Trusts

Despite the many legislative changes to the taxation of trusts in recent years, they continue to offer a flexible, tax-efficient structure to preserve and protect family wealth. Trusts therefore remain an important part of asset protection planning.

Families come in all shapes and sizes and we therefore appreciate that there is no ‘one size fits all’ approach to succession planning. However, trusts should be considered as part of any wealth planning. They provide a structure that enables you to reduce the value of your own estate, without an immediate charge to tax. They are often established to pay an income to the next generation of your family without giving away control of the underlying capital or assets.

Trusts are typically used by grandparents and parents as a tax-efficient way to pay school and university fees. They also avoid your having to provide an outright gift to those who may not be financially mature enough to manage their finances, and can offer protection against divorce and bankruptcy.

Trusts are often used to hold business assets so that generations of the same family can benefit from income without having to give away control of the company. They can play an important part in exit planning if you are preparing to sell your business.

Trusts are also an alternative for those who may be considering a personal investment company.

We can provide a wide range of services for your family trust, from step-by-step advice in considering the benefits of establishing the trust, to setting it up and reporting to HMRC. We can assist you with the administration of the trust and in preparing accounts and tax returns, including inheritance tax returns. Our trust specialists will regularly conduct reviews to make sure it is managed tax-efficiently. We’ll notify you of planning opportunities to mitigate tax and ensure that the trust continues to meet your objectives for your own and your family’s wealth.

If you would like further information or to begin discussing whether a trust would be advisable in your case, please do not hesitate to contact us.