Trusts and tax-planning

Trusts

Trusts can be used very effectively as a protective measure when providing for your family. It can be a complex area, particularly the different tax treatment of trusts.

We can advise you fully about creating, maintaining and terminating existing trusts, and will explain – in simple terms – the practical and tax implications.

Inheritance Tax Planning

If inheritance tax may be payable on your death, then we may suggest options that reduce or eliminate that liability.

Inheritance tax is payable if the value of an individual’s estate exceeds the nil rate band allowance – currently £325,000.

Other matters can affect the tax payable, such as gifts made during your lifetime. For a husband and wife, a 100% spouse exemption will apply on the first death in most cases, so inheritance tax may only be an issue on the second death.

If you would like further advice about this, please contact Sophie Endersby.

Contact: sophie.endersby@wilmots.co.uk

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