Trusts can be useful structures to control assets through generations and in tax planning for wealth succession. We find that trusts are not fully understood by many and so have a mixed public perception. Our belief is that when used in the right way for the right reasons, they can be a very effective tool.
There are various types of trust, each with their own legal framework and tax regime. This is a highly technical and complex area and expert advice should certainly be sought. Accountants are best placed to give this type of advice as they should have detailed knowledge of the settlor’s wealth and tax position. We will then work with a lawyer to set up the relevant trust.
Once trusts are established it is critical that their ongoing use is reviewed periodically to ensure that they are still fulfilling the initial objectives and any changes to the settlor’s wishes. Our clients benefit from us promoting regular meetings whereby we holistically review their affairs.
For further information, please do not hesitate to contact Craig Nicholson.