- Childcare arrangements and social distancing - The knock-on effects of the global pandemic are huge. This challenging time is particularly hard for separated parents, who may face challenges with maintaining on going childcare arrangements. Some of the problems being highlighted to our offices include: A parent becoming symptomatic and falling into the self-isolate category, being unable to assist with handovers and [...]
- The number of cohabitating couples is on the rise - The ONS (Office of National Statistics) completes UK-wide survey every year. The survey covers a range of demographics including living arrangements. The 2017 survey highlighted that cohabitating couples (couples who live together but are not married) were the fastest growing family type, and the 2018 report confirmed that the cohabitating couple were the second largest family type in the UK. The number of cohabitating couples grew by 3.4 million people from 2017 to 2018.
Trusts were originally used by families to safeguard their capital wealth for future generations, whilst enabling family members to benefit from the income.
Nowadays, trusts are widely used by everyday families and individuals for tax planning, but have many other uses.
A trust can be set up during a person’s lifetime, or on their death in their Will. Trusts can provide for a wide variety of situations:
- For the benefit of children, grandchildren and great grandchildren
- To protect against spendthrift beneficiaries
- To provide security for dependents
- Tax planning reasons
- To receive pension payments and death in-service payments
- To allow property to be held for successive generations
- Charitable purposes
Our trust service includes:
- Advice on lifetime settlements, including income in possession trusts (IIP) and the various discretionary trusts (DT) and relevant property trusts (RPT), their formation and administration, together with their merits and disadvantages
- Advice on tax in connection with the setting up of trusts e.g. mitigation of inheritance tax, capital gains tax and income tax
- Administration of trusts, including preparation of trust tax returns (together with assistance with routine personal tax affairs)
Our Private Client team, some of whom are members of the Society of Trust and Estate Practitioners (STEP) and Solicitors for the Elderly (SFE), are able to provide you with specialist advice as to the best way to help you.