A trust is a legal framework within which assets can be protected and administered for the benefit of designated persons or institutions including charities.
There are substantial advantages to be gained from the use of a trust in cases of personal injury. These benefits include protecting entitlement to means tested benefits which can be lost if the amount of any claim exceeds £16,000 and protecting the claimant if personal circumstances are difficult.
A trust can be a useful vehicle for protecting personal and family assets together with minimising the ultimate IHT bill. Many clients would like to pass assets to the next generation but may be concerned regarding the personal vulnerability of beneficiaries, particularly in today’s difficult social environment.
The timely use of an appropriate trust can therefore achieve the desired taxation objectives and preserve assets for the benefit and protection of future generations. Control can also be maintained by appointing oneself as a trustee, although for the IHT saving to be achieved it is not possible to be a beneficiary.
We have particular experience in establishing and administering charitable trusts.
It is important for advice to be taken in good time on the most appropriate form of trust in the individual circumstances of a particular client.
We are happy to assist with the preparation of the necessary deed of trust and discuss the administrative and taxation implications.
Please call our 52 North Street office in Chichester or to find out more about our team click through to the staff profile pages featured on the right hand side.