The purpose of estate planning is to make sure that as much of your family wealth is used in whatever way you choose. By organising your financial affairs, you can reduce the inheritance tax payable on your estate. Estate planning must be tailored to take account of your individual wishes and your wider family needs. It is a bespoke service and not an ‘off the shelf’ product. Estate plans evolve and should be continually revisited and revised as your circumstances change or if the law changes. Remember, the sooner you begin to plan your estate, the better!
WHY CREATE A TRUST?
Trusts are used as an estate planning tool. In a nutshell, a trust is a binding agreement where one group of people (Trustees) hold assets for the benefit another person, or group of people (Beneficiaries). There are numerous different types of trusts and each one can have different tax implications.
When you die, an estate can be subject to Inheritance Tax, Income Tax and Capital Gains Tax. Efficient estate planning can reduce potential tax charges or allow you to effectively plan against future tax liabilities.
Trusts can also be used to make sure your money is used the way you want it to be. Whether the trust is created whilst you are still alive or as part of a tax- efficient will, it can provide control, security and flexibility.
We can advise you in the establishment and administration of all kinds of private trusts as well as the preparation of associated tax returns.