Rose Chap
MB Enthusiast
Hey forum chums, I’m hoping to get some friendly advice so I’m more prepared for when I talk to the professionals.
I have an uncle of 65 who lives in rural Dorset, so quite some distance from me in Cambridgeshire. He’s never married, has no significant other, and no dependents. I am his only living relative in the UK. He’s a simple soul and lives a simple life almost exclusively in the village he was born in and is generally baffled by the modern world. A psychologist could go to town on the reasons behind all this, but that’s not the point of this post.
By dint of family hard work, dear uncle has inherited and owns outright three homes, one of which he lives in, the two others are rented out, and a few acres of land, rented to a local farmer. His estate is probably worth £1.25M+ at current prices. His outgoings are minimal and he lives comfortably but in no way extravagantly from his minimum wage job in a shop and the (low) rental income from his properties. He’s totally ok with this and has never wanted anything different.
He’s always been eccentric and fit as a fiddle which is fine, but as he gets older I’m getting increasingly concerned about how he’s unprepared for a) the sophistication of the modern scam artist, and b) the heavy hand of the state when it comes to inheritance tax or paying for ongoing medical treatment.
I’m wondering if there is a mechanism where his assets can be put in a trust, or transferred to a limited company for which he is the director, or something similar, which would put them beyond the reach of the day to day scammer while preserving his ability to draw an income or lump sum if he needed to.
He’ll be utterly terrified of seeking professional advice but I’ve said I’ll help him and accompany him to the meetings and do all the driving, as he doesn’t drive (and these experts will not be in the village where he lives).
The elephant in the room is that obviously I stand to benefit from his estate when he passes, but this is not my motivation. I would like to see his assets (which are the product of generations of family hard work) benefit another generation and if this isn’t me that’s honestly fine. The worst scenario is that his gentle ignorance of how the world works would see his assets removed from under him by the state or a conniving third party in a way that will leave him confused and humiliated.
Any ideas on how his assets could be structured to provide the protection needed?
Thanks in advance for all help and suggestions.
Sent from my iPhone using Tapatalk
I have an uncle of 65 who lives in rural Dorset, so quite some distance from me in Cambridgeshire. He’s never married, has no significant other, and no dependents. I am his only living relative in the UK. He’s a simple soul and lives a simple life almost exclusively in the village he was born in and is generally baffled by the modern world. A psychologist could go to town on the reasons behind all this, but that’s not the point of this post.
By dint of family hard work, dear uncle has inherited and owns outright three homes, one of which he lives in, the two others are rented out, and a few acres of land, rented to a local farmer. His estate is probably worth £1.25M+ at current prices. His outgoings are minimal and he lives comfortably but in no way extravagantly from his minimum wage job in a shop and the (low) rental income from his properties. He’s totally ok with this and has never wanted anything different.
He’s always been eccentric and fit as a fiddle which is fine, but as he gets older I’m getting increasingly concerned about how he’s unprepared for a) the sophistication of the modern scam artist, and b) the heavy hand of the state when it comes to inheritance tax or paying for ongoing medical treatment.
I’m wondering if there is a mechanism where his assets can be put in a trust, or transferred to a limited company for which he is the director, or something similar, which would put them beyond the reach of the day to day scammer while preserving his ability to draw an income or lump sum if he needed to.
He’ll be utterly terrified of seeking professional advice but I’ve said I’ll help him and accompany him to the meetings and do all the driving, as he doesn’t drive (and these experts will not be in the village where he lives).
The elephant in the room is that obviously I stand to benefit from his estate when he passes, but this is not my motivation. I would like to see his assets (which are the product of generations of family hard work) benefit another generation and if this isn’t me that’s honestly fine. The worst scenario is that his gentle ignorance of how the world works would see his assets removed from under him by the state or a conniving third party in a way that will leave him confused and humiliated.
Any ideas on how his assets could be structured to provide the protection needed?
Thanks in advance for all help and suggestions.
Sent from my iPhone using Tapatalk
