Trusts are legal arrangements that allow you to give away assets, such as money, property and share, in a tax-efficient, controlled way, for the benefit of the people you choose.
Although they are often thought of as only for the wealthy, they can be equally valuable for people with much more modest assets and are a useful tool in reducing tax liabilities, particularly inheritance tax, whether they are created during your lifetime or by your will.
For example, trusts can be used as part of estate planning for couples who are not married or in a civil partnership or where arrangements for passing on wealth are made more complex by previous marriages where stepchildren are involved.
At Salhan Accountants in Birmingham, we are experienced in trust work and can provide expert advice on your options. For example, trusts can be used to reduce the cost of long-term care or to specify at what age or in what circumstances you wish your beneficiaries to receive money or property. You can even use trusts to protect assets indefinitely if you do not wish your beneficiaries to have full control of these.
We’ll work with you to explore how trust solutions can benefit you and your family, creating a flexible, well-drafted trust that can play a key role in your longer-term tax and financial planning.
To find out more about how we can help you, please contact Salhan Accountants in Edgbaston, Birmingham.