As a population of home owners, more and more individuals are breaching the Inheritance Tax (IHT) thresholds leaving future generations exposed because the estate becomes liable for tax.
Trusts are a well established and useful tool in estate planning as a Trust allows someone to make a gift of assets, without completely losing control of those assets, by placing them in Trust. This enables you to potentially reduce the value of your estate upon which tax becomes payable without making an outright gift whilst you are still alive.
We can give advice on a number of different types of Trusts depending on the client’s objectives. For example, a Family Trust or Will Trust can give extra flexibility in IHT planning as this type of Trust can be used to provide a lifetime income for your spouse with the assets passing to your beneficiaries.