Tax and Trusts Solicitors
As age catches up with you, it is potent that you have some arrangements for the people you cherish. Make provisions so that they do not have to suffer once you are gone. It is always very crucial to have them in mind and to allot something to sustain them in the future.
Yes, you may have a drafted will already, but have you looked at the tax implications that the inheriting parties might face? With probably a huge chunk of resources taken as Inheritance Tax from your estate, how will you be sure that your loved ones acquire maximum funds from the estate?
Redkite Solicitors, we are aware of how crucial it is that your estate is divided according to how you would exactly want it. It is the sole reason why our specialists are always on the move to assist people and clients on these tax matters. We will ensure you are well acquainted with all the tax trusts and planning hence allowing you to distribute your wealth to your next of kin.
The process ought to be smooth and straightforward, but if you are not aware of what to do, or maybe you select the wrong solicitors, then it could be hectic for you. Redkite solicitors will, however, ensure that the process is a success and in a cost-effective way.
Why Go for Redkite Solicitors for Tax Matters?
You can always rely on Redkite Solicitors when you are still planning an estate, or maybe you require advice on where to set up an estate. Our Trusts and Tax solicitors will assist you in getting everything in perfect order. The experts are full of knowledge on everything about Trusts and how they are used. Don't use plagiarised sources.Get your custom essay just from $11/page
The able teams will also advise you on how to reduce Inheritance Tax via the legal means that will be due on the estate you will have left behind. We do not believe in “off the shelf” solutions. From our many years of experience, we are aware that every customer has got personal needs, concerns, and responsibilities.
It is the reason why we advise our teams to listen to the client thoroughly and get to understand what exactly they need. Redkite Solicitors will always take time to listen meticulously to your requirements and understand your stand and position. By that, you rest assured that we will get you a solution that perfectly fits your interests.
Redkite Solicitors will tailor-made your requirements in the most cost-efficient way. As a dedicated and professional solicitor, our main agenda is to protect the family estate and property by all means and allot what you left behind to the correct and relevant people. Redkite Solicitors achieve this mission by explaining the available options to you clearly. We will provide you with easy to comprehend information that does not include the dense legal jargon.
Redkite Solicitors have got offices infamous streets in Carmarthenshire, Cardiff, and Pembrokeshire. You can drop by for advice and more insights on tax and trusts.
How will our trust and tax solicitors assist you?
Our able team of experts has much experience in the following fields:
- Trusts
Our team consists of qualified members who are specially trained to assist you and also advise you on Wealth management matters and estate planning. We will advise you on trust issues, including how to take care of the property as a trustee, how to choose a viable trust option, and much more.
- Appointing trustees
Redkite Solicitors is your number one solution if you are looking to put your estate or property under a trustee then we will organize that for you. We know how to find that responsible and ideal Trustee for your estate. Our methods of acquiring legitimate trustees are trusted by several clients all over because we get them the best people as trustees.
- Trust administration
Redkite Solicitors will advise you on everything about the management of the trust property by the Trustee. We will tell you how the Trustee is going to be responsible for the estate or property and also advise on your responsibility on the same.
- Acting as a trustee
Our company will also serve as a trustee for your property or estate. Numerous clients trust us all over Europe, and that makes us stand out. You can place your TrustTrust in us for your estate. We will apply due diligence in all the dealings and make sure your property is safe.
- Lifetime Tax Planning
Redkite Solicitors will advise you accordingly on tax planning for life. We will provide you with the ideal hacks and necessary tricks to reduce the amount of taxes you remit annually.
- Lifetime Gifts
We will advise you on how to deal with and treat lifetime gifts. These are the gifts that the deceased gave out when he was still alive.
- Succession planning
Redkite Solicitors will assist you in planning for the succession. We will ensure everyone gets what they are entitled to and in the right proportion.
- Post-death tax planning
Our team will assist you in tax planning after a deceased person has just passed on. We will advise you appropriately on what to do.
Even though trusts and wills are the primary tools for tax planning, Redkite Solicitors will assist you in gifting business and personal assets as it is part of the tax planning strategy. Whenever additional advice is required, we will communicate with specialist accountants and financial advisers to provide for you the best alternative.
Our team can also travel to your premises if you are not in a position to get to our offices.
Trusts and Tax FAQ
Definition of Trust
Having a Trust can be quite helpful to people who want to have provisions for the people they cherish when they are gone. Trust is a legal tender or document that assigns a third party the responsibility of holding your property or estate for the benefit of a beneficiary for a given time. The person who shoulders these responsibilities of your behalf that will take good care of your property for the benefit of a beneficiary is called the Trustee.
In most cases, people will create Trusts for their kids or persons that are still underage. Clear instructions are usually given that the assets covered by the TrustTrust will be released by the Trustee when the 18th birthday arrives for the beneficiary.
Meaning of Inheritance Tax
Inheritance Tax is typically the type of tax that is supposed to be paid to the government during inheritance. In case your estate is valued at £325,000 or less than then your estate will not be subjected to Inheritance Tax.
However, if it is valued at more than that amount, then the beneficiaries should pay an amount that is more 40% of the amount that is above the threshold value. To cut down the costs that the recipients will have to pay as Inheritance Tax, you must seek legal advice from a specialist who will assist you make provisions and also advise you on strategic tax planning.
Creating trust is the sure way and in fact, proven to make sure that your beneficiaries will receive the maximum amounts that they ought to inherit. Creating a Trust is gifting your property or money to a Trust for it to be taken good care of for the sake of an underage beneficiary.
The money or property now ceases to be yours, but it will benefit the beneficiaries once they are of legal age. Creating a trust is ideal for owners with estates that have a slight value above £325,000. It means the inheritance tax will be almost at the nil-rate band. The beneficiaries will not have a huge burden of paying hefty Inheritance Tax.
As we engage in our dealings, we are also mindful of the financial security of our client. Even as we look for effective tax planning strategies, we try to balance things. We never want to leave our clients in a financial situation that is compromised.
Just visit our offices and talk to our team. We will get all your things sorted out in a very tax-efficient way. Redkite Solicitors are the best at this job since we have been at it for quite some time, meaning we bring with us a lot of experience.
Why Do I Need a Trust?
Together with reducing the Inheritance Tax, having a Trust comes in very handy if you need to gift a beneficiary a given amount of money or property, . Still, you already know they struggle to have their finances in order.
You will, therefore, instruct a trustee to be giving this beneficiary some specified amount of money in intervals. By this, you are sure that the recipient will always be having a sizeable amount of cash that they cannot misuse all at once. They will be sustained well with a steady supply of money in small quantities.
A Trust will also be helpful if you are dealing with a mental issue. If the beneficiary suffers from a mental condition and they cannot manage their finances properly, then, a Trust will keep them moving. The authorities will automatically protect Their inheritance, and they cannot, therefore, be forced to sell it.