Trust of Land
Have you considered what you want to happen to any land, homes and any property you own after your death? You might want to consider creating a trust of land in your lifetime to enable your wishes to be actioned.
Our dedicated team keep up to date on changes in the law and how these can impact you, for example, the Civil Partnership Act 2020 which brings with it some tax implications for couples.
Our team have experience advising clients who have assets in the UK and overseas, if this applies to you then we can help you gain a better understanding of the estate planning options available to you.
By planning for the future you can alter some of the current and future tax implications including following your death. The level of tax you will pay alters each year dependent upon the financial budget.
Trust Creation
Now you have decided to make a Will, you may need to consider setting up one or more Trusts to manage assets you want to leave for the benefit of
- young beneficiaries whose inheritance can be managed until they reach a certain age
- those incapable of handling their own affairs
- a beneficiary who you want to receive income or some capital during their lifetime, only to pass the capital on to the next generation
You can get advice from us on how to best achieve your wishes including:
- Discretionary Trusts which include a loan clause
- Life interest Trusts
- Protected Trusts
Life Interest Trusts are particularly useful if you wish to keep control of certain assets such as land, but still wish to make a gift of it after someone has had the benefit of it for their lifetime.
You need to appoint Trustees to administer any Trusts you create and we can help with the ongoing administration of them as we do for many of our clients.
Administering a Trust
Trust administration is a minefield!
A Trustee’s duties are onerous and the role can be daunting when you are faced with the technical issues involved.
Our practical advice will help you through the challenges involved in being a Trustee leaving you time to make the important decisions that are at the heart of the scheme involved.
Our team can help you prepare Annual Accounts and Tax Returns as well as complete Inheritance Tax Returns and arrange the appropriate payments of Tax that falls due.
We will also advise you in relation to income and capital distributions and the related Tax consequences and assist you in agreeing on a suitable investment policy with your investment advisers and help you monitor investment performance.
To find out more about how we can help you the secure the future of your loved ones after your passing, contact our tax planning and trust specialists in Liverpool or Southport.