inheritance cash advances

SPECIAL FEATURE: Wills and trusts offer extra income

Asset protection is the process of protecting an individual or family's wealth across generations, not only in legal terms but potentially also from the HMRC. It will help your clients plan their finances in advance to ensure their estate is shared out exactly as they want it to be.

It’s a rare growth market in the financial services arena right now. This is because roughly 70% of people in the UK do not have a will and even more will either have a will that is out-of-date or incorrectly drafted, which can naturally have serious consequences, both financial and personal.

And with a large number of life policies not written correctly in trust, there will always be the possibility that their value could fall into unintended hands and that unnecessary inheritance taxation might also have to be paid - no doubt two more potential causes of client complaint at some point in the future.

In any case, beyond pure mortgage protection cover , a large number of your clients will have no additional life assurance in place at all, exposing all remaining family members upon death. This is an area that needs constant monitoring and updating as, if key events such as buying a home, having children or changing jobs are not taken into consideration, this will affect the policy.

Why should you offer it?

Asset protection offers a significant alternative revenue stream for mortgage brokers and IFAs. In our experience, brokers currently offering asset protection advice to their clients are making average case earnings of around £2,000 by using TAPS in their current business model.

Breaking this down, around £800 of income is generated from each client's will and trust requirements, payable within 14 days, while £50 per month of protection premium typically generates in the region of £1,200 commission.

Considerations of Inheritance Funding Cash Advance Loans ...

Refers to obtaining lump sum cash in exchange for assigning property rights to inheritance. This can be beneficial to heirs entitled to property held in probate Which is for long periods of time. There can be financial consequences, so it is important to weigh the pros and cons before entering into agreement on.

inheritance heirs must locate a funding source. The most common inheritance cash providers are private investors. Some cash advance companies offer this type of funding, as do a few banks. However, most banks require estate beneficiaries to take out a loan using property as collateral inheritance.

On average, the probate process takes between 4 and 6 months to complete, but can take upwards of 2 years if heirs contest the Will or if other problems surround the estate. When depreciate property inheritance is suspended for long periods of time, the assets can in value. Or if, legal counsel is required to protect the estate against contesting the Will, inheritance assets may need to be sold to pay attorney fees.

Oftentimes, estate executors are forced to liquidate property inheritance to pay creditor debts or taxes owed by the decedent. When real estate is secured by a mortgage loan, the estate is responsible for remitting loan payments, homeowner’s insurance, homeowner’s association dues, and property taxes. Real estate expenses can easily bankrupt small estates or require the sale of valuable assets intended for heirs.

Sadly, less than 80 percent of heirs receive the full amount of inheritance due to court ordered sale of assets or property depreciation. Assigning inheritance rights to a funding source can allow heirs to receive upfront cash for assets depreciate in value Which may or may not exist once probate settles.

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