Our Trust & Inheritance Tax Planning Services
There are a number of different trust and tax planning options available, so it’s important to work with a law firm that has a wealth of knowledge in all areas. We specialise in a broad spectrum of strategies, including:
- Trust creation
- Administration and termination of trusts
- Inheritance tax planning and compliance
- Succession planning
- Intergenerational wealth management
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Trusts and Inheritance Tax Planning Advice
Effective inheritance tax planning is crucial to reducing your loved ones’ liabilities and ensuring you can provide for future generations. You will want complete confidence that you remain compliant and your plans will be robust enough to withstand potential challenges which could arise even after you’ve gone.
Our solicitors offer in-depth advice and strategies to ensure you can make informed decisions about what to do with your wealth. We’ve worked with everyone including business owners and high-net worth individuals to ensure their loved ones benefit from their estates as much as possible.
Trust and Tax Planning Lawyers
Whatever your requirements, our team provides tailored trust and inheritance tax planning advice that you can depend upon.
Terry Cooper TEP
Director, Head of Tax & Trusts
Terry has a vast amount of expertise with tax and trust planning. He regularly advises on matters such as wills, the creation or restructuring of trusts, lifetime gifts and other planning to minimise inheritance tax or other tax liabilities (including insurance-based solutions), and death-in-service payments.
Terry has acted for entrepreneurs and business owners, wealthy families, and others who need wills or tax advice. As a result, he is always happy to work in collaboration with a client’s existing financial advisers or accountants.
*TEP denotes a member of the Society of Trust and Estate Practitioners
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Want to know more about our trust and inheritance tax planning services? Contact our team today.
A Tailored Approach to
Inheritance Tax and Trusts
Everybody wants to provide for their families and allow future generations to benefit from their wealth. However, each individual will have their own circumstances and requirements. They may have their own business they wish to pass down, or provide for people who are currently unable to receive capital gifts. It’s therefore important to seek legal advice from a solicitor who not only has an in-depth knowledge of trusts and inheritance tax planning, but is also able to tailor their service to the needs of you and your family. This is where Thursfields excels.
We will work with you to identify your goals and inform you of your options and the implications of each one. We’ll then use our knowledge to recommend what we believe is the most appropriate and effective strategy to suit your requirements. Our team understands that inheritance tax planning is an incredibly personal matter, which is why we handle every situation with the sensitivity it deserves.
Our trusts and inheritance tax planning advice has helped countless individuals secure their family’s future and make the most of their hard-earned wealth. We’ll work with you to minimise your tax exposure and maximise your relief.
Trust and Tax Support for Rural Businesses
Running a farm or other agricultural enterprise can add extra complications and considerations when providing for future generations. We have a wealth of experience in providing targeted trust and inheritance tax planning advice to rural businesses, and possess an in-depth knowledge of the sector — so you can reach your goals as effectively as possible.
Frequently Asked Questions
Inheritance tax (IHT) is a levy that’s applied to the estate (property, money, and possessions) of an individual upon their death. The charge is calculated after all exemptions, liabilities, and reliefs are taken into account. Careful and effective planning is essential to ensuring as much of your wealth is preserved while remaining compliant at all times.
Inheritance tax becomes payable at the end of the sixth month following an individual’s death. If not settled by this deadline, interest will be charged on top of the final figure. The rules allow for individuals to pay their IHT liabilities on certain assets over a period of ten years, however this will incur interest charges on any remaining amount.
Inheritance tax is calculated by adding up the market value of all the deceased’s assets before deducting exemptions, liabilities, and reliefs. It is only payable on the portion of an estate that is over the current threshold, which is why effective inheritance tax planning is important to reduce your liability as much as possible.
For advice on trust and inheritance tax that’s built around your unique circumstances, get in touch with our team today.