TRUSTS
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Why do we use Trusts?
There are many reasons for using a trust - they are not just for the rich. Here are some examples of why you might seek legal advice to set up a trust:
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To mitigate tax. This includes inheritance tax, capital gains tax and income tax. For example, If you set up a trust and an asset increases in value then it is no longer owned by the settlor and therefore this means that they will not have to pay capital gains tax upon sale. If you did not set up a trust and sold an item (which is not capital gains tax-exempt) then you would have to pay capital gains tax. A Trust would also take out the assets from the individual's estate for inheritance tax purposes. The income tax will also be removed as income is no longer part of the settler's estate.
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For asset protection. You are benefiting individuals without giving them a fixed interest and this could protect the assets from creditors, divorcing spouses and care home fees.
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The trust could assist the incapacitated which would include disabled people and minors.
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You may consider a secret Trust in a Will. This ensures confidentiality and allows you to leave your assets to the people you want to leave them to without any additional questions.
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For estate planning. In order to ensure the future security of your family and to secure against spendthrifts.
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To Secure investments. This would protect pensions and be advantageous for tax purposes. You could consider Unit Trusts or something offshore.
If you are considering a trust then please contact us. We can give you expert advice which would allow you to understand all the options that are available to you.
Email: debrawilliamson@mdwsolicitors.com
Phone: 01753 299 466
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