trustee, who has a legal duty to look after them on your behalf or on the behalf of those who will benefit from the Trust in the end. When you set up the Trust you decide the rules and how the Trust will be managed.
A Trust is a very effective planning tool for passing on your estate. Your beneficiaries may not have to pay tax on your estate, depending on where the Trust is situated, and the assets are protected. It is very important to get clear, professional advice on this issue.
- Passing on wealth, intact, through generations and according to your wishes
- Legitimate tax planning & benefits
- Protection of assets
Minimum Taxation with the Least Complication and Fewest Delays
No matter how large or how humble your estate, everyone has one. An estate comprises everything you own – your car, home, other property, bank accounts, investments, life insurance, furniture, jewellery, paintings and all personal possessions.
Your estate stays behind when you die.
But who gets to have your investments or personal possessions? It is important not to die intestate (without an estate plan/ a Will) because then everything will go to the State. Having an effective estate plan provides instruction on where your valuables go and when such people can receive it after you pass away. An effective estate plan also means that your estate will pay the least amount in taxes, legal fees and court costs.
An estate plan is an ongoing process. Regular updates and reviews are essential because life is about change, and estate change laws change often, let alone your wishes regarding those whom you wish to leave your worldly goods to.
- Provide financially for your beneficiaries
- Provides protection from creditors or law suits
- Provides for loved one who may have special needs, without disqualifying them from government benefits
- Names guardians for your minor children
- Includes instructions for your care should you become incapacitated.
Ensuring your wealth is preserved
If you want to be sure your wishes will be met after you die, then a Will is vital.
It’s a legal document that allows you to determine how your assets are distributed once you pass away and an essential component of your Estate Planning.
A Will allows you to choose the beneficiaries of your estate and includes a comprehensive list of all assets, investments, additional inheritances and valuable possessions.
By drafting a well-written, carefully planned Will, you’re able to ensure that your wealth is preserved for your beneficiaries, and distributed fairly to those you love.
A Will might just be the most important legal document that you will ever sign. It protects your most important assets — your family. Without one, the courts decide what happens to your assets.
Life and circumstances change over time and your Will should reflect those changes. Regular updating of your Will is important.
- Passing on wealth to chosen beneficiaries
- Honouring of Trust Agreements
- Protection of assets
- Administration of your Estate
- Reduces stress and worry for loved ones
Create an Offshore Company
Tax benefits, confidentiality and usefulnessM
An offshore company can provide you with much more flexibility and many more options when it comes to confidentiality, improved privacy and security, asset protection, tax efficiency and the ability to expand your business in the international arena.
Above all, an offshore company is taxed in the jurisdiction in which it is incorporated, so the tax applied is much lower than at home. There is also the advantage of being able to administer the company more easily and more discreetly.
An offshore company is relatively easy to set up. The most important thing to bear in mind is choosing the correct jurisdiction in which to set up your company. Because there are a few pitfalls to consider, it is important that you take professional advice from a financial adviser, who will explain what is involved in structuring, ownership, and processes of operation and administration.
Every offshore company has its own requirements, and at Carrick we recognize that one size does not fit all. Because we are experts and experienced in such matters, we are able to provide you with advice that is up to date, customised for you and fully compliant with all regulations.
- Tax advantages
- Increased confidentiality
- Asset protection
- Ease of reporting
- Manage risk
- Lower maintenance and operating costs