Use of Trusts
When considering planning for the future both for Inheritance Tax and Long Term Care the effective use of trusts can help to protect assets and save tax. We are able to provide full advice in respect of tax and trust planning.
Basic Gift into Trust
You can set up an investment and gift this into trust in order to help to reduce your Inheritance Tax (IHT) liability. This type of plan can allow you:
- Flexibility in choice of beneficiaries
- Faster payments to beneficiaries after the death of the person who created the trust
You make the gift and cannot benefit from asset again, however you are able to retain some control by acting as a trustee.
You establish a trust, appoint trustees and may nominate beneficiaries.
The gifted assets are passed to the trust. A variety of assets can be held by the trust including cash.
Benefits for you
- Savings on Inheritance Tax
- Speedier payment on death