There are different classes of trusts, all with differing tax implications and conditions the fact remains that assets held in trust are still exempt from Inheritance Tax, so remains a popular and strong planning option contact us to see how we can use a bit of creative planning, our advisors are on hand to explore all the opportunities with you.
Trust haves been around for centuries and are frequently used by wealthy families to pass their estate to future generations. Legislation has changed over the years, with a view to making trusts an unattractive proposition. However, the fact remains that assets held in trust are still exempt from Inheritance Tax, so remains a viable and strong planning option.
Assets held in trust are protected from unforeseen circumstances, so weather you are trying to safeguard assets from divorce, care home fee’s or any other type of litigation, it really makes sense to explore holding assets via trusts.
There are different classes of trusts, all with differing tax implications and conditions. A key feature however, is that trusts present the opportunity to utilise children’s income tax allowances. It is often assumed that a child can only start earning from the age of 16, with a trust however, they can start earning from the day that they are born. All that’s required is a bit of creative planning and our advisors are on hand to explore all the opportunities with you.