Trusts and Taxation
A Trust is the formal transfer of money or property to individuals (normally 2 or 3) who are the trustees, with instructions that they hold and administer the assets for the benefit of others (the beneficiaries). They can be used an estate planning tool to ensure the management of the assets of a person, family or business are securely placed in the hands of persons or organisations sutiably capable of managing them.
A Trust is similar to a Will or Lasting Power of Attorney as it is a means to choose and control the way in which your assets are managed and distributed whether during your lifetime or after death.
Trusts are not only for the very wealthy and can be particularly useful to manage the affairs of:
- disabled or injured persons;
- unmarried couple or blended families who jointly own assets together;
- elderly persons who wish to protect their homes and other assets
We will help you to prepare a relevant and valid Will. We can also help you to protect your family e.g. by setting up a trust.
Trust Funds to reduce IHT liability
Setting up a trust fund can be an effective way of reducing the potential IHT liability of your estate however there have been recent changes made to the way trusts can be used a tax saving mechanism by virtue of the new rules in the Finance Act 2013 and the General Anti-Abuse Rules (GAAR).
We can advise you on the best way to plan ahead to minimise future tax liabilities if you are thinking of establishing a trust and if you have established such a trust it is sensible to seek professional advice in light of the changes.
We can tailor a solution to meet your specific needs.
Call us between 9:30AM-5.30PM on 0208 332 2069 or fill out the form.
Please note that Jackson Longe Solicitors will only use this information to generate a quote for you. Any data that you pass to us will be kept safe and for only as long as agreed in accordance with General Data Protection Regulations (GDPR) of May 2018. We may need to pass this information to our trusted partners who may have reason to contact you. Neither party will use your information for any purpose, other than to provide the service you have requested.