The Use of Trusts
Having accumulated wealth through our working life we need to reflect on how this will be shared with HM Revenue & Customs after our death. We provide specific advice on how to reduce any liability through the use of:
Lifetime gifts to individuals
The use of Trusts
Allowances and exemptions applying to specific assets
Trusts can be a very tax efficient way to set aside assets for future Beneficiaries outside of the Inheritance Tax (IHT) net and are relatively easy to set up. A Trust allows you to place assets under the control of others and also provide some protection of assets against tax.
Protection of assets against your possible care home fees can also be achieved with the right type of Trust.
As a leading firm of Chartered Accountants in Essex we can advise on the most suitable Trust for your purposes and if we feel that a Trust isn’t for you because you can achieve your plans by another route we will say so. Our Tax team under the leadership of Chris Harman, assisted by Gill Philpott, can provide the necessary information to your solicitor or legal adviser so that they can set up the right Trust for you and your Beneficiaries. Both are Chartered Tax Advisers and Gill is a qualified member of the Society of Trust and Estate Practitioners.
Having established a trust we can provide full support in preparing the Self Assessment Tax Returns for Trusts on behalf of the Trustees as well as the appropriate accounting services. We also do:
- accounts preparation of the annual trust accounts
- acting as a trustee
- minutes of meetings concerned with running the trust
- drafting of trustees' policy statements
- inheritance planning for the trust
- advising the trust of due dates for tax payments.
If you would like to find out more information about the use of Trusts please call Chris or Gill on 01376 326266. Alternatively if you would like them to contact you please complete the link below: