kINGSTON Trusts Solicitors
Contact Us Today
Rose & Rose
Trusts & Lifetime Trusts
Lifetime trusts are a useful way of reducing the Inheritance Tax payable on your death. Although the Finance Act 2006 made trusts less tax efficient by levying on-going tax charges, these can be avoided by limiting trust assets to the nil rate band (£325,00). Therefore, provided you survive 7 years from setting up the trust, the trust funds will fall outside of your estate for Inheritance Tax purposes.
Why use a trust?
Wealthy higher rate tax payers may save tax by transferring assets into a trust by eliminating income tax liability as it is no longer their income; eliminating Capital Gains Tax liability if an asset is to go up in value, as they no longer own it; eliminating inheritance tax as the asset will no longer form part of their estate subject to the type of trust and trust taxation rules.
Assisting persons with an incapacity – a disabled persons trust can be used to assist those who are unable to deal with their own financial affairs, without effecting their entitlement to means tested benefits.
Holding funds for minor children – a Bare Trust can be set up to hold assets gifted to minor children who are unable to hold the property themselves.
Family Provision Trusts are a useful means to provide future security for the family and future generations. Assets can be protected from “spendthrifts” by the establishing of a Protective Trust.
Why use Rose & Rose Solicitors?
Trust Law can be extremely complex and it can be difficult to know what type of trust will be suitable for your requirements along with the tax consequences. We can advise on the options available to you. We can draft comprehensive trust documents to ensure that your Trustees have all the powers that they need to administer your trust. We can also act as trustees or assist in the administration of the trust on behalf of the trustees.
Sally-Ann Joseph is a full accredited member of Solicitors for the Elderly.
We can provide you with a fixed fee for this service so you will know exactly what costs you will need to pay. For further information, please contact one of our team on 0208 974 7490 or email@example.com