Protecting your family’s wealth
Trusts can be of great benefit, not only in minimising tax liabilities but also protecting the family’s wealth for the benefit of future generations. They provide a means by which an individual can give away assets, and provide a benefit to others, whilst retaining control and ensuring those assets do not become part of the beneficiary’s estate.
Rawlinsons can provide advice on the different types of trust that are available, the tax implications of each and which would be most suitable for you. We can also review existing trust arrangements and consider their suitability for planning your own and your family’s affairs for the future.
Proper tax advice is crucial
Legally trusts are independent entities, distinct both from their trustees and those who have provided funds or can benefit from them. This means they have a separate identity for tax purposes and in appropriate circumstances this can provide protection from income tax, capital gains tax or inheritance tax or a combination of these. However, they have become increasingly subject to HMRC’s anti avoidance legislation in recent years. Therefore it is crucial that proper tax advice is taken when creating a trust.
Rawlinsons assists in the administration of trusts both in terms of tax returns, accounts and all necessary formalities, and our partners act as trustees.
Rawlinsons partner Julie Bloodworth is a registered member of the Society of Trust and Estate Practitioners.