Responsibilities of an Asset Protection Trust - LCS Legal Dawlish

Responsibilities of an APT

Our Ultimate Asset Protection Trusts are a specially developed form of Discretionary Trust

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What are my Responsibilities?

1

Careful thought and consideration is needed by you regarding what Assets are to be placed into your APT

2

After you have decided, we would be able to advise you on any implications that you should be aware of

3

HM Revenue and Customs (HMRC) should be notified that the Trust is in existence. LCS will do this for you

4

It is possible that HM Land Registry will require information and documents from you. LCS will advise and assist you with this

5

The Trustees of your APT will be responsible for completing annual tax returns on behalf of the Trust

6

LCS can provide your Trustees with access to on-going specialist advice in order to meet their taxation obligations, if they wish, through our associate Chartered Accountant

7

As well as being responsible for completing tax returns, your Trustees would also be responsible for the payment of any tax due on the APT fund

If you were likely to require imminent residential or nursing care we would strongly advise you not to proceed with an APT as this could be viewed as you deliberately depriving yourself of the funds to pay your care fees.

Setting up your APT should be done whilst you are fit and well and not as a means to avoid your financial obligations.


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