Trusts play a critical role in succession planning and are a useful tool in providing for the next generation.
They are one of the few structures that permit a division of ownership (in the hands of the trustees) and enjoyment (in the hands of the beneficiaries). We believe that trusts will continue to play a key part in succession planning and holding family wealth. Significant tax benefits can also still exist in certain circumstances.
The team impresses with its “level of thought and intellectual rigour”
Our team can put in place and advise on trusts for a broad spectrum of clients. Our work ranges from implementing trusts for succession planning purposes for domestic clients (such as ‘nil-rate band’ trusts and trusts for insurance policies or death benefits) to large multi-jurisdictional trust structures for globally wealthy families. We are able to provide advice on a full range of UK and international trust matters and a good part of our work involves liaising closely with families to ensure provision is made through the generations.
In addition to advising on trust creation, we are able to offer a full suite of services to suit the trustee’s ongoing needs, from the provision of legal and tax advice, through to taxation and accountancy compliance services, supervising the trust’s transactions on a day-to-day basis, and ensuring compliance with money laundering regulations. Recent years have seen a significant increase in the regulatory burden for trusts, and legislation for this complex area continues to evolve. Failure to comply can lead to reputational issues, fines and even criminal penalties.
We can also provide a professional trustee to act through our wholly owned trust company.