Trusts and Tax Planning
TAX PLANNING
Inheritance Tax (“IHT”) has been variously described as a tax on the rich and a voluntary tax.
It would, perhaps, be more accurate to refer to IHT as a tax that is voluntary for the rich because the rich very rarely have to pay it as they have structured their property and assets to take advantage of all available exemptions and reliefs.
Many people think that IHT does not apply to them because IHT is only a tax for the super rich – but beware - this is simply not the case.
House prices are increasing rapidly so, together with pension schemes, increased share-ownership and insurance policies, IHT can affect even those who don’t think of themselves as wealthy.
Birchall Blackburn have the expertise to assess the extent of your future liability to pay IHT and to provide strategic and focused advice on re-arranging your assets to minimise IHT liabilities, often through the use of Wills and Trusts
TRUSTS
Trusts are fairly complicated legal devices that can operate during your lifetime or after death. But we love them because a trust can be one of the most effective ways of meeting the particular needs of your family and also minimising or eliminating IHT. They can operate with assets that are tied up in a business or land, or shares and property.
They are often essential for people with young or disabled children and can be set up to pay for their future maintenance, education and benefit.
We can set up trusts that are tailored to your own particular family circumstances and that are run by those most suited to making often complex financial decisions
Some trusts can even ensure that you retain control over the management of the trust during your lifetime.
Key Services:
- Tax planning for IHT and Capital Gains
- Lifetime trusts
- Discretionary Trusts
- Settlements
- Family Trusts
If you would like more information, please contact the following:
email Ian Ranson or phone on 01772 552239