When making provisions for loved ones in the event of your death, the threat of inheritance tax can feel like a waste of your hard-earned assets. There are, however, a range of options available to reduce the inheritance tax figure that will be owed on your estate.
One such option is to include trust provisions within your will. These can be helpful not only from a taxation perspective, but also in safeguarding your assets for future generations. They can be used to:
- Ring-fence assets that might otherwise be taken into account when assessing your surviving spouse’s liability towards the cost of nursing care in later life
- Protect beneficiaries who are too young to manage large sums of money responsibly
- Offer peace of mind if you’re concerned about future divorce or bankruptcy of a beneficiary, or the possibility of third party claims
- Give flexibility for your trustees to respond to future changes in the circumstances of your beneficiaries
If you are looking to reduce the inheritance tax burden on your estate, we can help you understand your options, which may include:
- The creation of lifetime trusts
- Taking advantage of Inheritance Tax reliefs such as those on business and agricultural property
- Regular Gifting of Surplus Income
- Deeds of Variation/Disclaimer
- Protection from death benefits through the use of life insurance, pension plans and death in service plans
- Cross option agreements supported by life insurance and trust provisions
If you would like to discuss your options in relation to trusts and lifetime tax planning contact Star Legal today.
Our experts in this area
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Christopher Jenkins
Consultant Solicitor
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David Brooks
Head of Swindon Office, Solicitor
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Deborah Morgan
Consultant Solicitor
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Hilary Evans
Head of Malvern Office, Solicitor
Everything went extremely smoothly, could not have gone better. Thank you.
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Jenny Rimmer
Solicitor
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Kelly McCarthy
Solicitor
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Pinky Nair
Solicitor
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Richard Agnew Vos
Head of Tiverton Office, Solicitor
Very friendly and efficient.
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Richard Vaughan
Head of Abergavenny Office, Solicitor
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Sharon Piper
Chartered Legal Executive
Sharon Piper listened intently to everything I said and duly noted everything correctly. I was completely satisfied...your service was prompt and efficient.
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Susan Fairless
Solicitor
Susan's advice was comprehensive and fully up to date. She was professional, competent but at the same time sympathetic and understanding.
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Vanessa Hammond
Solicitor
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Vicki Webb
Solicitor
Get in touch today
- Telephone
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