TRUSTS, EXECUTORSHIPS & WEALTH PROTECTION
We’re here to help you to protect yours and your families wealth for future generations.
TAX ADVANTAGES OF TRUSTS
Many of us shy away from planning for the time when we will no longer be here to care for our loved ones. However, part of efficient tax planning should mean looking ahead to this time in the future and optimising your wealth on behalf of your family and future generations.
Just remember, it is never too early to plan. Early estate planning means that you will have more opportunities to mitigate your tax liabilities whilst remaining tax compliant. This should mean that your family receives more of your estate.
When it comes to executorships and dealing with the financial affairs of their clients’ and completing their annual tax returns, who better to deal with the estate of deceased clients than their accountants? At SKS, we pride ourselves on providing a swift, cost effective service for executors.
Below is some helpful information on trusts, executorships and 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
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