Trusts and Executorships
Take full advantage of these tax planning tools. Trusts are extremely useful instruments for tax planning purposes. They are particularly useful for holding shares in private companies as part of a family financial or tax plan, especially if you want to reduce inheritance tax liabilities in your estate.
They can also be useful for:-
- Providing funds for your 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 help you determine which types of trusts are suited to your purposes, prepare the necessary documentation, and advise on appropriate trustees. We liaise with solicitors in reviewing the overall taxation and estate position to ensure that the most tax efficient and personally beneficial solution is found and incorporated in any Wills prepared and any trusts formed.
We deal with the preparation of the trusts accounts and tax returns keeping the trustees informed of the position in relation to the affairs of the trust and its taxation liabilities.
We can also deal with the routine administration of the trust including the banking of income from any trust investments, payment of expenses and liabilities and liaising with the trustees and investment advisers regarding the trusts investment policy and any changes thereto.