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.
I cannot thank Aberdein Considine enough and would highly recommend them to anyone.
Family law client
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