Tax & Trusts Solicitors Whitland

As time passes, it becomes increasingly important to make plans for individuals you care about when you pass away. It is somewhat crucial that you seek a legal professional to draw up a legally binding Will. Even if you have a Will in place, you may not be aware of the possible tax implications for your loved ones.

To discuss any queries you may have, contact one of our specialist Tax and Trusts solicitors, call 01994 240305 or send us an email using our online contact form.

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At Redkite Solicitors Whitland, we recognise just how essential it is for your inheritance to be distributed according to your desires. Our tax and trust specialists can guide you through tax planning and trusts, allowing you to distribute your inheritance to your friends and family in the most efficient and cost-effective manner possible.

Why Should you Choose our Tax and Trusts Lawyers?

You can depend on our experts to assist you and meet your requirements, either in the preparation for your estate or by guiding you through the procedure. Our tax and trusts lawyers have a wealth of experience in all aspects of trust creation and can offer essential advice to assist you to minimise any inheritance tax due on your assets.

Redkite Solicitors understands that every client’s situation is different. Each person has their own set of problems and obligations. We make the effort to consider the unique circumstances and establish a tailored solution to meet your needs.

Our objective is to protect your family’s assets and make the appropriate preparations for those you leave behind. We do this by explaining your alternatives, removing legal jargon, and providing you with information that is straightforward and easy to understand.

You may visit us at any time to meet with a member of our Tax Planning and Trusts team, which has offices in Brecon, Cardiff, Carmarthenshire, Pembrokeshire, Swansea, Gloucestershire, and Ledbury.

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.

What can our Tax and Trusts lawyers do for you?

Our specialists have specialised knowledge in the following areas:

  • Trusts – a legal arrangement in which you give another person the authority to manage an investment, money, or assets for the benefit of a third party. You will no longer own any assets if you place them in a Trust, as long as all other conditions are satisfied. This implies they won’t count towards your Inheritance Tax threshold.
  • Appointing Trustees
  • Trust Administration
  • Acting as a Trustee
  • Administering the Trust – Individual trusts are handled differently depending on the sort of asset involved. A trustee is in charge of a trust, while the beneficiary is the third person who reaps the advantages of the trust.
  • Lifetime Tax Planning
  • Lifetime Gifts
  • Succession Planning
  • Post-Death Tax Planning -In some cases, a person passes away before completing their lifetime tax preparation. Their loved ones can still reduce their tax burden by enforcing post-death tax planning measures.

Home visits are provided as part of our commitment to our customers who are unable to travel to one of our offices.

While Wills and Trusts are the most common tax planning instruments, we can also help you donate personal and company assets throughout your lifetime as part of a comprehensive tax strategy. When a scenario necessitates it, we will consult with expert attorneys, accountants, and independent financial consultants in order to get the best possible result for you.

You may reach out to us right now for additional information on tax planning and trusts. Please contact us by phone at 01994 240305 or by filling out our online form.

Tax and Trusts FAQs

What is the definition of a trust?

A

People who want to make arrangements for their loved ones after they die would profit greatly by establishing a trust. This is a legal arrangement that authorises a third party to govern such things for a set length of time in the beneficiary's best interests. The Trustee is the person who is put in control of the assets.

In many cases, individuals form trusts for beneficiaries who are still under the age of 18, with the stipulation that the financial assets in the trust can only be distributed on their 18th birthday.

What is Inheritance Tax?

A

Inheritance tax is a tax that must be paid to the government based on the value of inherited assets. The current rate of inheritance tax is £ 325,000. If the inheritable estate is worth less than this sum, no inheritance tax is due. An estate tax is imposed if the value exceeds £325,000. Any sum exceeding the threshold is taxed at a rate of 40%.

Taxes owing to the state can be reduced by employing specific techniques. Setting up a Trust is a typical way to reduce Inheritance Tax. If certain requirements are met, any money placed in a trust will no longer be subject to Inheritance Tax. Any money you place into the trust will no longer be yours; instead, it will be given to your recipient as a gift. This is one approach to ensure that your dependents receive the greatest value from your assets while also lowering the overall worth of your estate. This strategy will be helpful to you if your estate is slightly above the threshold.

Our dedicated team will make certain that you receive the assistance you require. Depending on the scenario and concerns, several techniques are employed.

What are the benefits of establishing a Trust?

A

The inheritance tax will be reduced, if not eliminated altogether, by establishing a trust. Another important consideration when contemplating trusts is whether your children or beneficiaries are unable to handle their own funds. If this is the case, you should ask the Trustee to give monies to the beneficiary on a regular basis to ensure that they are taken care of.

Dependants with capacity concerns, such as mental health problems, require trusts as well. Such people may be ill-equipped to manage their finances effectively. To avoid this, you can create a Trust.

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