Setting up a Trust during your lifetime may be the ideal solution if you are looking to minimise the Inheritance Tax payable after your death. In some circumstances, it can save an estate up to 40% of the inheritance tax threshold.

What Is A Trust?
A Trust is a legal mechanism whereby assets are held by one party for the benefit of another. Trustees own the Trust’s property on behalf of the beneficiaries, even if they are not born at the time that the Trust is made. The Trustees can then pay out income or capital to the beneficiaries at their own discretion.

The Trust can create tax savings as it makes full use of a person’s individual inheritance tax allowance. By using each of a couple’s individual allowance substantial savings can be made.

Trusts have many other uses; for example, they can provide for the family on a

second marriage by making provision for a new spouse whilst also preserving funds for the children from both the first and second marriages.

They are a tax-efficient method of protecting family assets enabling them to pass between generations. They are very useful when trying to safeguard assets for younger children or vulnerable people.

We can assist you with all aspects of tax planning and Trusts. We offer comprehensive advice on the types of Trusts available and we have extensive experience and expertise in the drafting and setting-up of all types of Trusts, the day-to-day administration, including preparation of annual accounts, and the submission of tax returns on behalf of the Trustees.

Can We Help With Trust Advice?
If you want advice on the setting up and the management of a Trust, please click here for contact details.