DOING WHAT you know

I was comfortably seated in the tea rooms at Killerton with a Coffee and a piece of Victoria Sponge while Vanessa was inspecting the Plant Sales area (of course) and also the English Blue Bells (of course). I was reading ‘Leading an Inspired Life’ by Jim Rohn (yes, of course!)

As I sit here now reading my journal of that day, I made the note of what Jim says: “Lack of success comes from lack of confidence; lack of confidence comes from not doing what you could do. Disciplined action fosters self esteem and self respect. Even a little neglect is dangerous. Our lives will serve as either a warning or as an example. A warning of the consequences of neglect, self pity, lack of direction and ambition or an example of talent put to use, of discipline self imposed, and of objectives clearly perceived and intensely pursued”.

Isn’t it fascinating that reflection on our journals serve as a place for the truth to descend and, in that moment, give us the coaching we may need to help us stay on the path?

Well I thought you may get value from this should you ever feel like you lack confidence. Knowing that you’ve done what you know you could is the start of it all.

Well, all that said and contemplated and having then inspected every Blue Bell petal, we progressed to the Killerton House itself. I think Vanessa played Moonlight Sonata on their grand piano before we ascended to the costume collection whose theme this time was all the changes of clothes people had to make during the day in order to be properly atired for a cup of tea and a cucumber sandwich. What a palava.

Then Vanessa bought more plants (of course!).

TRUSTS - why have them?

Trusts have been around for a very long time. Individuals and families use them as a way to control how their assets are held and transfered to other people. Control is a primary reason why trusts are used. You will also hear the words "asset protection", which refers to protecting assets from risk. What are these risks? They can affect people whose property is being placed into the trust and also the future beneficiaries of the property. The risks can include:

• bankruptcy
• loss of heirlooms/"family money" through divorce or remarriage; 
• incapacity arising through a health event;
• being too young or inexperienced to deal with property or investments
• assets being accessed by those with addictions who would otherwise use those funds to further support their addiction;
• certain taxation outcomes

Taxation can often, but not always, be a secondary concern compared to family goal planning.  Family goal planning is primarily concerned with the protection and preventative measures listed in the other examples above.

For example, imagine a family has a child with special learning needs. The child is not disabled as such, but perhaps there is a concern that the child will never learn the value of money or will be unable to handle financial transactions. The wills of the parents can include a trust from which that child benefit. This means that no property needs to be transferred directly to that child, and payments can be made by the trustees as and when they are required, or even a house purchase, without the child needing to be involved in any of the paperwork or any of the transactions. There could also be flexibility so that certain funds could be paid to the child – for instance they may develop confidence and an ability to deal with certain amounts and in this way the trustees can support the development of the child whilst at the same time control the larger portion of the fund for the child's benefit.

There are many many scenarios uses of trusts which ensure that the beneficiaries interests are looked after.

As usual it is very important to obtain professional advice when looking at Estate and Asset Protection planning. (I am able to recommend suitabley qualified people).