Tax Efficient Structuring

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Preserve Your Wealth

You have worked hard for your wealth. Or you may have inherited a much-valued lump sum. Preserving your wealth in order that you may pass it on may be important to you.

Structuring your wealth carefully ensures that you and your heirs will preserve it over the long term. Inflation and other factors can erode your wealth over time, hence the need for a careful structure.

We, at Carrick, can provide tax planning and trusts designed solely for you. We can bring fresh perspectives, innovations and insights into your estate planning and wealth management needs. We do not offer predictable solutions.

Trusts

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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.

Significant benefits

  • Passing on wealth, intact, through generations and according to your wishes
  • Legitimate tax planning & benefits
  • Protection of assets

Personal Portfolio Bonds

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Personal Portfolio Bonds are Wrappers

The Personal Portfolio Bond (PPB) is a wrapper which can serve as an efficient vehicle for shares, bonds, investment funds and other structured products. In essence, such a bond is a structure in which you can place different types of savings products and investment solutions.

If you’re looking for income from your investments, then a PPB might be the correct solution for you. It is designed to grow your wealth.

Significant benefits

  • All the funds within the wrapper are administered collectively
  • This makes it much easier to administer the PPB
  • You have investment choice and all the benefits of a diversified portfolio
  • Tax efficiency
  • The PPB can incorporate savings in multiple currencies
  • Online access
  • Improved security

Estate Planning

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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.

Significant benefits

  • 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.

Wills

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Ensuring that Your Wealth is Preserved

It is important not to die intestate (without a Will) because then everything will go to the State.

If you want to be sure that your wishes will be met after you die, then you need to draw up a Will beforehand and appoint Executors to carry out your wishes.

A Will is a legal document that allows you to determine how your assets are distributed once you pass away and what should be done with your body – funeral or cremation.

Having an up-to-date Will that is signed is an essential part of Estate Planning.

A Will allows you to choose the beneficiaries of your estate (be they people, organisations, charities, and so on) and includes a comprehensive list of all your fixed assets, other assets, investments, additional inheritances and valuable possessions. Sometimes a signed Letter of Wishes that is held together with the Will designates how you want your other possessions to be dispersed.

By having a well-written, carefully planned, signed Will you are able to ensure that your wealth is preserved for your beneficiaries and distributed fairly to those you love or care for.

A Will might be the most important legal document you will ever sign. It protects those closest to you. Without a Will, the courts decide who should get what.

Regular updating of your Will is extremely important.

Significant benefits

  • Only those whom you choose will receive your wealth, as decided by you
  • Honouring Trust Agreements
  • Protection of assets
  • Administration of your Estate
  • Removes the worry and confusion for your loved ones

Create an Offshore Company

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Tax benefits, confidentiality and usefulness

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.

Significant benefits

  • Asset protections
  • Risks that can be easily managed
  • Enhanced confidentiality and privacy
  • Tax advantages
  • Reduced maintenance and operating costs

Grow. Protect. Preserve.