TRUSTS, EXECUTORSHIPS & WEALTH PROTECTION

If you are considering setting aside assets for specific future beneficiaries, trusts can be a tax efficient way to ring fence these assets outside the scope of current Inheritance Tax legislation. Trusts should also be considered when reviewing your business tax planning.

As well as helping to pass assets through different generations of families, trusts can also help families to:

• Retain control over gifted assets
• Provide for children and vulnerable beneficiaries
• Protect assets, including restricting access by future beneficiaries to property
• Make gifts to charities

The main types of trust are:

• bare trusts
• interest in possession trusts
• discretionary trusts
• accumulation trusts
• mixed trusts
• settlor-interested trusts
• non-resident trusts

Whilst these might seem confusing, the main points to note are that:

• each type of trust has different merits and implications and,
• all have different tax implications.

At SKS, we can:

• advise you on the most appropriate type of trust for your situation,
• advise you on the implications of each trust type, and;
• which are the most suitable for your needs.  This includes advice on Capital Gains Tax (CGT) and Inheritance Tax (IHT) implications.

Our services include:

• Setting up and registering your trust with HMRC
• Completion of trusts accounts
• Completing of tax returns
• Providing distribution advice to your beneficiaries
• Assistance with the winding up or closing of trusts
• We can also act as a Professional Trustee to help remove this responsibility from your loved ones and to ensure you remain compliant

We can also offer assistance regarding IHT returns and applications for Probate.

There can be tax-planning considerations when preparing your Will and we can advise you about these as required. In many cases, we act as trustees or executors.

We can assist with:

• Collating estate assets and liabilities
• Preparing IHT and probate forms and payment of IHT
• Claiming of various reliefs including APR and BPR
• Conversion of assets into cash and payment of liabilities
• Preparation of estate accounts
• Distribution of estate to beneficiaries