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Trusts, settlements, charities |
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Trusts settlements and charities can appear daunting to those unfamiliar with them. Some explanations may be helpful.
A 'trust' is a relationship or association between two persons or groups
of persons based on confidence but backed by law. Property is vested in and held
by one person or group (called 'trustees') on behalf of and for the benefit
of another person or group (called 'beneficiaries'). A 'settlement'
is the document by which the trust is established. A 'charity' is a special
type of organisation often based on a trust for the benefit of the public or
a section of the public.
There are a number of motives currently for placing property in trust rather
than holding on to the property personally. Chief among those motives are:-
- A desire to provide for someone who does not have
the legal capacity for ownership because they are too
young or disabled
- The wish to retain control of the destination and management of family assets, particularly estates and businesses,
while at the same time transferring beneficial ownership
- To protect the beneficiaries from their own lack of
maturity where there is fear of dissipation of assets
- The tax savings that will or may result
- The wish to give away assets but retain flexibility
over their ultimate distribution among the beneficiaries
You can be assisted by our experienced team in:-
- The preparation of all types of trusts and settlements
- The administration of all types of trusts and settlements
- Appointments and advances to beneficiaries out of settlements
- Advice to trustees or beneficiaries of settlements
In advising you concerning these matters we can advise you
on the tax planning aspects.
Everyone knows in general terms what charities are. The charities you normally
meet are those national and local organisations set up for specific charitable
purposes. What you may not know is that private individuals and groups can establish
charitable trusts or charitable companies for specific charitable purposes and
apply for registration of those with the Charity Commission. You will find us
very ready to help with the establishment of charitable trusts and companies
and their registration. Charities, of course, enjoy considerable tax advantages.
For more information or a consultation contact Richard Bussell
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