With a team of specialists able to provide solutions on an extensive range of business issues, and a network of business partners providing expertise in other areas, we aim to add real value to your business.
Trusts and executorships
Trusts can be very useful instruments for tax planning purposes. They are a tax efficient way to set aside assets for future beneficiaries outside of the inheritance tax net.
They can also be useful for:
- Holding shares in private companies as part of a family financial or tax plan - especially if you want to reduce inheritance tax liability in your estate.
- Providing funds for children's education, maintenance, etc.
- Restricting access to property by future beneficiaries
- Providing for people who are mentally or otherwise incapacitated
- Gifting to charity
There are four main types of trust:
- Life interest trusts
- Discretionary trusts
- Accumulation and maintenance trusts
- Bare trusts
Each type of trust receives different tax treatment and can be adapted to many different purposes.
To take full advantage of trusts in your tax and estate planning you need to receive expert help and advice.
We can recommend experienced professionals who will help you determine which types of trust are suited to your purposes, prepare the necessary documentation, and advise on appropriate trustees.
Why would you need a trust?
You may wish to:
- Ensure your assets are held securely for whomever you wish to benefit
- Plan in case parents die prematurely and leave a minor child or children
- Cater for the contrasting needs of different beneficiaries - for example you might wish your spouse to receive the income from your estate during his/her lifetime and for the capital to then pass to your children after his/her death
- Ensure assets pass to your intended beneficiaries, particularly in the case of second marriages where children are involved
Call Clive Grinter on 01730 234500 to find out how you can take advantage of this efficient tax planning tool.