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 that allows a third party the power to control certain assets in the interest of the beneficiary for a specific period of time. The person in charge of the assets is called a Trustee.

What is Inheritance Tax?

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?

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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Trusts & Tax Planning Solicitors Cardiff

As we grow older, taking time to make provisions for our 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 loved 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.