Accountants, Tax Advisers And Business Consultants

TRUSTS AND ESTATES

Trusts enable assets to be given away whilst still retaining some control over them.

Income can be paid to different persons with the capital ultimately going to other persons. Trusts, sometimes called settlements, have been part of the legal and tax system for many years and much case law and tax legislation has been formulated over the years. The reasons for using trusts are as valid today as they have always been.

There are numerous types of trusts – Each having their own tax and legal implications.

A trust can be set up during an individual’s lifetime or on their death.

When considering Capital Gains Tax and Inheritance Tax, some of the tax implications can be very substantial.

Many people have not realised how useful trusts can be as a tax planning tool and some of the matters we can provide advice on include:-

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To provide for your family's financial needs in a way that permits maximum flexibility during a period of years with a minimum tax burden

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To make gifts now but you are undecided how much to give each donee

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Making a gift to start your seven year inheritance tax gift clock running, but extra thinking time is needed before deciding who should receive what

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To make gifts to children or grandchildren in a tax efficient way

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To make a gift of income to a particular individual, but retaining control over what happens to the capital after the death of that individual

If you are interested in providing for your family now and in the future we recommend that you talk to us and take professional advice.

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