Setting up a trust can be an effective way of minimising inheritance tax liability, keeping control of your assets and making charitable donations. Our team of wills, trusts and estates lawyers have considerable experience when it comes to setting up and administering trusts, both for individuals and charities, and can act as professional trustees if required.
A trust can help you in a number of ways, allowing you to reduce tax liabilities, protect a family business, defer children’s inheritance until a specified age, control the distribution of assets over time, or make charitable donations.
A trust doesn’t just need to be set up in the event of your death – it can be used to reduce tax liability while you’re still alive. For example, we helped a client who had a number of rental properties reduce his inheritance tax liability and avoid capital gains tax by setting up a trust, rather than gifting assets directly to his son.
Navigating the tax landscape isn’t always easy, so our advisers will show you how we can ethically reduce the impact of inheritance tax, capital gains tax and income tax in plain, simple terms.
A trust can be especially useful if you have assets that are going to increase in value, and you want the value of that gain to sit outside your estate, or if you want to provide for your children or grandchildren’s education in a tax-efficient way. Whatever your circumstances and motivations, our will trusts and estates solicitors will talk you through the range of options and make sure you choose the right one for your needs.
Our detailed knowledge of the complex law of trusts and the ever-changing law relating to the taxation of trusts, combined with our understanding of our clients’ needs, enables us to advise on all aspects of the creation of trusts, the ongoing administration of those trusts and ultimately, once the trusts’ purposes have been served, the winding up of the trusts.
We have a large dedicated trust management team which administers a significant number of trusts, considerably easing the burden for trustees by dealing with investment managers and HM Revenue & Customs and ensuring the trustees meet the considerable obligations with which they are entrusted.
David King, Partner in the Private Client team, recently acted for a farming partnership. The land occupied by the farm partnership was subject to a complicated trust structure which created difficulties for the partners in raising capital to enable them to grow the business.view full case study
Shares in a company can be a valuable asset to pass on – but it’s important that the people you pass shares on to know what to do with them. A client of Partner Laura Banks’ wanted to gift his shares in a valuable private company to his children but also to control what the children did with those shares. Laura advised the client to set up a discretionary trust for the family, with the client being the first named trustee. The trust then received the shares.view full case study
Our Private Wealth team assisted a client on the status of various US family trusts for UK inheritance tax purposes.view full case study