It is an obligation that binds a person (the trustee) to deal with property in a particular way for the benefit of one or more beneficiaries. Trusts can be created during a lifetime or in a will, either by the trust deed or under the terms of a will.
Trusts can be a complex area for tax but are also highly tax efficient. We can explain how they work and advise you from the initial creation to the annual ongoing administrative requirements.
Trustees have discretion with regards to how to use the income and capital of the trust.
The beneficiary has a current legal right to the income of the trust as it arises.
The settlor retains an interest
in the trust.
Our role is to discuss your needs and requirements and to work out the best kind of trust for your situation. For example:
Here are a few commonly asked questions:
Potentially there could be capital gains tax or inheritance tax.
Potentially there could be income tax, capital gains tax and inheritance tax.
It represents tax paid by the trustees which is available to meet any payments to beneficiaries.
An inheritance tax charge dependent upon the value of the assets of the trust.
It may be in certain circumstances.
Trusts are used for many different reasons. Chat to us so that we can understand your personal circumstances and provide the most suitable advice.
Following a death, there can be lots of paperwork to deal with and we understand this can be very difficult and overwhelming.
We are here to help with any income tax, capital gains tax and inheritance tax queries and we’ll also guide you through the relevant forms to complete for HM Revenue and Customs.
We can assist with decision making by providing tax advice on the benefits (or otherwise) of distributing income or assets.
We can also advise on the redirection of estate assets and potential tax savings.
Call us for a no-obligation chat. Our partners are waiting to hear from you.
