Trusts & Taxation
When you set up a trust, assets such as your house, cash or shares are removed from your estate and put aside for a beneficiary or beneficiaries; in effect, this protects those assets from any third parties.
The uses of trusts are many and varied but we often receive enquiries about them in relation to:-
- protecting property from being used to pay for long term care
- passing shares in a family company or business to children
- passing money or property on to children
- ensuring that, in the event of matrimonial issues, assets are still passed on and retained by beneficiaries.
- minimising inheritance tax by reducing the value of the estate
There are many different types of trusts and it is a complex area of law. Harriet Thorneloe is a member of the Society of Trust and Estate Practitioners and, as a specialist, she can help you to decide whether setting up a trust is the most appropriate option for you and, if so, draw up the necessary documentation. She can also advise you on the tax treatment of trusts, choosing trustees and managing your trust.