When making provisions for loved ones in the event of your death, the threat of inheritance tax can feel like a waste of your hard-earned assets. There are, however, a range of options available to reduce the inheritance tax figure that will be owed on your estate.
One such option is to include trust provisions within your will. These can be helpful not only from a taxation perspective, but also in safeguarding your assets for future generations. They can be used to:
- Ring-fence assets that might otherwise be taken into account when assessing your surviving spouse’s liability towards the cost of nursing care in later life
- Protect beneficiaries who are too young to manage large sums of money responsibly
- Offer peace of mind if you’re concerned about future divorce or bankruptcy of a beneficiary, or the possibility of third party claims
- Give flexibility for your trustees to respond to future changes in the circumstances of your beneficiaries
If you are looking to reduce the inheritance tax burden on your estate, we can help you understand your options, which may include:
- The creation of lifetime trusts
- Taking advantage of Inheritance Tax reliefs such as those on business and agricultural property
- Regular Gifting of Surplus Income
- Deeds of Variation/Disclaimer
- Protection from death benefits through the use of life insurance, pension plans and death in service plans
- Cross option agreements supported by life insurance and trust provisions
If you would like to discuss your options in relation to trusts and lifetime tax planning contact Star Legal today.
Our experts in this area
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Catherine Nelligan
Consultant Solicitor
Excellent service always kept up to date.
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Christopher Jenkins
Consultant Solicitor
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David Brooks
Partner & Solicitor, Joint Head of Swindon Office
I am glad to say that I have finally accepted an offer on my Crawford street flat and have been so impressed with David Brooks and his colleague Marie Oldland who has been sorting out the conveyancing. I have both you and David to thank for that recommendation and David also organised the completion of my Will in the middle of the first Lockdown, when things were so uncertain here in London and we were still treating patients and hoping for the best.
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Deborah Morgan
Partner & Solicitor, Head of Haverfordwest Office
We used Star Legal in a previous house move and also for changing existing wills. Very efficient. Thank you.
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Hilary Evans
Partner & Solicitor, Head of Malvern Office
Outstanding service.
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Jenny Rimmer
Solicitor
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Katherine Stribling
Paralegal
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Margaret Harrison
Consultant Solicitor
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Mark Hughes
Partner & Solicitor, Head of Aldridge Office
Just wanted to give you all a massive thank you, you are the best team I could of had on board! Simply the best.
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Nigel Sims
Solicitor
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Pinky Nair
Associate Solicitor
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Partner & Solicitor, Head of Tiverton Office
Excellent service. We wouldn't hesitate to use Star Legal again.
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Richard Vaughan
Solicitor & Director, Head of Abergavenny Office
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Sarah Mochan
Consultant Solicitor
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Chartered Legal Executive
Sharon and Jackie are very helpful and speedy in responding - I trust Sharon's advice in legal matters.
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Stephen Fox
Associate Solicitor
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Solicitor
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Senior Associate Solicitor
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Vanessa Hammond
Consultant Solicitor
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Vicki Webb
Partner & Solicitor
Vicki Webb from the Malvern office is absolutely brilliant. Her advice has always been well thought through and correct. Her communication skills are excellent, professional, humorous and polite. Handling the most demanding of customers i.e me, with care and understanding. I honestly felt as though she was not treating me like another client but as a customer and she was sympathetic with my issues. I cannot sing the praises of this lady enough. She is so talented and I appreciate all the hard work she has done for us in the sale of our property.
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