Protecting Your Assets Using Trusts
What are trusts?
Trusts have been used for centuries as a way of protecting assets from tax. For many people, trusts sound both complicated and expensive but, working with the Wright Planning experts at Wright Hassall, we can advise on which trust is most suitable for your particular circumstances.
There are many reasons for setting up a trust. They are a cost-effective and straightforward way of protecting your assets for the future which can help to save tax, whether Inheritance Tax, Income Tax or Capital Gains Tax.
The types of trust we can advise on, and the circumstances when they can help you, are:
Which trust | Suitable for | Reduces |
Asset Sharing Plan | Married couples and civil partners | Income Tax and Capital Gains Tax |
Death Benefit Plan (also called a Spousal Bypass Trust) | Married couples and civil partners | Inheritance Tax |
Life Insurance Trust | Families with children under 18 | Inheritance Tax |
Business Property Plan | Business owners | Inheritance Tax and Income Tax |
Agricultural Property Plan | Farmers and farm owners | Inheritance Tax and Income Tax |
