control it but not own it.

novazombie

I am looking for some intelligent ideas please.

I am in a situation where I have cash to buy a property soon, to rent out. Id rather not go into the reasons, but I would like to find a way to control it but not own it. So not have it in my name but still get the income from it and of course pay all the relevant tax.

Lots of people do this these days, either through a corporation, LTD company or some kind of trust.

Or even putting it in the name of someone else and having a big charge on it.

Someone told me about a company who did this for a percentage of the rent, they had someone sign a legal document stating the situation but the assets were not owned by the individual. The company sorted it all out but now I cant find anyone who will do this.

If you are sued or wife takes half of everything etc you wont lose.

The obvious answer is a LTD company and I will do it if nothing else but I want to consider other options before I go for this.

Any other legal above board ideas please?

jonesMUFCforever

If the wife finds out she will be able to claim half whether it is a limited company or trust or not.
The point is here you are deliberately (for whatever reason) trying to hide assets - fine if you get away with it but if you don't your in the brown stuff bigtime.

novazombie

jonesMUFCforever wrote: »

If the wife finds out she will be able to claim half whether it is a limited company or trust or not.
The point is here you are deliberately (for whatever reason) trying to hide assets - fine if you get away with it but if you don't your in the brown stuff bigtime.

Thank you if you are trying to be helpful.

My wife knows all about it and she is trying to come up with ideas as well.

I didn't want to go into it, but we made a mistake of getting involved with an unscrupulous man who may well try to sue us in the future.

Most rich people hide assets one way or another, there is nothing wrong with it as long as its legal.

As I said a limited company would do the job as long as my wife and I are not the directors, but I want to explore other options.

Is there anyone on here who is smart about these things and wouldn't mind sharing some ideas?

jonesMUFCforever

My advice is get a good solicitor!
Same rules apply in your case to the one I posted about - if the other person knows you have assets now (remember all kinds of transfers of land have to be registered at the Land registry) then he will know about it if he sues you.
He could then apply to a court to have the company dissolved or the trust set aside - whether he would succeed who knows but the legal costs for both sides would be astronomical.

So to repeat my advice - get a good lawyer - swallow your pride if you have to and try to settle out of court.