Tax Planning & Trusts Solicitors Cardiff

As we grow older, taking time to make provisions for your loved ones after you are gone is becoming a necessity especially having a Will in place. Hence it is important to consider the potential tax implications they may face when you are gone.

At Redkite Solicitors Cardiff, we understand that the distribution of your estate according to your wishes is important. Our specialist Tax and Trust solicitors can help you through tax planning and trusts to allow you to pass on your inheritance to your loved ones in a simple and cost-effective way.

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Why choose our Tax and Trusts Solicitors?

Our reliable experts are here to help you take care of your interests. We can walk you through estate planning or advice on how to start the process. Our specialist team has significant knowledge on all aspects of Trust formation and can give practical advice to keep the Inheritance Tax due on your estate, to a minimum.

We understand that every client is different. Every individual has their personal concerns and responsibilities. This is why the methods we use can vary to suit your situation and come up with a solution according to your needs.

Our main objective is to protect your hard-earned assets and help you make provisions for the love ones you leave behind. This is accomplished with clear and simple communication to make the process understandable.

With offices across Cardiff, Brecon, Carmarthenshire, Pembrokeshire, Swansea, Gloucestershire and Ledbury, you can visit us at any time to speak to a member of our Tax Planning and Trusts team.

Contact us today by calling 029 2049 1271 to talk to a member of our Tax and Trust team or complete our online enquiry form.

What our clients say

I was very pleased with the courtesy of the ladies who attended to my requests and particularly so at the time when I had my accident – they were extremely helpful.

Paul James' support has been invaluable in effectively progressing key contractual requirements. His knowledge and expertise in contract and procurement matters is exceptional. Would not hesitate to engage Paul's services again in future should the requirement and opportunity arise.” (dated March 2017).

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.

Redkite were recommended to me and I would do the same, fantastic service.

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 can our Tax and Trusts Solicitors help you?

We have extensive experience in many different Tax and Trusts sectors. We specialise in:

  • Trusts – a legal agreement where you give another party the right to look after an investment, money or assets, for the benefit of a third party. If you put your assets in a Trust, the ownership of the assets will no longer apply to you, assuming other conditions are met. This means that these will not be counted towards your Inheritance Tax threshold.
  • Appointing Trustees
  • Acting as a Trustee
  • Administering the Trust – Trusts are administered according to the type of asset. A trustee and the beneficiary manage a trust.
  • Lifetime Tax Planning – This is important particularly for people who have estates that are valued more than the Inheritance Tax threshold. Planning properly can cut or even abolish taxes.
  • Lifetime Gifts
  • Succession Planning
  • Post-death Tax Planning – In some cases, an individual passes away without completing their lifetime Tax Planning. The tax liability can still be mitigated by their loved ones by employing post-death tax planning strategies.

Even though Wills and Trusts are the main tax planning tools, we can provide assistance with gifting personal assets during your lifetime, included in your overall tax planning strategy. In some situations, additional advice may be required. We will communicate and work with special counsel, accountants and independent financial advisers to accomplish the best solution for you.

You can contact us today for more guidance on tax planning and trusts.

Call 029 2049 1271 or complete our online enquiry form. 

Tax and Trusts FAQs

What is a Trust?

A

Arranging a Trust is extremely advantageous for people looking to make provisions for their loved ones when they are gone. A Trust is a legal agreement which allows a third party the power to control certain assets in the interest of beneficiary for a specific period of time. The person in charge of the assets is called a Trustee.

What is Inheritance Tax?

A

Inheritance Tax is the tax due to be paid to the state based on the value of the assets being inherited. At present, the threshold for the inheritance tax is £325,000. If the inheritable estate is worth less than this amount, then this would not apply. If the amount is greater than the inheritance tax threshold, an estate tax will be charged. There is a 40% rate of any amount above this.

Why should I set up a Trust?

A

Setting up a Trust is beneficial because it can help lower your Inheritance Tax or even eliminate it altogether. Another important factor when considering trusts is whether there is a reason that your children or beneficiaries don’t have the ability to manage their finances themselves. If this is the case, you can instruct your Trustee to provide funds to the beneficiary on a timely basis to make sure that they are looked after.

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