Business people usually use companies as the first line of defence against creditor claims in the event of a business failure. However, legislation can erode this protection.
Accordingly we recommend clients use a trust structure to protect their family home and other assets for the benefit of their family in the event of an unexpected claim arising. It is important to have this protection in place well before the event arises.
The law recognises the right of individuals to protect their assets in this way and yet many people fail to take advantage of this sensible planning opportunity to their family’s detriment.