Using Trusts is an effective way to manage assets, protect vulnerable beneficiaries, assist in passing family assets down to future generations and for tax planning purposes.
As well as protecting cash or investment based assets, Trusts can also be used to hold houses, land or other valuable family assets.
Why do you need a trust?
- To hold assets for your children/grandchildren until they reach an age that they’re capable of managing the assets themselves
- To hold assets for beneficiaries who may need additional protection because they’re financially vulnerable due to; incapacity, a struggling business or an unstable relationship
- To ensure your spouse or partner is protected, while having the peace of mind that children from a previous relationship will ultimately inherit what you want them to
- To provide for your grandchildren’s education in a tax efficient manner
- To protect your assets against residential care home fees
- To assist with tax planning
Setting up a trust
Setting up a Trust with our help is straightforward. Together we’ll discuss your financial circumstances and overall objectives in advance to ensure that we provide you with the right options to meet your needs.
Throughout the process we’ll also provide advice on:
- Tax implications of setting up and running a Trust
- Preparation of documentation
- Liaising with other advisers in the transfer of assets to the Trust
- The choice of Trustees and their duties
We can remove the complexity of managing your Trusts. By working closely with you, we’ll provide advice on practical matters relating to legal and tax planning opportunities as they arise.
We can also help with the following:
- Provide routine contact with trustees, beneficiaries and professional intermediaries
- Tax efficient distribution of income or capital assets to beneficiaries
- Maintaining Trust records and finances and provide informative/accurate Accounts
- Organise Trustee meetings and prepare relevant Minutes
- Regulatory compliance reporting
- Trust variations
- Winding up of trusts
Taxation of Trusts
Our team includes Chartered Tax Advisors who can provide you with advice on:
- Income Tax
- Capital Gains Tax
- Inheritance Tax
- All Property Taxes
We work alongside the Trustees’ existing advisers to ensure efficient management of the Trusts assets for the beneficiaries. We can provide specific guidance on Business and Agricultural reliefs as well as advice on how to manage Trusts assets to ensure that any available Tax reliefs and exemptions are used in full.