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Trust

Trust

Trusts can be one of the most effective ways to save or mitigate tax, but many people assume they’re too complex or costly to explore. In reality, a trust is a simple legal mechanism that sets aside assets for a specific purpose.

If you own a business, have a vulnerable child or relative, a pension, life insurance, or are in a second relationship, speaking with a trust advisor could uncover significant tax savings and other benefits you may not be aware of.

Tax Planning Trusts

Trusts for tax planning can be highly effective when preparing for inheritance tax and passing wealth through generations. Whether you’re leveraging your business assets through a Business Property Trust, skipping generations with a Property Protection Trust, or using Pilot and Bypass Trusts to pass assets outside your estate, we can help minimize tax liability while transferring assets efficiently.

Property & Asset Protection Trusts

As we age, our assets face threats from multiple sources: the taxman, local authorities, and even ex-daughters and sons-in-law. A Property and Asset Protection Trust can shield your assets from these risks, reduce probate fees, and enable multi-generational wealth planning.

Although these trusts aren’t for everyone, we can provide advice on their suitability and help set one up.

A family trust isn’t just for the wealthy. It could be the right solution for you and your descendants, offering control of your assets for up to 125 years after your death. A properly set-up trust is cost-effective, saving more than its initial setup fee, and can help resolve disputes before they arise.

Offshore Trust

Have assets overseas?
An offshore trust is a legal arrangement established in a jurisdiction outside your country of residence, designed to manage, protect, and distribute assets. It is created by transferring assets into a trust fund, which is managed by a trustee according to the terms outlined in the trust deed.

Testamentary Trust

A Will/Death Trust, often referred to as a Testamentary Trust, is a type of trust that is created through a will and comes into effect upon the death of the person who created the will. It is designed to manage and distribute the deceased’s assets according to their wishes.

A Lifetime Trust

A lifetime trust, also known as living trust, is a type of trust established during the lifetime of the settlor (the person who creates the trust). It can be either revocable or irrevocable, depending on whether the settlor retains the ability to alter or terminate the trust. It can be a powerful tool for managing and distributing your assets, offering both flexibility and protection. Consulting with an experienced estate planning attorney can help you determine if a lifetime trust is right for your needs and ensure it is set up correctly.

FAQs

Why should I consider setting up a trust?
Trusts can offer benefits such as avoiding probate, reducing estate taxes, managing assets for minor or vulnerable beneficiaries, protecting assets from creditors, and providing privacy by keeping estate matters out of public record.
Who can be a trustee?
A trustee can be an individual (such as a family member or friend) or a professional (such as a lawyer or a trust company). The trustee is responsible for managing the trust assets according to the terms of the trust document and in the best interests of the beneficiaries.
Can I be the trustee of my own trust?
Yes, in a revocable living trust, the settlor can also be the trustee. This allows the settlor to retain control over the trust assets during their lifetime. In an irrevocable trust, the settlor typically cannot serve as trustee.
How much does probate cost?
The cost of probate depends on the size and complexity of the estate, as well as whether you hire legal professionals. There are also court fees associated with applying for probate, and professional fees if solicitors or probate lawyers are involved.
What are the tax implications of a trust?
The tax implications depend on the type of trust and the jurisdiction. Generally, income generated by the trust may be taxable to either the trust or the beneficiaries, depending on the trust’s structure and how income is distributed. It’s important to consult with a tax advisor to understand the specific tax implications of your trust.
How do I fund a trust?
Funding a trust involves transferring assets into it. This can include real estate, bank accounts, investments, and personal property. The process may require changing titles, deeds, or account names to reflect the trust as the owner.)

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