Trusts

We believe that we add value by understanding your personal and business needs and developing solutions to meet those needs.  One area where we can add value by providing innovative solutions, is the use of trusts.

A trust is a mechanism where you give assets (trust property), to a person (a trustee), to manage on behalf of someone (a beneficiary).  A simple trust is where a grandparent will pay into a building society account for their grandchildren where the parents are the signatories. 

There are also trusts which last for up to 80 years that have pages and pages of governing documentation.

We deal with both, and everything in between.

Trusts have uses for tax planning.  But they were developed as a means of managing family assets in situations where the donor wants to maintain a degree of control when they may no longer be around.  They now have significant uses in situations where donors are concerned as to family breakdown or the protection of assets against care home claims.

In terms of tax planning, trusts are still fundamental in mitigating Inheritance Tax.  They also have uses in passing assets between generations where the normal tax reliefs do not apply.  They also can be used to assist in utilising the income tax allowances of non-working family members.

To deal effectively with trusts you need to be dealing with them on a daily basis.  We have 3 fully qualified STEP (the Society of Estate and Trust Practitioners) within PM+M, as well as specialist tax and wealth management advisors.