If you are going though a divorce you are likely to feel upset. Emotions will be running high.
However, you will have a lot to take care of at this time, whether you feel like it or not. One
of the matters which will have to be discussed is your property. For couples who drafted a
prenuptial agreement the property will simply be divided as outlined within it if a divorce
occurs. This avoids any unnecessary complications. The only way to contest your prenuptial
agreement is on grounds of unfairness.
If you did not draft a prenuptial agreement you have three options: no lawyers, mediators or
lawyers. It will be cheaper and less invasive for you both if you can manage to come to a
mutually accepted property agreement without involving lawyers. It is not necessary to involve a
lawyer in your divorce settlement. Many couples manage to come to an agreement about property
without the use of a solicitor.
The most common ways couples deal with a co-owned house are:
1. A partner will buy the other out, purchasing the co-owner's share of the property and making
it their own.
2. Both partners agree to sell the property, split the profits and go your own separate ways.
If you only wish to involve lawyers to ensure your agreement is legally binding this is possible.
You can come to an initial property agreement without involving a lawyer and then apply for a
'consent order' to secure the agreement you have made with a legal contract. This consent order
will need to be drafted with a solicitor.
However, often divorce lawyers or mediators do need to become involved in the divorce proceedings
so the couple can reach a property agreement. This is often due to a breakdown of civil relations
between the two individuals. If you are in this situation mediation is generally quicker and less
expensive than court. During mediation a neutral party will be present to ensure that the
discussion between you and your partner remains civilised and that each person is given a fair
chance to speak.
If mediation does not work you will have to contact a solicitor who specialises in family law and
go to court. The court will then decide how the property will be divided between you and your
partner with a 'financial order'. You may need to go to court if your home is in your partner's
name and they are not willing to be reasonable. You do have some rights in the eyes of the law
even if the sole owner of the property is your partner, particularly if you have children
together that need to be supported and housed.
----------------------------------------------------
Need Birmingham Solicitors? http://www.lawfirminbirmingham.co.uk/
For Family Law Birmingham specialists contact Roskell Davies.
http://www.lawfirminbirmingham.co.uk/family-solicitor-birmingham/
Sunday, February 17, 2013
Wednesday, February 13, 2013
Offshore Trusts: Fundamentals And Advantages For Estate Holders
Trusts are legal organizations that enable an estate holder (the trustor or settlor) to give
fiduciary control of assets to a different institution (the trustee), for the advantage of a
third party (the beneficiary). In such an agreement, assets placed in a trust like cash or
perhaps real estate will be managed by the trustee until the beneficiary reaches the age of
maturity or fulfills certain requirements decided by the trustor.
There are various forms of trusts, one of which is the offshore trust. Offshore trusts are
basically comparable in nature and effect to trusts made onshore in that an estate owner can give
a trustee the authority to hold assets for their heirs; the only real difference is that an
offshore trust is done within the laws and regulations of an offshore jurisdiction. Just like its
onshore counterpart, an offshore trust is an desirable way to disperse properties due to its
versatility. Practically any type of resource can be placed in a trust. Examples include cash,
bonds, stocks, real estate properties as well as uncommon things like valuable paintings and
sculptures, jewellery, clothing, antiques as well as automobiles. Besides versatility with regard
to the sort of resources held, trusts may also be used to accomplish any purpose and they can
include certain procedures that beneficiaries must satisfy. This means that a trust can be
created for the lone intent behind funding a beneficiary's educational or health requirements or
that all assets in the trust will be given to charity once the estate holder passes away.
Much like onshore trusts, an offshore trust can be private and needs only minimal or even no form
of reporting. This means that any data held in the trust are off the public record, making it
possible for the trustors to disperse their properties anytime they want. The private nature
associated with trusts is caused by the absence of probate for such a commitment. And because
trusts need not go through a long probate procedure, assets can be easily and also quickly
distributed to chosen beneficiaries.
However, there are certain advantages that are related more with an offshore trust. These include
significant asset security as well as tax benefits. Trusts created in offshore jurisdictions
usually have minimal or even absolutely no liability to tax, causing them to be an attractive
vehicle for tax planning. Assets within this kind of trust can also be susceptible to laws from
the offshore jurisdiction and cannot be affected by laws and regulations of foreign lands. This
successfully safeguards property from being seized as any litigation over the assets must be held
in the nation of the trustees-a costly endeavour that can easily discourage parties that are
interested in obtaining the assets.
----------------------------------------------------
This properly secures property from getting seized as any litigation within the assets will have
to be held in the nation of the trustees-a costly endeavour that can easily discourage parties
that are interested in getting the assets. http://www.laingrose.com/trusts/offshore-trusts
Posted by Randy Frier a Tallahassee Bankruptcy Attorney
fiduciary control of assets to a different institution (the trustee), for the advantage of a
third party (the beneficiary). In such an agreement, assets placed in a trust like cash or
perhaps real estate will be managed by the trustee until the beneficiary reaches the age of
maturity or fulfills certain requirements decided by the trustor.
There are various forms of trusts, one of which is the offshore trust. Offshore trusts are
basically comparable in nature and effect to trusts made onshore in that an estate owner can give
a trustee the authority to hold assets for their heirs; the only real difference is that an
offshore trust is done within the laws and regulations of an offshore jurisdiction. Just like its
onshore counterpart, an offshore trust is an desirable way to disperse properties due to its
versatility. Practically any type of resource can be placed in a trust. Examples include cash,
bonds, stocks, real estate properties as well as uncommon things like valuable paintings and
sculptures, jewellery, clothing, antiques as well as automobiles. Besides versatility with regard
to the sort of resources held, trusts may also be used to accomplish any purpose and they can
include certain procedures that beneficiaries must satisfy. This means that a trust can be
created for the lone intent behind funding a beneficiary's educational or health requirements or
that all assets in the trust will be given to charity once the estate holder passes away.
