Tax Planning and Trusts
We can advise you 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 and in conjunction with other professionals, we can assist with more complex tax planning, perhaps involving lifetime trusts. We can advise you on the operation of trusts for disabled and vulnerable family members and our Property Department can advise on, and prepare, trusts protecting the interests of joint owners of property.
In conjunction with our Litigation Department, we can assist you if you are a beneficiary under a trust and you are unhappy about the way in which the trust is being administered.
The law applying to trusts is becoming increasingly complicated, 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.
For advice in this area, contact Sarah Palmer by telephone on 01256 354481 or by email at spalmer@brainchasecoles.co.uk
