Trusts and executorships - Take full advantage of these tax planning tools
Trusts are extremely useful instruments for financial and tax planning purposes. They are particularly useful for holding shares in private companies as part of a family plan - especially if you want to maintain control and protect your estate, whilst:
- Gifting to charity;
- Minimising inheritance tax liabilities;
- Providing funds for your children's education, maintenance, etc.;
- Providing for people who are mentally or otherwise incapacitated;
- Restricting access to property by future beneficiaries.
There are four main types of trust:
- Accumulation and maintenance trusts;
- Bare trusts;
- Discretionary trusts;
- Life interest 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 and arrange for the necessary documentation to be prepared.
We can also advise you on the planning and preparation of your Will. Where appropriate, we can introduce professional trustees or executors to you, too.
Please contact us at info@arallp.com today to discuss how you can take advantage of this extremely useful tax planning tool.