Tax Planning & Trusts Carmarthen

As we grow older, taking time to make provisions for those you love after you are gone becomes essential. While you may already have a Will in place, you might not have considered the potential tax implications your loved ones may face after you have gone.

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At Redkite Solicitors Carmarthen, we understand how important it is for your estate to be distributed in accordance with your wishes. Our specialist tax and trust solicitors are here to help guide you through tax planning and trusts, allowing you to pass on your inheritance to your loved ones in the most straightforward and cost-effective way possible.

Contact us today by calling 01267 239 000 to talk to a member of our Tax and Trust team.

Why choose our Tax and Trusts Solicitors?

You can rely on our experts to help you take care of your interests, whether it is in estate planning, or advising you on how to start the process. Our team of specialists have extensive knowledge on all aspects of Trust formation and can provide practical advice to help you minimise any Inheritance Tax due on your estate.

We understand that every client is unique. Every individual has their own specific concerns and responsibilities, and this is why we don’t automatically apply the same methods to every case. Instead, we take the time to understand your individual circumstances and create a bespoke solution to meets your needs.

Our primary goal is to protect the assets you have worked so hard for all of your life, and to help you make provisions for the people you leave behind. This is achieved with clear and straightforward communication and making the process easy to understand.

With offices across Brecon, Cardiff, 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.

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, our experts 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 some assets in a Trust, as long as other conditions are met, you will no longer own the assets. This means they will not count towards your Inheritance Tax threshold.

  • Appointing Trustees
  • Acting as a Trustee
  • Administering the Trust – Trusts are administered differently based on the type of asset involved. A trust is managed by a trustee, and the third party who gains from the trust is known as the beneficiary.
  • Lifetime Tax Planning – This is important for people who have estates that are valued at more than the Inheritance Tax threshold. Planning properly can reduce or even eliminate taxes.
  • Lifetime Gifts
  • Succession Planning
  • Post-death Tax Planning – In some cases, a person passes away without completing their lifetime Tax Planning. Their loved ones can still mitigate the tax liability by implementing post-death tax planning strategies.

Although Wills and Trusts are the main tax planning tools, we can help with gifting personal and business assets during your lifetime as part of an overall tax planning strategy. When a situation requires additional advice, we will liaise with specialist counsel, accountants and independent financial advisers in order to achieve the best solution for you.

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

Call 01267 239 000 or complete our online enquiry form.

Tax and Trusts FAQs

What is a Trust?

A

Setting up a Trust is highly beneficial for people looking to make provisions for their loved ones after they have gone. This is a legal agreement which gives a third party the power to control certain assets in the interest of a beneficiary for a determined period of time. The person put in charge of the assets is referred to as the 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. Currently, the threshold for the inheritance tax is £325,000. If the inheritable estate is worth less than this amount, there is no inheritance tax due. If the amount is £325,000 or more, an estate tax will be charged. The rate is 40% of any amount above the threshold.

It is possible to minimise the taxes payable to the state by implementing certain strategies. A popular method used to lower Inheritance Tax is by setting up a Trust. Any amount of money put in a trust will no longer count towards Inheritance Tax, provided that certain conditions are met. You will no longer own any monies you put into trust, and instead, it is passed to your beneficiary as a gift. This is one way to ensure that your dependents get the full value of your assets, and at the same time, you will be reducing the overall value of your estate. If your estate is just above the threshold, you will find this strategy useful.

Our dedicated team will ensure you receive the help you need. Different strategies are applied differently based on the individual situation and concerns.

Why should I set up a Trust?

A

Setting up a Trust will lower your Inheritance Tax and could potentially eliminate it altogether. Another important factor when considering trusts is whether there is a reason that your children, or beneficiaries, are not able to manage their finances themselves. If that is the case you can instruct your Trustee to provide funds periodically to the beneficiary in order to ensure they are looked after.

Trusts are also important for dependents who are suffering from capacity issues such as a mental condition. Such people may not be in the best position to manage their finances. To prevent this, you can set up a Trust.

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