A Trust is a way of managing assets for people. There are different types of trusts and they are taxed differently.
If you would like to make sure that your wealth passes to your children when they are mature enough to handle it, or you would like your assets to remain in trust indefinitely to provide your dependents with a place to live or an income, a trust could be the solution.
Once your assets are in trust, they are technically no longer yours. They do not form part of your estate, so they are not subject to inheritance tax.
They are set up for a number of reasons including:
- Minimisation of Inheritance Tax
- Safeguarding of control over assets
- Protection of those assets
- Will planning
- Income Tax management
- Care Home costs management
Trusts are a complex area, but are a great way of making sure as much of the wealth you built up during your life time is passed on, protected and continues be used the way you intended.
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