People are often confused as to what trusts are and how they can be used to help.
In essence we consider that the best way to think of a trust is to think of it as a wrapper which is placed around an asset or similar so that it no longer forms part of your assets but is administered upon your behalf.
Trusts can be used so as to make sure that during your lifetime you can retain the benefit of assets property and avoid the possibility of them being valued as part of your estate when you die. This means that the valuation of your estate can usefully be reduced to so as to avoid your liability for inheritance tax.
Trusts can also be used to avoid your liability during your lifetime for income tax or capital gains tax. It is the case that trusts are not just used by the extremely wealthy. The moderately well-off can use trusts in an advantageous way.
It is not something that should be attempted without the benefit of a specialised solicitors such as ourselves. We have huge experience in dealing with trusts, how there can be setup and how they affect you going forwards.
We would be pleased to speak to you about your trust needs. For more information please telephone our Brighouse office on (01484) 714400 and ask to speak to Maria Lonergan or her secretary.
If you would like more information call us on (01484) 714400 or fill in the details below —