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26 . Glasgow Business May/June 2013



Family Asset Protection Company Ltd can arrange trusts to protect your company and personal assets and wealth, and plan against inheritance tax in the future


amily Asset Protection Company Ltd is an estate planning company, which helps businesses and individuals. Here, the company explains how

businesses can manage pension auto- enrolment and individuals protect their assets for the next generation...

BUSINESS Pension plans and auto- enrolment legislation

You may have seen recently a lot of publicity regarding new rules regarding Workplace Pensions. Legislation has been passed that will require you to automatically enrol staff in a “Qualifying “ pension scheme to be provided by you. Te number of employees in your business will determine the date by which time you must comply with this legislation. Family Asset Protection Company has

established a partnership with a leading pension specialist and a leading investment manager. Tis provides a bespoke occupational workplace pension scheme specifically tailored to the needs of small to medium-sized businesses across the country. Tis will ensure that businesses comply with their auto- enrolment obligations to provide a qualifying workplace pension scheme for their employees.

PERSONAL Protect your assets so they can be passed on to the next generation

Executory costs

Problem: When you die, a solicitor would deal with the handling of your estate. Tis process can take a long time, and reduce the value of your estate, leaving your beneficiaries without access to your estate when they need it. Solution: If you set up a Family Protection Trust you can transfer your assets (including your home) into the trust. When you die, there will be no executory procedure, therefore there will be no extra costs, and your family would have access to your assets immediately . Tis is if no probate is required .


Problem: If you are unable to handle your own affairs, then the process of applying to the court for a Guardianship Order is expensive. Te decisions being made on your behalf may not achieve the results you wish. Solution: If you are unable to handle your own affairs, having a Power of Atorney ensures your estate is handled on your behalf. If you have not set up a Power of Atorney, and you have set up a Family Protection Trust, then the trustees will operate in the same manner with more

control to handle your assets the way you would want.

Children’s Legal Rights

Problem: Children are legally entitled to a share of the estate, regardless if this right has been expressed in a will. Solution: A Family Protection Trust ensures that your assets are protected. Your children have no legal right to anything within the trust and could only gain access to their share of anything outwith the trust.

Care costs

Problem: At present, there are more than 10 million over 65s in the UK, of these 1.5 million are over 85. Research suggests that about three-quarters will develop a social care need, which can include anything from help geting up in the morning to round-the-clock support in a residential home. If this happens, the council can take all your assets (including your house) to pay

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