We have extensive experience in the creation, administration, and termination of family trusts, and offer specialist advice on all aspects of the use of trusts. Trusts are not always the answer but can serve a very useful purpose in many situations.
Trusts can be created by lifetime gift or by Will. They can hold a wide variety of assets. The most common reasons why individuals choose to create trusts are tax and estate planning, and asset protection, for example:-
Parents or grandparents might wish to set up trust funds for the benefit of younger generations, with the assets transferred to the trust falling outside the donor’s estate for Inheritance Tax purposes once the donor has survived the gift by seven years.
Trusts can be used to enable ownership of assets to be given to family members or others without Capital Gains Tax has to be paid on the gift.
Using a trust can be an effective way of keeping assets which arise on death (such as life insurance policies, employers’ death in service benefits, and death benefits from pension funds) from falling into the Inheritance Tax net.
Using a trust can be an effective way of protecting assets from the consequences of disastrous events such as divorce or bankruptcy.
Trusts can be an effective way of managing assets on behalf of people who are incapable of looking after their own affairs as a result of illness, injury, or dependency.
Once a trust is created we can deal with all of the accounting and tax compliance work which may be needed on an ongoing basis.
We can deal with the termination of trusts, including all related tax and general advice, as and when it is felt that they are no longer required given all relevant family circumstances.