The answer is not what it seems.
The best way is to not have assets in your personal name but in trusts/ companies. We like trusts for flexibility.
The only thing that should be in your personal name is probably the home you live in.
The problem is most medical professionals whether they are #GPs, #dentists, #osteopaths or any type of other medical professional buy assets in their name, especially property because they have been told negative equity is ‘good for #tax.’
We recently had a client who has an estranged erratic son and two daughters they are very close to.
Apart from their personal home, they personally own investment property and shares.
If they decide not to include their son in their will, they believe he will make a legal claim, even though he has not been in touch for 10 odd years.
They are now considering strategies that transfer assets from their name but that now means more taxes in either stamp duty, CGT or worse both.
If assets are held in trusts or companies the claims become a lot harder. But this requires forward planning.
Wealth creation and planning don’t start when you consider retirement or when preparing your will. It starts when you start investing.
