Trusts
People choose to set up trusts for many reasons. Clients often approach us to help them set up trusts as a result of concerns they face surrounding the future of their assets.
A trust can help:
- Control where your assets go
- Provide for children while restricting their access to capital and providing an element of protection in the event of bankruptcy or the breakdown of a relationship
- Provide care for elderly/ infirm family or friends and those judged incapable of handling their own affairs
- Lessen the burden of inheritance tax and facilitate other tax planning
- Protect capital during the lifetime of a surviving spouse (or civil partner)
- Place your assets under the control of those you trust in the event of your incapacity
- Ensure that a family business stays in the family
- Provide a lasting legacy in the form of a family charity or foundation.
Our trust management service
Legally, trusts are very complex and there are numerous different types. We can help determine which trust best suits your needs and those of your loved ones.
As managers of your trust we can:
- Prepare accounts, complete self-assessment and inheritance tax returns and provide full administrative support
- Advise, where appropriate in conjunction with solicitors, on the interpretation of trust deeds and wills and trustees' powers and obligations
- Advise on the timing and consequences of distributions, advances of capital and the breaking or restructuring of trust
- Liaise at high level with your other advisers both in the UK and overseas
- Act as trustees and facilitate the formation of new structures in the UK or abroad
- Calculate and help you plan for capital gains and other tax liabilities
- Advise on the taxation of beneficiaries and assist them with their tax returns or claims for repayment
- For charitable trusts, complete accounts in the statutory format, deal with the audit or independent examination of those accounts, and provide full administrative support
- Where a charitable trust is substantial, provide a vetting system/ committee for 'good causes' looking for donations
Increasingly, clients ask us to set up and administer their trusts, both here in the UK and overseas. Our approach, based on efficient administration and timely planning, can secure your assets for future generations.
Tax Guides
Our Tax Guides provide a wealth of information on a range of personal tax topics. Please click here to see the range available.
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