Today, trusts are not used only by the very wealthy. People with a variety of income levels use them as estate planning tools; that is, as a relatively easy and very tax efficient way to set aside assets for future beneficiaries outside the inheritance tax net. They offer a means of holding and managing money or property for those who may not be ready or able to manage it for themselves and are useful in accomplishing various estate planning and financial planning goals:
1. Give property to children.
2. Reduce estate taxes.
3. Leave assets to a spouse.
4. Provide for life insurance used to pay estate tax.
Used in conjunction with a will, trusts can also ensure that your assets are passed on in accordance with your wishes after your death.
Estate planning services include:
- Care homes advice
- Inheritance tax
- Powers of Attorney
- Trust funds and administration
Please note that although a certain amount of planning can be undertaken by you, gaining the right technical advice from professional advisers is strongly advised.