Our host David Smith (Chartered Financial Planner) Jocelyn Davis and Ian Dyall run you through the world of trusts (without leaving their houses).
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What do you know about trusts already? Did you know they began in the crusades, and that they can be compared to a treasure chest?
How about the levels of protection they offer? Or how tax-efficient they can be – and what the costs of trusts are?
Trusts have been around a long time, but there’s confusion over how to use them in the best way. You’re in the right place if you want to know more. Ian and Jocelyn explain:
There are thousands of trusts out there, but they can be broadly split into three main groups.
Is there more control over your gifted money or assets?
How does the nil rate band work? Is there any tax at all to pay?
They offer you more control over your gifts, and sometimes you can still have access to your money. Trusts are a large part of estate planning too.
Trusts can be complicated and have more admin. From a tax perspective, you also have to watch the amount you put in.
Is there a ‘one size fits all’ kind of trust?
You have to be very mindful of trusts and understand how they are used – they’re complex, but they don’t have to be so complex that you don’t want to use them. They’re a very big part of estate and inter-generational planning so it’s usually not ‘should I or shouldn’t I’ with trusts – it’s a combination of different types of trusts and gifts.
This is where you need advice to steer you through it all – we always look at everything about a trust and see how it will impact a client and their finances.
The pandemic is a prime example of why trusts can be useful – you could have high-flying children, but having the pot there if they need it (as a kind of emergency fund) can be really useful if their situation has changed or changes in the coming weeks or months.
If you have any questions after listening to our speakers, or the subject has got you thinking about setting up a trust, remember that we offer free initial consultations where you can speak to an adviser about your queries.
If you have any other questions, you can call us on 020 7189 2400 or email contact@tilney.co.uk
If you want to get in touch about the virtual event, or want to suggest new topics, email tilney.events@tilney.co.uk.
020 3131 6167 
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