Trusts are not just for the super-rich and are often created for completely legitimate non-tax reasons such as:
- protecting the interests of children from a former marriage in your Will
- providing for young children or grandchildren, either in your lifetime or on your death
- protecting the interests of a joint owner of property
- providing for a family member who is vulnerable or disabled.
In some circumstances, you may seek advice on the best way to minimise your Inheritance Tax liability both through life-time giving and by ensuring that you have a tax efficient Will. In conjunction with other professionals, we can assist with more complex tax planning, perhaps involving lifetime trusts.
The law applying to trusts is complex, particularly in respect of the Inheritance Tax, Capital Gains Tax and Income Tax treatment of the various types of trust. The role of trustee carries with it a personal responsibility and it is important that all trustees take legal advice on their powers, responsibilities and obligations. If you are a trustee of a nil-rate band discretionary trust under another person’s Will, it is particularly important that you obtain advice at an early stage to ensure that the tax planning advantages of that trust is not lost.
We currently act as trustees, and as advisers to non-professional trustees, in respect of a number of lifetime and testamentary trusts.
To discuss your particular requirements with a member of our team and for an estimate of the costs and disbursements please “Contact Us” with the form here or contact one of our private client team.