Trusts have been used for many years as a key tool in tax planning, and have many uses and potential advantages, both for tax and other purposes.

The most common use of trusts is for asset protection and/or tax planning. As successive Governments have attempted to close perceived loopholes in tax legislation, this has made trust planning more complex, and has introduced several potential pitfalls, although the potential benefits do still remain.

We have extensive experience in trust planning, ensuring that your long-term objectives are met whilst avoiding these potential problems. So, if you are thinking about:

  • Protecting the family business or assets from potential marital breakdown in the future, or care home fees draining your wealth,
  • Mitigating the Inheritance tax payable on your death,
  • Helping to fund grand children’s education and maintenance,
  • Looking to pass assets on to the next generation,

then we can help you explore your options. We have good connections with local solicitors who can deal with drawing up the necessary legal documentation, and also with stockbrokers and financial advisers, should there be a requirement to invest trust funds. Our partners can also act in a personal capacity as trustee, should this be required.

Once a trust has been established, there is usually an ongoing administrative requirement, depending on the trust’s specific circumstances. This can include:

  • Self-assessment tax returns
  • Trust accounts
  • Forms R185 for beneficiaries
  • Inheritance tax forms

We can assist in preparing this documentation on the trustees’ behalf, as part of our ongoing service.

Our specialist trust team is here to assist you, whether you need help in considering trust planning, are looking for assistance in dealing with administration, or want to explore winding up or making an appointment out of a trust.