In this episode of The Investors Corner, hosts Mike and Andy delve into the essentials of setting up a trust for landlords with Paul Hutchinson from Hutchinson and Legal Associates. This episode is packed with valuable insights and actionable advice for both new and experienced investors.
Understanding Trusts and Their Benefits
Paul explains the history and purpose of trusts, debunking the myth that they are only for the super-wealthy. Trusts can protect assets, provide tax benefits, and ensure a smooth transfer of wealth to future generations.
Tax Implications
The episode covers the tax implications of setting up a trust, including:
Setting Up Trusts
Paul discusses the steps and costs involved in setting up a trust, emphasising the importance of consulting specialists in trusts and estate planning to ensure proper setup and compliance with legal requirements.
Challenges and Practical Advice
The hosts and Paul explore potential challenges landlords might face when setting up trusts, such as care fees and managing rental income through trusts. Paul provides practical advice on how to navigate these issues effectively.
Real-Life Scenarios
Paul shares real-life examples of how trusts have been used to protect family assets and provide financial security, highlighting the importance of considering trusts in estate planning.
Key Insights
Resources:
Hutchinson Legal & Associates - https://hutchinson-legal.co.uk
Contact Paul:
Tel: 01454 300 600
E-mail: info@hutchinson-legal.co.uk
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