Simply put, a Trust is a relationship whereby assets are held by one party for the benefit of another…the beneficiary. There are numerous types of Trusts, all of which are taxed differently and suit differing needs and requirements – they are anything but simple, with laws and regulations frequently changing. However, their benefits can be plentiful if set up and managed correctly.
Trusts can be an excellent tax planning tool to help mitigate tax, especially with regards to savings around Inheritance Tax and Capital Gains exposure…as once you place your money or property into a Trust, they no longer belong to you. In most instances they are then exempt from calculations around your tax liabilities. They can also help protect assets, property and help make provisions for your family both now and in the future.
Examples of when you might benefit from setting up a Trust:
For a Trust to work effectively it requires expert legal, tax and investment advice, as well as staying on top of the administration and paperwork side of things – we can manage all of this on your behalf.
Our solicitors understand the complexities of Trusts and how crucial choosing the right type for your particular circumstances and goals can be.
Kirkcaldy: 01592 204774
Dunfermline: 01383 738000
Burntisland: 01592 873501
Dundee: 01382 568188
Broxburn: 01506 855777
Our experts will carefully assess your needs, tax liabilities, short and long-term goals to help you decide on the most appropriate type of Trust, set it up and manage it on your behalf.Contact us
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