Personal Injury Trusts Factsheet - Coles Miller Injury Trusts.pdf · Personal Injury Trusts...
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Personal Injury Trusts Factsheet Email us at: [email protected] www.coles-miller.co.uk Follow us: If you have been awarded damages for a personal injury then you should consider setting up a Personal Injury Trust (PIT). Why? The danger for you is that if, now or in the future, you receive benefits either from the Department for Work and Pensions (DWP) or the local authority which are subject to means testing, then the amount you receive will be taken into account and you may lose the benefits to which you might otherwise be entitled. A PIT puts the amount received into safekeeping, where it should not be taken into account for state benefit assessment purposes. The means-testing regimes mean that capital awards placed in a Trust are ‘disregarded assets’. Without the creation of a PIT, you could actually be worse off for having been awarded damages It is important to note that a Personal Injury Trust structure does not remove the funds from the beneficiary’s estate for Inheritance Tax (IHT) purposes, but could offer additional protection for the beneficiary’s family in the future. We, at Coles Miller Solicitors LLP, have dealt with the creation of numerous PITs for clients who have been awarded damages for Personal Injury and can advise on all aspects of PITs. What Should I do now? Please think about your requirements and contact us, for just a preliminary discussion by telephone or for a short meeting at no cost to you.
Transcript of Personal Injury Trusts Factsheet - Coles Miller Injury Trusts.pdf · Personal Injury Trusts...
Personal Injury Trusts Factsheet
Email us at: [email protected] www.coles-miller.co.uk Follow us:
If you have been awarded damages for a personal injury then you should consider setting up a Personal Injury Trust (PIT).
Why?The danger for you is that if, now or in the future, you receive benefits either from the Department for Work and Pensions (DWP) or the local authority which are subject to means testing, then the amount you receive will be taken into account and you may lose the benefits to which you might otherwise be entitled.
A PIT puts the amount received into safekeeping, where it should not be taken into account for state benefit assessment purposes. The means-testing regimes mean that capital awards placed in a Trust are ‘disregarded assets’. Without the creation of a PIT, you could actually be worse off for having been awarded damages
It is important to note that a Personal Injury Trust structure does not remove the funds from the beneficiary’s estate for Inheritance Tax (IHT) purposes, but could offer additional protection for the beneficiary’s family in the future.
We, at Coles Miller Solicitors LLP, have dealt with the creation of numerous PITs for clients who have been awarded damages for Personal Injury and can advise on all aspects of PITs.
What Should I do now?Please think about your requirements and contact us, for just a preliminary discussion by telephone or for a short meeting at no cost to you.
If you require any further advice, please do not hesitate to contact us.
The contents of this leaflet are intended for general information purposes only and should not be deemed to be, or constitute, legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this leaflet.
Wills & Probate Team
David Parfitt ConsultantStuart Bradford PartnerAnthony Weber Partner Jenny Oxley Associate SolicitorRicky Langlois SolicitorJoe Edwards SolicitorKerry Hay SolicitorGraham Lawrence Senior LawyerJo Funnell Chartered Legal ExecutiveEmma Stagg Probate ExecutiveKirsty Armstrong ParalegalLucy Hamlyn Legal AssistantEllie Chase Legal Assistant
Email us at: [email protected] www.coles-miller.co.uk Follow us:
Poole 01202 673011Christchurch 01202 355661 Bournemouth 01202 293226Broadstone 01202 694891Wimborne 01202 935039
