Whether you are looking to pass on assets to your family, friends or to charity, Farnell Clarke’s expert team can help you with all areas of estate planning. We can guide you through complex family situations and provide you with practical company succession advice. We can also review your current Wills to ensure that they properly reflect your wishes and achieve your current aims.
Our approach is first to look at your current circumstances, identify any concerns, and advise you of any potential tax consequences or considerations which might apply to your situation. We then discuss your aims for the future and consider the most tax efficient ways in which to achieve them.
The areas that we look at are:
We can advise on how best to set up a Trust during your lifetime or through your Will in the most tax-efficient manner. We will help you to minimise Inheritance Tax and Capital Gains Tax whilst ensuring that your intentions are met. We will deal with the various reporting requirements for the Trust on creation, helping to make the process as smooth as possible, and ensuring that your obligations as Trustees are met.
We can manage your Trust on an ongoing basis, preparing tax returns and ensuring that compliance matters are kept up to date. We can prepare Trust accounts and present these to your Trustees ready for Trustee meetings. If desired, we can attend those meetings to explain the information in your Trust accounts and to help the Trustees make decisions regarding distributions or payments to beneficiaries.
We are happy to liaise directly with your other professional advisors to bring you a collaborative approach to the Trust’s affairs. We continually review the Trust Deed and will provide you with ongoing advice should there be circumstances in which the nature of the Trust changes, for example when beneficiaries reach a certain age.
When the Trust’s objectives have been met and the Trust is bought to an end, we will liaise with you and with the Trust’s professional advisors to inform you of any final tax liabilities and the amounts available for distribution. We can advise beneficiaries individually about what they will receive from the Trust and the tax considerations that will apply to them personally on receipt of their distribution.
We can help you in dealing with the Trustees’ tax compliance obligations, including:
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