Don't be wary of trusts - they need not be complicated and expensive to run. They are a very effective way of protecting family wealth while gaining valuable tax advantages and have successfully stood the test of time.
If you want to give away assets to a family member but are worried that it will be squandered you can put the money in a trust instead. That way you can ensure the capital is protected whilst still allowing the beneficiary to enjoy the income and assets for life.
The trust can be as flexible as you like, you can even keep control over the assets by being a trustee. Trusts can also be used in other ways, for example to enable you to give assets away but still retain a right to income.
Trusts are also at the heart of many employee benefit and pension arrangements.
Millions of pounds are unnecessarily lost to the Exchequer because of simple failure to understand the diverse ways in which various investments are taxed. To identify the investments that are most tax efficient, whilst not losing sight of the underlying quality of those investments, requires the combined skills of tax and financial planning experts.
Why come to Critchleys with questions about trusts? How we can help ?
Discuss your needs with our Trust and Tax specialists; who will give a full review of the tax efficient planning opportunities open to you through the use of trusts. We will review your existing family trusts and consider what actions may be relevant to keep matters up to date. We can advise on the setting up of new trusts and help to tailor new legal deeds or review existing ones. We will comment on whether you need to take further legal advice to make changes as a result of the passage of time or changes in legislation.
We will clarify the obligations of Trustees and Beneficiaries. As tax specialists we can provide the tools necessary to help all those involved. Any or all of the following might be considered: