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A trust is a way of passing assets to the next generation without necessarily giving the beneficiaries a free hand with those assets until they reach an age at which they are mature enough to manage them.
Property transferred into trusts may be shares in family companies, farms or commercial property. In the 2006 Budget, sweeping changes were made to the taxation of trusts which in some cases makes them less favourable as tax-savings measures. However, they are still a valid tax planning tool for those who have significant assets. We have many years’ experience in creating and administering trusts.
Many clients use as a tool for the following reasons:-
- Passing assets to the next generation
- To own property with several individuals
- To invest money on behalf of minor children or disabled individuals
- To clarify ownership of the home or other assets where they have remarried.
If you would like more information or would like to discuss matters in confidence, contact any of our offices using the link to our contact page
Our head of the private client department, Pamela Horobin, is also a longstanding member of STEP