I am a trustee for a trust fir my younger brother. I have total say on how to spend it as long as it benefits my brother. The trust has £176,000. Do I have to register with the HMRC? Will I have to pay tax on the trust?
@@MPEstatePlanningUK www.gov.uk/hmrc-internal-manuals/trust-registration-service-manual/trsm23080 This says he doesn't even have to register doesn't it? Being a vulnerable person On PIP. ???
@@MPEstatePlanningUK does putting your house in a trust on which you have mortgage affect it’s mortgage interest rate when you remortgage after fixed rates come to an end, do we have to pay higher interest rate ?
As long has you have mental capacity and are the settlor you can make changes (depending on the express powers inside the trust). Yes, we provide all the powers.
Was always led to believe trusts help avoid paying iht. Maybe this used to be the case but not anymore. Dealt with two "specialists" now on these matters and still cannot understand the actual benefit of a trust other then some protection ie marriage, care home fees, probate. But you can put things in place to offset these things ie hire private care instead of placing you loved one into a home it would be much cheaper especially if they already have their own home. Marriage is not for everybody. Probate savings are swallowed up from ongoing trust fees over time. Am I only one missing the point here? Surely if you want to avoid iht simply move to another country that isn't so greedy and pay nothing. Job done
Great comment, thanks for sharing. Not sure about ongoing trust fees - there are none when the family are the trustees. The point of Trusts is to stop the family from losing everything - having some legal protections in place.
You can live in the house. The Care Act 2014 states as long as there is "no foreseeable need for care or support" you whould be fine with the local authority. The key here is to do it as far in advance as possible. Mike
good morning i have a house worth 350k paid off and 100k in the bank 2 kids adults unsure how to split my assets in percentage is that possible? i want to add other people to inherit from me aswell and keep them anonymous?
Placing assets into Trust can make the distribution easier depending on the circumstances of the receipient at the time. Beneficiaries of a Trust can remain anonymous.
@@PeteH0121 Honesty is the best policy - especially with two kids in school and being a public figure. (And it's not hard when there are 100% legal solutions!)
![Seungmin "그렇게, 천천히, 우리(As we are)" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/kAzmhLHePqU/mqdefault.jpg)
![I.N "HALLUCINATION" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/n5B5q1Hwt_U/mqdefault.jpg)
I am a trustee for a trust fir my younger brother. I have total say on how to spend it as long as it benefits my brother. The trust has £176,000. Do I have to register with the HMRC? Will I have to pay tax on the trust?
As of Sept 2022 all Trusts need to be registered with HMRC's Trust Registration Service.
@@MPEstatePlanningUK do I have to pay tax...my brother is on PIP benefit?
@@DavidMaitland-w3v The income tax needs to be paid - it's the capital that is protected from means assessment.
@@MPEstatePlanningUK
www.gov.uk/hmrc-internal-manuals/trust-registration-service-manual/trsm23080
This says he doesn't even have to register doesn't it? Being a vulnerable person On PIP.
???
@@MPEstatePlanningUK does putting your house in a trust on which you have mortgage affect it’s mortgage interest rate when you remortgage after fixed rates come to an end, do we have to pay higher interest rate ?
Can you change a trust at anytime
As long has you have mental capacity and are the settlor you can make changes (depending on the express powers inside the trust). Yes, we provide all the powers.
Was always led to believe trusts help avoid paying iht. Maybe this used to be the case but not anymore. Dealt with two "specialists" now on these matters and still cannot understand the actual benefit of a trust other then some protection ie marriage, care home fees, probate. But you can put things in place to offset these things ie hire private care instead of placing you loved one into a home it would be much cheaper especially if they already have their own home. Marriage is not for everybody. Probate savings are swallowed up from ongoing trust fees over time. Am I only one missing the point here? Surely if you want to avoid iht simply move to another country that isn't so greedy and pay nothing. Job done
Great comment, thanks for sharing. Not sure about ongoing trust fees - there are none when the family are the trustees. The point of Trusts is to stop the family from losing everything - having some legal protections in place.
Can I still live in my house if I put it in a trust , what if I have to go into care would the council say it is deprivation of assets
You can live in the house. The Care Act 2014 states as long as there is "no foreseeable need for care or support" you whould be fine with the local authority. The key here is to do it as far in advance as possible. Mike
@ 👍 Thanks
@@MrTpain1945 Welcome
good morning i have a house worth 350k paid off and 100k in the bank 2 kids adults unsure how to split my assets in percentage is that possible? i want to add other people to inherit from me aswell and keep them anonymous?
Placing assets into Trust can make the distribution easier depending on the circumstances of the receipient at the time. Beneficiaries of a Trust can remain anonymous.
Do you have an office near Newcastle upon Tyne. And how do I get a free 20 min phone call to go through my requirements for a living trust
Thanks
GIve me a call and book an chat. 0117 440 1555 (Bristol, UK) Mike
If you place your home in a trust can you still sell the home if you need to downsize?
100%. It's litereally the same forms whether you have a Trust or no Trust.
@@MPEstatePlanningUK thank you
@@tomlfc56 Thank you for the compliment - Glad to be helpful, Mike
Can you put a house in the trust if you have a mortgage?
Yes ruclips.net/video/jHOpBCOYPPk/видео.html
sort of
ah ha .. love it ❤️
Have house worth around
500.000 i have two autistic adults which are my children how can i put house in trust for them
Does my having Schizophrenia make a difference
Illness is not the problem - mental capacity is the main issue. I've had many ill clients, but they've all had mental capacity. Hope this helps, Mike
Are you Keir starmer with a tash ?????
My wife called me the construction worker the other week. (Village People) Made me LOL
Hopefully he's far more honest.
@@PeteH0121 Honesty is the best policy - especially with two kids in school and being a public figure. (And it's not hard when there are 100% legal solutions!)
@@MPEstatePlanningUK Ha ha. I was just jesting given the many less than honest statements delivered by Mr Starmer over the last few months.