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Services / Wills, Tax and Probate / Tax Planning and Trusts

Tax Planning and Trusts

We offer a variety of tax planning services to individuals, families and family-owned businesses, focusing on issues such as income taxes, inheritance tax planning and capital gains taxes. This often involves the creation of Trusts and, where appropriate, we partner with experts such as accountants and financial advisors.

It has become increasingly difficult to keep up to date with the changing tax landscape and how it impacts on providing for your family and passing your wealth to the next generation.

How we can help

We can consider with you your current financial circumstances; whether you have particular concerns that require safeguards to be put in place (such as impending divorce in the family or potential for bankruptcy), and the tax consequences of your death. Once we have discussed your aims for the future we can go on to consider options to reduce the tax burden or safeguard assets, for example, against payment of care fees.

What's involved

We will look at some or all of the following issues as relevant:

  • Lifetime gifts either direct to individuals or into Trust
  • Gifts within the annual allowances for inheritance tax purposes
  • The capital gains and inheritance tax consequences of gifting assets
  • The use of business property relief available to certain investments or for your business
  • Updating your will to ensure full use of the Nil Rate Band
  • Charitable giving to invoke the reduced rate of inheritance tax for the estate

If it is considered advantageous to set up a Trust, we will consider the appropriate type of Trust with you including:

  • Bare Trust
  • Declaration of Trust
  • Life Interest Trust
  • Discretionary Trust
  • Personal Injury Trust
  • Disabled Persons Trust

And will consider the tax arrangements relevant to each type.

We will draft the Trust Deed and deal with all the formalities including registration of the Trust with the Inland Revenue where required.

Ongoing management of trusts

We are often appointed as Trustees for the ongoing management of Trusts and can deal with all relevant requirements during the lifetime of a Trust. This may include the retirement and appointment of new Trustees and the appointment of assets out of the Trust.

Our expertise

The solicitors in our Wills, Tax & Probate team are full members of the Society for Estate Practitioners and have extensive experience in setting up and managing Trusts and providing the necessary tax advice.

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Please contact one of the team to discuss your specific requirements.

If you would like further information about any service, call us on 01603 214220