Nobody wants to pay more tax than they have to, so it may be appropriate to plan ahead.
Through regular gifts and planning of how your assets are owned, your estate and therefore your potential IHT liability can be reduced. Trusts can be set up to assist in IHT planning and can also help to ensure assets are controlled by trustees with certain duties. This compares to absolute gifts, where you lose control and the beneficiary decides.
Trusts are therefore an important tool if the beneficiaries are children or you are concerned as to how the gift will be used.
All our advice relating to trusts and IHT planning is individually tailored to your specific circumstances and encompasses all of your assets, rather than just looking at individual elements in isolation. We have extensive experience in dealing with both straightforward and very complex arrangements on behalf of our clients. In some cases we are advising the 3rd generation of families as their assets are distributed to the next generation in the most tax effective and practical way.
To set up an initial meeting to discuss the potential options for you, please contact us.