Our dedicated trust department has significant experience in the formation and operation of trusts and the administration of estates. The trust and estates services we offer fall broadly into two categories:
- Trust and estate planning
- Trust administration for family and charitable trusts
Trust and estate planning
Trusts can be useful tools as part of an overall strategy for inheritance tax planning. They are an effective means of controlling and protecting assets for a future generation. Our trust tax team has a wealth of experience and is well placed to offer advice on safeguarding your assets and for maximising the amount passed onto loved ones. We take time to work closely with clients to ensure that the trust that you choose meets with your objectives. Once established, our team will help you operate the trust, and ensure you are fully compliant with the demands of administering it.
We offer clients:
- Advice on choosing a suitable structure for a trust so that it meets your requirements and family circumstances
- The option for us to act on your behalf in the role of trustee through our trust corporation, Knox Cropper Trustee Limited
- Administration, accounting and reporting for existing trusts
- Tax compliance and advice, including tax returns and Inheritance Tax (IHT) returns
- Trust tax planning opportunities, such as capital gains advice on the acquisition or disposal of assets
- The IHT implications of making distributions to beneficiaries, including the winding up of a trust and ten year anniversary charge calculations
- Reviewing the ongoing effectiveness of a trust to ensure it meets its original purpose, and consideration of evolving future strategies
Trust administration for family and charitable trusts
Knox Cropper has set up and administers a considerable number of family and charitable trusts, where we advise trustees, settlors and beneficiaries on tax implications and distributions. For some of these trusts, we provide bookkeeping services, monitoring income and expenditure, including payments to beneficiaries. As part of this, we are well versed in preparing management information and statutory accounts, and if necessary, we provide independent examination reviews. Where required, we will attend trustees meetings to discuss the accounts and consider grant proposals.
Knox Cropper also services estates, where accounts and tax services are required to support probate. By working closely with a number of firms of solicitors, we offer a comprehensive tax, estate planning and management service.
Please contact one of our experts below to find out how we can help you.