Tax Planning and Trusts

As age catches up with you, it is crucially important that you have made arrangements for the people you cherish, for after you have gone.  Make provisions now by ensuring you have valid Will drawn up by a Redkite professional, so that your cherished family members do not have to suffer any legal disputes once you are gone. You should have them in mind when you allot something, from your estate, to sustain them in the future.

 

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You may have a drafted a will already, but have you looked at the tax implications that the inheriting parties might face? With possibly a huge chunk of resources taken as Inheritance Tax from your estate, how will you be sure that your loved ones acquire maximum funds from the estate?

At Redkite Solicitors, we are aware of how crucial it is that your estate is divided according to how you would exactly want it to be. It is the sole reason why our specialists are always on the move to assist people and clients on these tax matters. We will ensure you are well acquainted with all the tax trusts and planning; hence allowing you to distribute your wealth to your next of kin.

The process should be smooth and straightforward, but if you are not aware of what to do, or maybe you select the wrong solicitors, then it could be quite discerning for you. Redkite solicitors will, however, ensure that the process is a success in a cost-effective way.

Why Choose Redkite Solicitors for Tax Matters?

You can always rely on Redkite Solicitors when you are  planning estate matters, or maybe you require advice on where and how to set up an estate. Our Trusts and Tax solicitors will assist you in getting everything in perfect order. Our experts are completely knowledgeable  on matters concerning Trusts and how they are applied.

Our specialist  teams will advise you on ways to reduce Inheritance Tax, legally, that will be due on the estate you will have left behind. We do not believe in “off the shelf” solutions. From our many years of experience, we are aware that every client has got specific personal needs, concerns, and responsibilities.

Redkite Solicitors will always take time to listen meticulously to your questions and requests, to understand your situation and requirements. With that in mind, you can rest assured that we will get you a solution that perfectly fits your interests.

Redkite Solicitors will tailor make your requirements in the most cost effective way. As  dedicated and professional solicitors, our main agenda is to protect the family estate and property by all means and allot what you leave behind to the correct and relevant people. Redkite Solicitors achieve this mission by explaining the available options to you clearly. We will provide you with easy to comprehend information that does not include dense legal jargon. Redkite Solicitors have got offices in Carmarthenshire, Cardiff, and Pembrokeshire. You are welcome to drop by for advice and more insights on tax and trusts.

For specialist advice and assistance for your tax planning and trusts concerns, get in touch with a member of our dedicated Brecon team today.

Call 01874 625 151 or complete our online enquiry form.

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The reason I used Redkite is that most solicitors don’t have the area of expertise that I required.

Redkite have provided assistance through several particularly difficult issues. Their advice has been professional, thorough and specifically tailoured to the needs of our business. The staff are approachable, knowledgeable and realistic in the advice they provide.

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I have to say that everyone I have come into contact with from the receptionists to the solicitors have always been excellent. The advice I have been given formally and informally has always been clear and concise which is always a weight off your mind when you are dealing with the affairs of your loved ones.

How will our trust and tax solicitors assist you?

Our able team of experts has great experience in the following fields:

  • Trusts – our team consists of qualified members who are specially trained to assist and advise you on Wealth management matters and estate planning. We will advise you on trust issues, including how to choose a viable trust option, and much more.
  • Appointing trustees – Redkite Solicitors are your number one solution if you are looking to put your estate or property under a trustee. We know how to find that responsible and ideal Trustee for your estate. Our methods of acquiring legitimate trustees are trusted by many clients because we get them the best people available as trustees.
  • Trust administration – Redkite Solicitors will advise you on everything about the management of the trust property by the Trustee. We will tell you how the Trustee is going to be responsible for the estate or property and also advise you on your responsibility on the same.
  • Acting as a trustee – our company will also serve as a trustee for your property or estate. Numerous clients all over Europe trust us;  that makes us stand out. You can place your Trust in us for your estate. We will do due diligence in all the dealings and make sure your property is safe.
  • Lifetime Tax Planning – Redkite Solicitors will advise you accordingly, on tax planning for life. We will provide you with the ideal hacks and necessary tricks to reduce the amount of taxes you remit annually for your estate.
  • Lifetime Gifts – We will advise you on how to deal with and treat lifetime gifts. These are the gifts that you can give during your lifetime.
  • Succession planning – Redkite Solicitors will assist you in planning for the succession. We will ensure everyone gets what they are entitled to and in the right proportion.
  • Post-death tax planning – our team will assist you in tax planning after a deceased person has passed on. We will advise you appropriately on what to do.

Even though trusts and wills are the primary tools for tax planning, Redkite Solicitors will assist you in gifting business and personal assets, as it is part of the tax planning strategy. Whenever additional advice is required, we will communicate with specialist accountants and financial advisers to give you the best alternative.

Our team can also travel to your premises if you are not in a position to get to our offices.

Trusts and Tax FAQ

Definition of Trust

A

Having a Trust can be quite helpful to people who want to have provisions for the people they cherish when they are gone. Trust is a legal tender or document that assigns a third party the responsibility of holding your property or estate for the benefit of a beneficiary. The person who shoulders these responsibilities on your behalf will take good care of your property for the benefit of a beneficiary is called the Trustee.

In most cases, people will create Trusts for their children or persons that are still underage. Clear instructions are usually given that the assets covered by the Trust will be released by the Trustee when the 18th birthday arrives for the beneficiary.

Meaning of Inheritance Tax

A

Inheritance Tax is typically the type of tax that is supposed to be paid to the government during inheritance. In case your estate is valued at £325,000 or less than that, then your estate will not be subjected to Inheritance Tax.

However, if it is valued at more than that amount, then the beneficiaries should pay an amount that is 40% of the total that is above the threshold value. To cut down the costs that the recipients will have to pay as Inheritance Tax, you must seek legal advice from a specialist who will assist you make provisions and also advise you on strategic tax planning.

Creating trust is the sure way and in fact, proven to ensure that your beneficiaries will receive the maximum amounts that they ought to inherit. Creating a Trust is gifting your property or money to a Trust for it to be taken good care of for the sake of an underage beneficiary.

The money or property now ceases to be yours, but it will benefit the beneficiaries once they are of legal age. Creating a trust is ideal for owners with estates that have a slight value above £325,000. It means the inheritance tax will be almost at the nil-rate band. The beneficiaries will not have a huge burden of paying hefty Inheritance Tax.

Why Do I Need a Trust?

A

Together with reducing the Inheritance Tax, having a Trust comes in very handy if you need to gift a beneficiary a given amount of money or property but still know they struggle to have their finances in order.

You will, therefore, instruct a trustee to be giving this beneficiary some specified amount of money in intervals. By this, you are sure that the recipient will always be having a sizeable amount of cash that they cannot misuse all at once. They will be sustained well with a steady supply of money in small quantities.

A Trust will also be helpful if you are dealing with a mental issue. If the beneficiary suffers from a mental condition and they cannot manage their finances properly, then, a Trust will keep them moving. The authorities will automatically protect their inheritance, and they cannot, therefore, be forced to sell it.

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