We can assist you with establishing a trust, which can help both protect assets and save tax.
Significant gifts are only subject to Inheritance Tax if the person making the gift fails to survive for seven years.
This means that there is a great deal of sense in starting the process of transferring assets as soon as you can afford to do so.
Of course, you may feel uncomfortable about handing over significant assets to someone who is relatively young. Alternatively, you may be keen to start transferring assets to the next generation, but are not yet sure of the exact division of particular assets.
The use of a trust is an extremely effective method of reducing the value of your own estate, without necessarily losing control over what happens to the assets transferred.
A tax-efficient trust can be an important tool when looking to protect your assets for the future from things such as Inheritance Tax and residential care costs. There are many good reasons for setting up a trust, including:
Our trusts and estate planning team is able to advise on the setting up, ongoing administration and winding up of trusts.
The team is also able to provide advice to trustees in order to ensure that they understand their rights and responsibilities.
We are also able to advise beneficiaries in connection with any interest they may have in a trust.
My family and I have had Charlie Fraser as our solicitor and legal advisor for the past twenty-five years. Charlie has a wealth of knowledge and is highly regarded within the legal profession. In a recent legal issue he went well over and above any necessary service to help in any way he could. I totally trusted his advice and path to proceed. The fact that the matter was resolved successfully was purely down to his persistence and professionalism. Simply put, I cannot imagine having any one else handle my legal affairs and will be eternally grateful for the support he has provided me and my family over the years.
K. Berry, private client
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