Creating and preserving your legacy.

Considering estate and succession planning during your lifetime gives you the opportunity to structure your affairs in a flexible and tax-efficient way for the short and long term.  You may be looking to provide for children or grandchildren without them having control too soon, preserve business assets, or protect a disabled child.  To ensure that your wealth is structured in line with your priorities, you need an expert adviser to provide you with creative and individually tailored advice.  While the scope for people domiciled in the UK to create new trusts tax-efficiently is more restricted than in the past, there are still a number of planning options.

Our team will guide you through the available tax and succession planning opportunities and provide effective strategies to deal with issues which could impact the transfer of wealth including marital breakdown, financial immaturity, mental incapacity and providing for disabled beneficiaries.

We support individuals, families and trustees in the establishment and administration of trusts and other estate planning structures. We also advise on the ongoing management of existing trusts, including changes of trustees, restructuring and taxation.

We know that each and every client is unique so we spend time gaining a thorough understanding of your specific circumstances and what is important to you and your family with regards to succession. We will then work with you to manage your estate in a way that is tax-efficient and fulfils your wishes for your family’s future.

Why might a trust be of benefit?

A trust is a relationship in which one or more people (the trustees) holds and manages assets for the benefit of one or more other people (the beneficiaries). There are many reasons and many circumstances where a trust might be of benefit.

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Tax & Estate Planning: Decrypting a digital world

Understanding how cryptoassets work, how they will be taxed and how they will pass from generation to generation has never been more important as individuals branch out into these new investments. In this guide we provide an overview of cryptoassets, their legal treatment in the UK, and how they should be considered in tax and estate planning.

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Family investment companies

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Family investment companies can be attractive for wealthy clients who are used to a corporate structure and who want more control over the flow of assets to the next generation.  The underlying assets may be a property portfolio or stocks and shares.  Assets can be held through family investment companies without upfront and ongoing inheritance tax charges like a trust, and income and capital gains can be accumulated tax-efficiently.  We can draft the Articles of Association of the company carefully to ensure that control is retained by the right family members, and to achieve flexibility in providing benefits to shareholders.

Trusts for business owners

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For clients who own trading businesses, trusts can be a useful succession and tax planning vehicles to ensure the preservation of our clients’ wealth.  For example, it may be possible to transfer shares in a business into a trust free from inheritance tax, while also optimising the capital gains tax position

Trusts for future generations

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Where clients wish to provide for their children and grandchildren (e.g. for the provision of school fees), it can be prudent to create a trust of up to the available inheritance tax allowance (known as the nil rate band). There will be no inheritance tax on creation and a new trust of this type can be created every seven years.  Also, if clients have surplus income, outright gifts or gifts into trust out of this surplus income can be made which are completely exempt from inheritance tax.

Family investment companies

Family investment companies can be attractive for wealthy clients who are used to a corporate structure and who want more control over the flow of assets to the next generation.  The underlying assets may be a property portfolio or stocks and shares.  Assets can be held through family investment companies without upfront and ongoing inheritance tax charges like a trust, and income and capital gains can be accumulated tax-efficiently.  We can draft the Articles of Association of the company carefully to ensure that control is retained by the right family members, and to achieve flexibility in providing benefits to shareholders.

Trusts for business owners

For clients who own trading businesses, trusts can be a useful succession and tax planning vehicles to ensure the preservation of our clients’ wealth.  For example, it may be possible to transfer shares in a business into a trust free from inheritance tax, while also optimising the capital gains tax position

Trusts for future generations

Where clients wish to provide for their children and grandchildren (e.g. for the provision of school fees), it can be prudent to create a trust of up to the available inheritance tax allowance (known as the nil rate band). There will be no inheritance tax on creation and a new trust of this type can be created every seven years.  Also, if clients have surplus income, outright gifts or gifts into trust out of this surplus income can be made which are completely exempt from inheritance tax.

View our UK trusts, tax & estate planning Lawyers:

Peter Daniel

Peter Daniel

Partner - Head of Private Wealth

Talk to Peter about Probate & Trusts, tax & estate planning

Daniel Simon

Daniel Simon

Senior Partner

Talk to Daniel about Firm management & Trusts, tax & estate planning

Tulin  Hamit

Tulin Hamit

Partner

Talk to Tulin about Trusts, tax & estate planning

William Hancock

William Hancock

Partner

Talk to William about Trusts, tax & estate planning

James Austen

James Austen

Partner

Talk to James about Trusts, tax & estate planning

John Saner

John Saner

Partner

Talk to John about Trusts, tax & estate planning

Charlie Fowler

Charlie Fowler

Senior Associate

Talk to Charlie about Immigration & Trusts, tax & estate planning

Aidan Grant

Aidan Grant

Associate

Talk to Aidan about Trusts, tax & estate planning

Louise Jones

Louise Jones

Associate

Talk to Louise about Probate & Trusts, tax & estate planning

Andrew  Mason

Andrew Mason

Associate

Talk to Andrew about Trusts, tax & estate planning

“The team is first-class – knowledgeable, approachable and offers excellent value for money”

Legal 500, 2020