One of the UK’s oldest legal concepts, trusts allow you to build up or ring-fence assets without them being spent in the way a gift might.
Lycetts is an expert at handling the interests of all parties involved in trusts and works closely with clients to arrange trusts that distribute assets in accordance with their wishes.
There are Discretionary Trusts and Bare Trusts (also known as Absolute Trusts).
We also use the following trusts:
Discounted Gift Trusts, Loan Trusts and Gift Trusts
Payments made into trusts are inheritance tax free providing the benefactor lives for longer than seven years, and can be made in addition to the usual gift thresholds.
As well as a tax-free incentive, gifts made into trusts give the benefactor more control of how much is distributed and when, and allow the savings to grow. This approach is often taken when the beneficiary is a young person set to benefit from the estate at a later stage in life.
To discuss trusts and inheritance tax in more detail, please simply contact us with your enquiries.