Trusts and Executorships
Trusts can be extremely useful instruments for asset protection and tax planning purposes. They are particularly useful for holding shares in private companies as part of a family financial or tax plan - especially if you want to reduce inheritance tax liability in your estate.
They can also be useful for:
- Providing funds for your children's education, maintenance, etc.
- Restricting access to property by future beneficiaries
- Providing for people who are mentally or otherwise incapacitated
- Gifting to charity
There are four main types of trust:
- Life interest trusts
- Discretionary trusts
- Accumulation and maintenance trusts
- Bare trusts
Each type of trust receives different tax treatment and can be adapted to many different purposes.
To take full advantage of trusts in your tax and estate planning you need to receive expert help and advice.
We can help you determine which types of trust are suited to your purposes, prepare the necessary documentation, and advise on appropriate trustees.
Jim Stark is a member of STEP (The Society of Trust and Estate Practitioners) and as such is well placed to advise in this area. Call Jim Stark on 01750 23900 today to discuss how trusts might assist you in overall financial and estate planning.
