Trusts and Tax Planning
Trusts are a traditional means of protecting family wealth and in recent years have been used as a form of tax planning. We advise on the creation, administration, amendment and termination of trusts primarily in the UK.
These can be used to reduce an inheritance tax liability that may be due when you die. Trusts have many other legitimate reasons for being used. These include appropriate asset protection from a variety of future threats: be they family breakup on divorce; a person about to embark on a new business venture with potentially increased levels of the threat of personal bankruptcy; and providing safely for those who are termed vulnerable, such as those who have learning disabilities, for instance.
Our team has specific expertise in this area and will always advise you on the most tax efficient estate planning, whilst staying very clearly to tried and tested methods rather than techniques which may backfire later. We can:
- Create trusts
- Change the terms of existing trusts
- Appoint and retire trustees
- Collect trust income
- Deal with distributions to beneficiaries
- Liaise with accountants on the preparation of trust accounts
- Maintain investment records
- Advise trustees on tax liabilities
This is by no means an exhaustive list of the services we can offer. We are always happy to meet for a no obligation discussion.