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Tax and Trusts
 Protect your Future and your Family
Inland Revenue
figures show that the
number of people affected by IHT has increased by 45% in the last 5
years.The average IHT bill is now at least £83,000.
25,000 estates paid £2.4 billion inheritance tax during 2002 (Source:
Inland Revenue 2003).
We could save the client approximately £105,200 in tax almost
immediately.
Two families are falling into the inheritance tax trap every minute.
The
object of Powell Davies Solicitors is to do strategic estate planning,
to maximize the client’s tax capacity and therefore minimize the tax
payable to the Inland Revenue, which in turn will:-
1. Ensure that property passes to the intended beneficiaries;
2. Preserve the specific assets for future generations; and
3. Preserve general wealth
The key is to pass on the wealth as efficiently as possible
This
can be achieved through the making of gifts, settling assets during
your lifetime through the use of trusts, and by making an appropriate
Will.
Estate Planning & Trusts – A Summary
We
would like to introduce you to our specialist estate planning
department which specialises in providing invaluable tax planning and
trusts advice. There are many reasons why lifetime planning is so
important, for example:-
Would you like us to considerably reduce your inheritance tax and capital gains tax?
Do you realise that we could save you up to £105,000 in inheritance tax bills?
Without the proper professional guidance, your money and estate might end up in the wrong hands or be lost completely
Buying property abroad? We could probably reduce your tax bill by at least £50,000?
Want to avoid large capital gains tax? We can help to reduce your liability
Life
Insurance? We can advise on the most appropriate type of vehicle to put
the policy into, whilst making it beneficial to your family as well and
keeping it out of IHT issues.
Do you have jointly owned property? We can enable you to safeguard and protect it for the future
Tenants
in common or joint tenants? The difference between the two can have
huge consequences, so we can ensure you are holding the property in the
most appropriate way
Worried about health or capacity in the future? Powers of attorney can mean that your well being and assets are looked after
Want to provide for family or friends? We can set up tax efficient methods of passing on property and assets.
Trusts
Provided
they are set up correctly, avoiding the many potential legal pitfalls,
trusts can be one of the most effective weapons in the armoury.
A
core component of estate planning, there are a variety of different
trusts from joint and mutual wills, contingency trusts, discretionary
trusts, inheritance tax mitigation under the nil rate band, deeds of
variation, pension death in service benefits, personal pension plans,
severance of joint tenancies, revert to settler trusts, interest in
possession trusts and equalisation of estate.
To the uninitiated
the choice can seem confusing and endless. But to an expert, such as
Powell Davies, it represents a world of opportunity which we can offer
to clients.
Trusts are a flexible and versatile way of
transferring your property and assets, which will then be managed and
controlled for the benefit of another. These can be particularly useful
in the transferring of assets to young children or grand children.
Trusts can be created in your lifetime or through provisions in your
will. The trust document will set out what property/assets are being
given away, to whom, who will manage it (the trustees, of which you can
be one if a lifetime trust) and the rules for looking after the assets,
in addition to this the Trust can be drafted in a way so that you can
do whatever you wish with the property during your lifetime i.e. Sell
it, Re-mortgage it, Live in it etc.
By placing the assets or
property in a trust you cease to be the legal owner and the benefit is
passed to the beneficiaries. This means that you will cease to be
taxable for these assets.
The opportunities are endless and need
to be explored in order to realise the huge benefits that trusts and
lifetime estate planning can offer to each and every individual.
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