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TRUSTS

 
We understand that you want to leave a legacy behind for your successive generations. This will include your money, property, assets and your business.
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What is a Trust?
A Trust is a legal arrangement where one or more 'Trustees' are made legally responsible for holding assets.
The assets - such as land, money, buildings, shares or even antiques - are placed in Trust for the benefit of one or more 'Beneficiaries'.
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The Trustees are responsible for managing the Trust and carry out the wishes of the person who has put the assets into Trust (the 'Settlor'). The Settlor's wishes for the Trust are usually written in their will or set out in a legal document called 'the Trust Deed'.
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The purpose of a Trust
Trusts may be set up for a number of reasons, for example:

* to control and protect personal or family wealth and assets when someone is too young or unable to handle their own affairs
* to pass on money or property while you are still alive
* to pass on money or assets when you die under the terms of your Will – known as a 'Will Trust

Effective succession planning often involves the use of some type of Trust arrangement. Under English law a 'Trust' essentially involves making the legal control of the assets in question separate and distinct from the ability to benefit from those assets.
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The law around Trusts and the way in which they are taxed can be complex and is prone to change. Our team of experts are here to help and can provide you with clear and sensible advice so that you are able to make informed choices. We will work with you to identify and implement the solutions tailored to best meet your needs and circumstances.
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We specialise in structuring a variety of different types of Trust. Amongst our array of Trust structures, we can assist you in each of the following areas of Trust planning:
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Pension Trusts
Although many people are aware that their pension is held in Trust for their retirement, they do not know that they can become a legal Trustee of their pension so that they have control and a say over what happens to their pension savings in the event of their death. Our panel of Independent Financial Advisors will assess your retirement provisions in order to determine whether a pension trust is suitable for your needs.
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Property Trusts
Under the Community Care Act 1990 the Local Authorities have the right, by law, to seize your family home, put it up for sale, and use the proceeds to cover long-term care home costs.
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Having a Property Trusts is a way of you avoiding losing your home to pay for long term care.
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Children’s/Grandchildren’s Trust
If you would like for your children or grandchildren to inherit some or all of your estate you need to stipulate so in your Will. However, if this is the only action you take in relation to your wishes, you will need to be aware that if the child is under 18 years of age, their inheritance will be held in a complex and costly legal trust until they reach 18.
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By implementing a Children’s/Grandchildren’s Trust, you are able to avoid this complication and also dictate greater control over when the beneficiary should benefit from their inheritance.
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Disabled Discretionary Trusts
Under the Inheritance Act (1975) the Social Services and the Department of Social Security may contest a Will if insufficient provision has been made to provide for the care of a disabled child, which can result in an unpleasant and costly legal dispute.
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In the absence of a Trust and where the disabled beneficiary is unable to manage their finances, the Court of Protection can intervene and decide who they feel is a suitable receiver of your disabled child’s or beneficiary’s inheritance. The most effective way to ensure that their inheritance is preserved is through a Disabled Discretionary Trust as all assets (money, property, shares, bonds etc.) placed within the Trust can be used to provide for
their long-term care needs.
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Inheritance Tax Trusts
If you are a cohabiting couple, you do not qualify for spousal relief from Inheritance Tax. This means that all of your partner’s wealth, over the £325,000 threshold, will be subject to the 40% tax.
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Any tax liability above the £325,000 threshold can be eliminated with the Inheritance Tax Trust using tax planning tools.
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The Total Asset Protection Trust
Total Asset Protection Trusts are highly specialist Trusts, which can be used to protect your home, assets,
savings and investments.
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A key benefit of this Trust structure is that any property and savings held within the Trust are exempt from local authority means testing as the assets held within the Trust are no longer part of your personal estate. It also ensures that only your chosen beneficiaries are entitled to receive what you want them to and no person, Government or local authority can state a claim.
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Set up by a barrister and monitored by taxation specialist accountants, the Total Asset Protection Trust, which is designed to hold assets for your benefit whilst you are still alive, is extremely versatile and robust, whilst providing you with full access to and control over your estate at any time.