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.
Protecting your assets in the most tax-efficient way
A Trust can be a tax-efficient way of passing on your inheritance, but you need professional advice to get it right.
Trusts are separate legal entities, like corporations. They can hold assets for you or for the benefit of others. You can put cash, property or investments into a Trust. For example, you could move some of your savings into a Trust for your children.
If you put assets into a Trust, then they no longer belong to you. This means that when you die, their value is not usually included when Inheritance Tax is calculated. Instead, the cash, investments or property belongs to the Trustee, who has a legal duty to look after these assets on your behalf for the person who will benefit from the Trust in the end. When you set up a Trust, you decide the rules about how it’s going to be managed.
Trusts are an effective planning tool for passing on your estate in a tax-efficient manner as well as guaranteeing asset protection.
- Passing on wealth, intact, through generations and according to your wishes
- Legitimate tax planning
- Protection of assets
Minimum taxes with the fewest complications or delays
No matter how large or how modest, everyone has an estate. It’s comprised of everything you own — your car, home, other property, bank accounts, investments, life insurance, furniture, personal possessions, and so on.
The fact of the matter is that your estate stays behind when you die — you can’t take it with you.
Having an effective estate plan provides instructions on where your valuables go, to whom, and when they will receive it after you pass away. It also helps your estate to pay the least amount in taxes, legal fees, and court costs.
Estate planning is an ongoing process — whether it’s because of changes in your life or that of your loved ones, or the ever-changing estate tax laws, regular updates and reviews are essential.
- Provides financially for beneficiaries
- Provides protection from creditors or lawsuits
- Provides for loved ones with special needs without disqualifying them from government benefits
- Names a guardian for your minor children
- Includes instructions for your care if 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
Increased confidentiality with tax advantages
An offshore company can provide benefits that regular companies cannot match - such as asset protection, confidentiality, enhanced privacy, tax savings or simply growing your business internationally.
The major advantage an offshore company has is that the rate of tax applied by the government in the jurisdiction in which it is incorporated is much lower. Additionally, some offshore companies are easier to administer and more confidential than onshore companies.
Setting up an offshore company is relatively straightforward. However, there are a number of pitfalls to keep in mind, and choosing the right jurisdiction to form companies is a critical first step. Proper advice with regard to structuring, ownership, operations and administration is also vital.
At Carrick, we recognise that every case is going to be different. A high level of expertise ensures that all company-related matters and the advice given is up to date, effective and fully compliant.
- Tax advantages
- Increased confidentiality
- Asset protection
- Ease of reporting
- Manage risk
- Lower maintenance and operating costs
Grow. Protect. Preserve.