Tax, Estate Planning and Trusts

Mainly through the growth in house prices we have witnessed a huge increase in personal wealth over the last decade or so. Estate planning is becoming more relevant to more people.

Inheritance Tax may be payable when you die but what you do in life may reduce the amount your estate has to pay. Simply giving away all your assets away before you die will avoid the tax but may not always be the most prudent or tax efficient course of action.

We can provide advice on Inheritance Tax reliefs and exemptions.

We can advise you on the setting up and administration of trusts. These are a very useful, if sometimes complex, legal way of giving your money, property or shares, to others, whilst ensuring that you, or others that you trust (hence the name), retain some control over what happens to those assets.

Trusts are frequently used to avoid paying unnecessary Inheritance Tax, or for helping to solve long-term family or domestic situations, such as giving money to children or grandchildren, but at an age when they can be considered to be responsible.

We can either create a formal trust deed while you are alive, usually referred to as a “Settlement”, or we can create a trust on your death in your Will (a “Will Trust”).

Whichever method is used the document will set out what is being given away, who is going to look after it (the “trustees” – who can include yourself in lifetime trusts), who is to benefit from the gift (the “beneficiaries”), and any rules that the trustees must follow when looking after the assets – for example what they can and cannot invest in; how the capital and income can be spent; and how long the trust is to go on for.

Please feel free to contact our expert Private Client Partner, Steven Hickling.

Your initial, informative half-hour consultation is only £60 plus VAT. Find the answers you have been looking for, today!