Most people are not aware that inheritance tax can have an impact during ones lifetime as well as on death. We may inherit from family members and decide to pass the bequest down to the next generation, plan for business succession, write life insurance into trust or undertake measures to protect assets; these are all strategies that we associate with being prudent but may not necessarily think of as inheritance tax planning. As soon as you have generated wealth or simply own property you should be writing a Will to avoid your assets being passed according to the laws of intestacy, rather than in a manner of your choosing.
Trusts continue to still play a significant part in tax and estate planning and are popular vehicles for asset protection within families. The idea of an enduring body holding assets to pass through generations, without giving an absolute entitlement to those who may benefit, is attractive. They sometimes have a reputation of being overly complex and generating high tax costs, but this is not necessarily the reality, and can be a cost efficient way of achieving your objectives Trusts can be used to own trading businesses, property as well as passive investments and we can structure and manage them on behalf of the trustees.
Probate and estate administration are the types of services you hope you never need, but when you do, it is comforting to know that you are working with specialists who deal with complex, emotive issues on a daily basis.
Our specialist team comprises lawyers, tax advisers, financial advisers and accountants who can ensure that your assets are protected, your wishes are reflected and any compliance or administration carried out with care and professionalism. We can even act as trustee or executor through Kingston Smith Trust Corporation Limited, alongside any family members or friends or as sole trustee, executor or attorney.