Hands Off! Keeping The Taxman Off Your Life Assurance is Simple

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Finance

Published on March 27, 2013

Author: Pen-Life

Source: slideshare.net

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Putting your life assurance in trust guarantees that your family get all of it and the taxman none of it.

www.pen-life.co.ukHands off!Keeping the taxman off your life assurance is simple...Putting your life assurance in trust guarantees that your family get all of itand the taxman none of it.

www.pen-life.co.uk Covered mag recently revealed the biggest misers in the history of the world.But you won’t be considered a skinflint for wanting to keep the taxman off your money. A hero, more like.

www.pen-life.co.uk Covered mag recently revealed the biggest misers in the history of the world.But you won’t be considered a skinflint for wanting to keep the taxman off your money. A hero, more like. There’s an easy way to keep the taxman’s hands off your life assurance and make sure your family gets it instead...

www.pen-life.co.ukRest assured, it doesn’t involve dodgy offshore tax havens.

www.pen-life.co.ukRest assured, it doesn’t involve dodgy offshore tax havens. Instead, it involves writing your life assurance in trust, which has lots of benefits for your family - keeping the taxman away is just one of them. You may think it doesn’t matter as it probably won’t get paid out anyway, but it’s a sad fact that one child in 29 loses a parent before they’ve finished full-time education.

www.pen-life.co.uk Despite the fact that the word ‘trust’ conjures up pictures of rich kids living large off the proceeds, they are actually quite a common tool for making sure everyday families get more of their inheritance.

www.pen-life.co.uk How do trusts work? 1 Once you put an asset into a trust it no longer belongs to you, so doesn’t form part of your estate

www.pen-life.co.uk How do trusts work? 1 Once you put an asset into a trust it no longer belongs to you, so doesn’t form part of your estate 2 A ‘trustee’ holds the asset for you until you are ready for your ‘beneficiary’ to receive it

www.pen-life.co.uk How do trusts work? 1 Once you put an asset into a trust it no longer belongs to you, so doesn’t form part of your estate 2 A ‘trustee’ holds the asset for you until you are ready for your ‘beneficiary’ to receive it When you set up a trust, you decide when the beneficiaries get their 3 money – you could specify that your children will get access to their trust when they are 21, for example.

www.pen-life.co.uk How do trusts work? 1 Once you put an asset into a trust it no longer belongs to you, so doesn’t form part of your estate 2 A ‘trustee’ holds the asset for you until you are ready for your ‘beneficiary’ to receive it When you set up a trust, you decide when the beneficiaries get their 3 money – you could specify that your children will get access to their trust when they are 21, for example.There are lots of different types of trust and you should always seek independentadvice when setting one up. You can find out more about the types of trusts here.

www.pen-life.co.ukSo having life assurance in the first place is a good idea and putting it into a trust is an even better one, yet just 6%of policyholders do this.

www.pen-life.co.uk What are the benefits of trusts for life assurance policies? 1 It can help your family avoid inheritance tax payments if your estate is valued over £325,000

www.pen-life.co.uk What are the benefits of trusts for life assurance policies? 1 It can help your family avoid inheritance tax payments if your estate is valued over £325,000 2 They can get the money more quickly, as it doesn’t have to go through probate

www.pen-life.co.uk What are the benefits of trusts for life assurance policies? 1 It can help your family avoid inheritance tax payments if your estate is valued over £325,000 2 They can get the money more quickly, as it doesn’t have to go through probate 3 You can ensure it’s your family that gets it and not your creditors, if you have any debt

www.pen-life.co.uk What are the benefits of trusts for life assurance policies? 1 It can help your family avoid inheritance tax payments if your estate is valued over £325,000 2 They can get the money more quickly, as it doesn’t have to go through probate 3 You can ensure it’s your family that gets it and not your creditors, if you have any debt 4 It doesn’t cost any extra than a policy that’s not written in trust

www.pen-life.co.uk What are the benefits of trusts for life assurance policies? 1 It can help your family avoid inheritance tax payments if your estate is valued over £325,000 2 They can get the money more quickly, as it doesn’t have to go through probate 3 You can ensure it’s your family that gets it and not your creditors, if you have any debt 4 It doesn’t cost any extra than a policy that’s not written in trust 5 You can add other assets into the trust to reduce your family’s inheritance tax bill even further.

www.pen-life.co.uk What are the benefits of trusts for life assurance policies? 1 It can help your family avoid inheritance tax payments if your estate is valued over £325,000 2 They can get the money more quickly, as it doesn’t have to go through probate 3 You can ensure it’s your family that gets it and not your creditors, if you have any debt 4 It doesn’t cost any extra than a policy that’s not written in trust 5 You can add other assets into the trust to reduce your family’s inheritance tax bill even further.So don’t be one of the 94% not making the most of their life assurance investment.

www.pen-life.co.uk Read our eGuide ‘Buying life assurance: Don’t get short-changed!’ to make sure you make the most of yours. Download Now

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