Trusts are devices which can be used to minimise an individual’s tax liability and to preserve a capital sum or asset. In short, a trust is an arrangement whereby ‘trustees’ hold assets for the benefit of one or more ‘beneficiaries’ on terms defined by a ‘settlor’. Trusts may be used in a number of circumstances, including, but not limited to:

• providing for your spouse upon your death while protecting the capital sum for your children;
• to optimise Inheritance Tax allowances and exemptions;
• to dispose of assets tax efficiently;
• to protect assets for minors;
• to may gifts while retaining some element of control over the devolvement of the asset;

If you would like to discuss whether your estate planning might employ a trust, please contact Peter Russell in our Private Client Department on 0207 703 5034 or email him at pjcr@meaby.co.uk