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Setting up a trust allows you to make a gift to the next generation and protect your capital. There are various types of trust that let you gift funds or assets to beneficiaries during your lifetime, and our experts will help you to decide the most effective option for you.
Whether you are a parent who wants to help your child purchase their first home, or you are planning for your business to continue after your death, a trust could be the best option. Not only can trusts help to mitigate against Inheritance Tax (IHT) and capital gains tax, but they can also allow you to retain control over the assets during your lifetime if you appoint yourself as a trustee.
Our experts advise on the following types of trusts and services:
- Family trusts and asset protection
- Trusts for the disabled
- Personal injury trusts
- Business succession
- Wealth protection
- Charitable trusts
How JMW Can Help
We will explore all the trust options available to determine which is the best route for you and your assets.
While trusts can reduce IHT and other forms of tax, they can add tax liability during your lifetime if they are not handled correctly. We will minimise this risk and deal with the administrative side for you, liaising with HMRC to ensure your trust is created legally, efficiently and effectively.
The purpose of charitable trusts is to allow you to support a chosen cause in a tax-efficient manner, which allows you to leave a lasting legacy after you die.
Assets that are put into charitable trusts are held by the charity for a specified period. You can choose to become a trustee, giving you control and insight into how your money is being handled. These assets can only be used for charitable purposes not private benefit, so they are kept secure and protected.
Aside from the clear value to the cause itself, the benefits of a charitable trust to the individual include reducing the amount of tax you pay and, in some cases, making you exempt from tax.
Our solicitors will explore the options available to you and explain why you should set up a charitable trust, offer advice on how to create one and handle the administration.