Trusts and Estates

In helping you to plan for inheritance tax minimisation it may be beneficial to consider your estate and trusts.

Trusts enable assets to be given away whilst still retaining some control over them.  Income can be paid to different persons with the capital ultimately going to other persons.

The main types of trusts which are used for tax planning purposes are the following;

Interest in Possession Trusts: this type is one in which one or more of the beneficiaries has a right to receive the trust income or has the use and enjoyment of the trust fund.

Discretionary Trust: this type is one where the payment of any trust income is at the discretion of the trustees.

Accumulation and Maintenance Trust: this type is a suitable vehicle where the beneficiaries are under the age of 25.

We can review your existing trusts with a view to ascertaining their current tax efficiency.

We will review your circumstances and advise on the most efficient kind of trust to meet your requirements.  We will examine draft trust deeds to ensure that they achieve your needs and will result in the most beneficial tax advantages for you.

If you wish to know more about our trusts and estates service, or would like to arrange a free initial meeting in order to discuss how we can help you in more detail, please contact Baines Jewitt Chartered Accountants.

 

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Baines Jewitt Chartered Accountants, Barrington House, 41-45 Yarm Lane, Stockton on Tees, TS18 3EA.
Tel: 01642 632032 - Fax: 01642 632033/ 632034 Teesside & North East Chartered Accountants