176 FCA warns about Asset Protection Trusts

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1y ago 8:57

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The FCA has issued a warning about the mismanagement of Asset Protection Trust Schemes. They’re concerned about the number of firms mis selling trusts on behalf of Trustees who don’t understand what they’re invested in or what benefits the trusts actually provide.

Asset Protection Trusts are trusts into which you typically transfer assets, often including your home, during your lifetime. Some people fall victim to unscrupulous or unqualified advisers who suggest these trusts provide specific protection from Inheritance Tax or are a good place to shelter your assets from any liability for paying care fees.

In this podcast episode, learn about the common traps people fall into when setting up Asset Protection Trusts, the genuine benefits they offer and reasons to consider one, and how to check whether your trust is suitable for you.

USEFUL LINKS

FCA’s ScamSmart website: https://www.fca.org.uk/scamsmart

Society of Estate & Trust Practitioners: https://www.step.org/directory/members

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