Owen McGee
speaker
1,739 appearances
11 recordings
2 series
first heard May 2026
last heard 3d ago
Owen McGee’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 11 in all, peaking in Sep 2026 with 3.
Appearances
So when they die, say someone either they have special need, they have additional needs, or they have some other vulnerability or some other reason why you don't you don't want them to receive a capital amount, a lump sum on debt, that the trust can be put in place.
That the the the capital amount goes into the trust and then the trustees, the people who run the trust make decisions on behalf of that individual.
And that's it's it's to kind of make sure that the money is used in the right way for the benefit of the person.
So that's just for general audience, Mary.
I know you're aware of it.
What I would say is you could do a lifetime discretionary trust, um, but what I would say is there might be tap tax implications.
But I think we we do have to tread very carefully here for
a couple of reasons.
One, as you might be aware, if your son's entitled to any social welfare benefits, if their assets go up, now 5,000 isn't going to do it, but if their assets grow over time, they could lose out on some of those social welfare benefits, hence sometimes the reasons for the trust.
But also you need to be careful of the tax implications of giving the money to them today versus again, not not dissimilar to the last caller, giving the money through the trust later on after you after you've already passed away.
I would say there's a couple of different th things that need to be taken into account here and they are legal advice, tax advice and financial planning advice.
And unfortunately I'm only one of the the trilogy there and therefore what I would say is is
The solicitor seems to have put it in the right direction and I wonder how much of a tax steer they've given on it and on what way they've looked at it from that perspective.
It's great that you have the trust set up because it it that that seems to be the right move to make in the circumstances you're in.
But what I would say is is it mightn't be a bad idea to get a tax advisor on board just to have a look at it and throw their eye over it.
And even a financial planner, where does the financial planner come into all this?
And I'm a financial planner, I would say this, but generally the way people will look at a financial planner, a decent one that is, what they will look at it is they'll say, it's a bit like your GP, but for your finances.
A financial planner typically
It will be able to advise on most cases, but sometimes even your GP sends you to a consultant, and sometimes even a financial planner sends you to a consultant, like a tax planner or a legal advisor.
It sounds like you've the legal thing boxed off, but I just wonder about the tax side of things and you don't want to make a mistake there.
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