Much like onshore trusts, an offshore trust can be private and needs only minimal or even no form
of reporting. This means that any data held in the trust are off the public record, making it
possible for the trustors to disperse their properties anytime they want. The private nature
associated with trusts is caused by the absence of probate for such a commitment. And because
trusts need not go through a long probate procedure, assets can be easily and also quickly
distributed to chosen beneficiaries.
However, there are certain advantages that are related more with an offshore trust. These include
significant asset security as well as tax benefits. Trusts created in offshore jurisdictions
usually have minimal or even absolutely no liability to tax, causing them to be an attractive
vehicle for tax planning. Assets within this kind of trust can also be susceptible to laws from
the offshore jurisdiction and cannot be affected by laws and regulations of foreign lands. This
successfully safeguards property from being seized as any litigation over the assets must be held
in the nation of the trustees-a costly endeavour that can easily discourage parties that are
interested in obtaining the assets.
----------------------------------------------------
This properly secures property from getting seized as any litigation within the assets will have
to be held in the nation of the trustees-a costly endeavour that can easily discourage parties
that are interested in getting the assets. http://www.laingrose.com/trusts/offshore-trusts
Posted by Randy Frier a Tallahassee Bankruptcy Attorney
Saturday, February 2, 2013
The Inheritance Tax Threshold
In the UK, depending on the value of your estate when you pass away, you will have to pay a
different amount of inheritance tax. If your estate is worth more than the inheritance tax
threshold you will pay inheritance tax. Your estate is all your capital, possessions and
property.
The current inheritance tax threshold is £325,000. If your estate is worth more than this
amount you will automatically pay inheritance tax at a rate of 40%. However, you can reduce this
amount by ten per cent to 36% if you have given to charity. You must give away 10% of your total
estate to a qualifying charity to be able to be given this reduction.
If you have to pay inheritance tax, this responsibility will usually lie with the executor of the
Will. They will have to ensure that the tax is paid directly to Her Majesty's Revenue and Customs
(HMRC) within 6 months from the time that the individual passed away. These 6 months will be
calculated from the end of the month in which they died. If you do not do this you will begin to
pay interest on the amount, something you definitely wish to avoid as it can become very
expensive.
When you are calculated the amount the estate is worth, you will have to make sure that you
follow the guidelines given by HMRC. The following items must all be included in the valuation:
- Vehicles
- Houses
- Stocks and shares
- Land
- Savings
- Money
- Life Insurance payments
- Items in the house - furniture, jewellery
You must include everything in the valuation, including all items which were gifted by the
individual within the 7 years before they passed away. This is so people cannot reduce the value
of their estate to avoid paying inheritance tax. However, you do take off any costs you are going
to incur to the estate when repaying any outstanding bills and pay for the funeral.
If the valuation is going to take you more than 6 months, you can pay inheritance tax on an
estimated value. This is a good decision to make as it will prevent you having to pay interest on
you outstanding bill and you will be refunded if you overpay on your tax.
If you need any help with understanding the law surrounding inheritance tax and are interested in
inheritance tax planning, you should contact a solicitor who specialises in inheritance tax issues
today.
----------------------------------------------------
Thomson Wilson Pattinson can help you with Inheritance Tax Planning
http://www.twpsolicitors.com/uk-inheritance-tax-planning-advice/
Looking for Cumbria Solicitors? http://www.twpsolicitors.com/
Posted by J. Randall Frier
different amount of inheritance tax. If your estate is worth more than the inheritance tax
threshold you will pay inheritance tax. Your estate is all your capital, possessions and
property.
The current inheritance tax threshold is £325,000. If your estate is worth more than this
amount you will automatically pay inheritance tax at a rate of 40%. However, you can reduce this
amount by ten per cent to 36% if you have given to charity. You must give away 10% of your total
estate to a qualifying charity to be able to be given this reduction.
If you have to pay inheritance tax, this responsibility will usually lie with the executor of the
Will. They will have to ensure that the tax is paid directly to Her Majesty's Revenue and Customs
(HMRC) within 6 months from the time that the individual passed away. These 6 months will be
calculated from the end of the month in which they died. If you do not do this you will begin to
pay interest on the amount, something you definitely wish to avoid as it can become very
expensive.
When you are calculated the amount the estate is worth, you will have to make sure that you
follow the guidelines given by HMRC. The following items must all be included in the valuation:
- Vehicles
- Houses
- Stocks and shares
- Land
- Savings
- Money
- Life Insurance payments
- Items in the house - furniture, jewellery
You must include everything in the valuation, including all items which were gifted by the
individual within the 7 years before they passed away. This is so people cannot reduce the value
of their estate to avoid paying inheritance tax. However, you do take off any costs you are going
to incur to the estate when repaying any outstanding bills and pay for the funeral.
If the valuation is going to take you more than 6 months, you can pay inheritance tax on an
estimated value. This is a good decision to make as it will prevent you having to pay interest on
you outstanding bill and you will be refunded if you overpay on your tax.
If you need any help with understanding the law surrounding inheritance tax and are interested in
inheritance tax planning, you should contact a solicitor who specialises in inheritance tax issues
today.
----------------------------------------------------
Thomson Wilson Pattinson can help you with Inheritance Tax Planning
http://www.twpsolicitors.com/uk-inheritance-tax-planning-advice/
Looking for Cumbria Solicitors? http://www.twpsolicitors.com/
Posted by J. Randall Frier
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