In the right circumstances, the effectiveness of using trusts to control the succession of assets and reduce tax liability cannot be overstated.
The first step is for us to fully comprehend your circumstances and plans. We’ll then answer some important questions: Does a trust need to be established? What type of trust structure is most suitable? For how long should it be maintained? But we don’t advise on this in isolation.
We’ll also identify any existing trusts and assess whether they are appropriate. A restructuring of the trustee composition to ensure the smooth running of a trust may also be required. Or we may need to administer an existing trust to ensure that the trust managers are complying with their legal duties. And, if necessary, we can close down an existing trust in a tax efficient manner and in accordance with the necessary legal requirements.
Recent examples of our work around trusts include:
- Being instructed by a large estate in Wales to act for the trustees of the various trusts which included dealing with complicated structural issues.
- Reviewing and restructuring existing trusts for a successful farming family in Gloucestershire.