Tax Planning and Trusts Solicitors Haverfordwest

As we grow older, it becomes crucially important to take the time to prepare to provide for those you love, once you are gone. While you may already have a Will in effect, you might not be aware of the potential tax implications your loved ones may face after you have gone. At Redkite Solicitors, we understand how important it is to distribute your estate as per your wishes.

Contact us today by calling 01437 763 332 to talk to a member of our Tax Planning and Trust team.

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Why choose our Tax and Trusts Solicitors?

Our tax and trust experts are here to help guide you through tax planning and trusts, helping you to pass your inheritance to your loved ones in the best and most cost-effective way possible. You can rely on our experts to help you take care of your interests whether in the planning of your estate or to advise you on how to start the process. Our team of specialists have extensive knowledge of all aspects of Trust preparation and can provide practical advice to help you reduce any heritage tax due on your properties.

We recognise every client is different. Every individual has their own particular concerns and responsibilities, that is why we don’t apply the same methods to every case. We take the time, to understand the individual circumstances and develop a personalised solution to suit your needs.

Our main objective is to protect the things that you have worked so hard for and to help you make arrangements for those you will leave behind. This is achieved through clear and straightforward communication and the best possible advice.

With offices across Haverfordwest, Cardiff, Carmarthenshire, Pembrokeshire, Swansea, Gloucestershire and Ledbury, you can contact 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 various Tax Planning and Trusts sectors, our experts specialise in:

  • Trusts – A trust is a legal agreement where you give another person the right to take control of investment, funds or assets to a third party’s benefit. If you put money into a Trust, you will no longer own the assets as long as other conditions are met. That means they won’t contribute towards the Inheritance Tax threshold.
  • Appointing Trustees
  • Acting as a Trustee
  • Administering the Trust – Trusts are handled differently according to the type of asset involved. A trust is administered by a trustee, and the beneficiary is the third party who benefits from the trust.
  • Lifetime Tax Planning – This is important for those with properties that are priced at more than the level of inheritance tax.
  • Lifetime Gifts
  • Succession Planning
  • Post-death Tax Planning – In some circumstances, a person passes away without completing their lifetime Tax Planning. If this is the case, loved ones can still mitigate the tax liability by implementing post-death tax planning strategies.

While Wills and Trusts are the main tools for tax planning, as part of an overall tax planning approach we will assist with gifting business and personal assets during your lifetime. When a situation requires additional advice, we will be working closely with solicitors, accountants and independent financial advisers to achieve the best solution for you.

 

You can contact us today for more guidance on tax planning and trusts call us on 01437 763 332 or complete our online enquiry form.

Tax Planning and Trusts FAQs

What is a Trust?

A

Establishing a trusting relationship is of great benefit to people who are looking to make provisions for their loved ones after they have passed. This is a legal agreement that grants a third party the power to control such assets for a given time period in the interests of a beneficiary. The individual placed in charge of the properties is deemed 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. The current threshold for the inheritance tax is £325,000. If the inheritable estate is worth less than this amount, then you will not need to pay inheritance tax. If the amount is £325,000 or more, an estate tax will be charged. The rate is 40% of any amount above the threshold.

By introducing these policies, the taxes payable to the state can be reduced. A popular method for reducing Inheritance Tax is to set up a Trust. All amounts of money placed into a trust will no longer count towards Inheritance Tax, if certain requirements are met. You won't own any money you put into trust now, and instead, it is handed on as a gift to your beneficiary. This is one way of ensuring that your dependents get the full value of your assets while at the same time reducing the estate's total value. If your estate is just above the threshold this strategy will be useful to you.

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 reduce the inheritance tax and might eliminate it altogether. Another important factor in considering trusts is whether there is a reason that your children, or beneficiaries, cannot handle their own finances. If that is the case, you should advise the Trustee to provide the beneficiary with funds on a regular basis to ensure that they are provided for.

Trusts are also important for dependants suffering from capacity issues such as mental illness. Such people may not be in the most appropriate position to manage their finances. You should set up a Trust to prevent this.

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