A trust is a great 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 a trust may be shares in a family company, farm or commercial property. In the Government’s 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 and are a safe and reliable way to transfer your assets to your loved for their future enjoyment and benefit. At Progression Solicitors we have many years of experience creating and administering trusts of business and family assets.
Many of our clients use a trust 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.
We work with our clients in a confidential and professional manner, ensuring we fully discuss the needs and outcomes of all involved in the creation and receipt of a trust. In cases where our clients are unsure of how to create a trust and the terms they would like to apply, we are able to offer extensive advice and offer experienced guidance to make the process as streamline as possible.
If you would like more information or would like to discuss matters in confidence, contact any of our offices via our contact page
Our head of the private client department, Pamela Horobin, is also a longstanding member of STEP – a global professional association for those advising families planning their assets across generations.